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kablooey · 12-12-2011, 11:14 PM

I have been setting aside a small amount of $ each month for a rainy day fund. It's all going into a government-backed, but low-interest account.

Is there a rule of thumb as to how much I should have in there in terms of monthly expenses? I've gotten a lot of contradictory advice.

The fund I'm creating will be used in case I, say, get hit by a car and can't work, or someone breaks into my apartment and steals a lot of valuables, etc.

Currently:

I live alone.
My parents and close relatives can take care of themselves physically and financially.
I do not have a wife, kids, mortgage, or debt of any kind.
I am self-employed and thus do not get paid if I don't work.
I'm in good health.

Thanks!

12-12-2011, 11:14 PM	#1 (permalink)
kablooey Member Join Date: Nov 2010 Posts: 47	Rainy Day Fund Size I have been setting aside a small amount of $ each month for a rainy day fund. It's all going into a government-backed, but low-interest account. Is there a rule of thumb as to how much I should have in there in terms of monthly expenses? I've gotten a lot of contradictory advice. The fund I'm creating will be used in case I, say, get hit by a car and can't work, or someone breaks into my apartment and steals a lot of valuables, etc. Currently: I live alone. My parents and close relatives can take care of themselves physically and financially. I do not have a wife, kids, mortgage, or debt of any kind. I am self-employed and thus do not get paid if I don't work. I'm in good health. Thanks!