Aug 15th, 2008
Due to the interest I have received from my recent post describing a formula to calculate how much you need in your emergency fund, I have created an Excel spreadsheet that can run the formula for you. Download the free spreadsheet here »
I'm David, an ex- financial journalist and recovering debtaholic. I'll help you get out of debt, get saving, and get on with life. Sound good? Please subscribe (RSS or e-mail) or follow me on Twitter.
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Your calculator is an interesting tool, but fails to reflect the dual income world we live in today. If both my wife and I can easily accommodate our lifestyle on our individual incomes, the amount I need to have saved for an emergency is much less than as the head of household. furthermore, I _really_ like your income volatility indicator, but we’ve diversified our industries so there is no statistical correlation (psychology and aerospace – you do the math) to increase our emergency fund. I’m not sure people are getting the full story, and they’re likely to think they’re safer than they really are (like I do!).
Thanks for the information,
Regards
Peter