How Much in Your Emergency Fund?
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
14 min
3 speakers
5 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Hey, this is Allie, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show.
Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money.
DIY Money.
Hey, Howard in the house. What's poppin', Quint? Well, let's do some odds and ends here. Podcast listeners, if new, we have a lot of you. We thank you. Share it with a friend. I think that's helping. I had the craziest thing happen the other day. I was out for a run. I was running back home. A neighbor that I might see... once every six months. Uh, and she was walking by and I said, Hey, how are you? And she goes, I just finished a podcast episode. I love it. And I was like, Oh, thank you. I was, I was running like a nine minute mile. I ran seven home flat. Like I was like, Ooh, No, it was so, so cool. Shout out to Terry, by the way. But that was, you know, people are sharing it, and it's meaningful. I will say, you know, the secret to life is finding things that breed life into you, like give you meaning.
I love doing this podcast. I love when I hear from people. It's 10,000 times better than a social media like, right, that people say that gives you the endorphins. So share it with a friend. Uh, share it with family, share it with your kids and we'll continue to grow the podcast. We're on social DIY money podcast on Instagram. Uh, I'm, I'm on Instagram by the way. I've, I've been scrolling here. Well, I'm not really, I've never really back. I've never really been on it. I just, and I saw like you, I like don't even know how to do things. I saw a recipe the other day. I was like, this is awesome. And, uh, I tried to save it. I ended up harding it. I don't know what I was doing. Um, And then I wanted to make it last night.
I couldn't find it. It's so frustrating.
I'll teach you.
Yeah, you're going to need to teach me. Recipes are what I'm jamming to right now. The Algo's straight up recipes.
Yeah, and you're cranking it out on Facebook. You're a Facebook guy.
I like Facebook. On the tribe. Yeah, I'm old school Facebook. And on your personal Facebook. Yeah, totally old school Facebook. Yeah. I don't do a lot on personal, though, because I think people would hate me. Because, you know, I see people I don't hear from for six months. They, like, travel on a vacation. You see the logo. It's like, traveling from here to here. I'm like, I don't need to see that. But they're just kind of, it's a humble brag. Like, oh, traveling to Cabo. And, oh, look at us. And then I won't hear from them for six months. I don't do that. Like, I think people would hate me. Like, if I was like, oh, here we are. Here we are. Here we are. Ugh, no way. Anyways, all right, let's roll right into it.
Because we got a good one today from Anthony. Anthony, what do you got?
D-I-Y-A. Hey, DIY Money folks. This is Anthony from Northern Kentucky. My question today is about emergency funds. Right now, we have six months worth of expenses in an emergency fund. That includes everything that we spend except savings. Currently, we have an 18-month-old and another one due in September. Our daycare expense is about $1,000 a month. Don't get me started on that. And with a new baby coming, it'll be about $2,000 a month. So my question is, should we include daycare expense in our emergency fund for our six months? And that got us thinking, should we include things like Netflix or a gym membership or some of those non-essential expenses? I know it's kind of splitting hairs, but my engineering brain wants to know the exact formula of what we should have in an emergency fund.
If you ask my wife, she would say a year. If you ask me, I would say a couple months. Love to hear your guys' opinion. Thanks for all that you do, and go Cats!
Oh, Anthony. Go Big Blue. Shout out to that. That was fire. Northern Kentucky. What, what? Is that Florence, y'all? The Florence y'alls. Florence y'all. So a couple of things. I think there is – you're going to hate this from your engineering brain. You're absolutely going to hate it because there is no –
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:01–7:17
2
How do Quint and Allie introduce the emergency fund topic and listener question?
7:17–8:08
3
What details does Anthony provide about his current emergency fund and daycare costs?
8:08–9:37
4
Should daycare and other variable expenses be included in a six-month emergency fund?
9:37–13:02
5
How do Quint and Allie define emergencies versus lifestyle expenses like Netflix or gym memberships?
13:02–14:20