Q.
How much emergency savings should we have?
A.
The standard recommendation is that you save three to six months’ worth of expenses in an accessible place (though not in the mattress the way your grandpa did). Regardless of who’s still working, you need to save enough to cover several months of your basic survival expenses (food, health care, rent or mortgage, transportation). So if you bring home, say, $5,000 a month but only spend around $2,000, your savings goal should be $12,000 to cover you for six months -- not $30,000 to cover your salaries.
Nestpert Jean Chatzky, a money coach, the financial editor for TODAY, and the author of five books
-- The Nest Editors
See More: Money Q&A , Money
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jtsampers
We also took Dave Ramsey, Financial Peace University. Best thing we did before we got married. It took two spending habits and we learned how to bring them together into one. Highly recommend it.
58901548 
qdew
Regarding Jean Chatzy's advice on emergency savings. I guess in the example above you need to also save for health insurance premium costs that you might incur when you are unemployed.
58901506 qdew
Regarding Jean Chatzy's advice on emergency savings. I guess in the example above you need to also save for health insurance premium costs that you might incur when you are unemployed.
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MissySueOwen
I also suggest taking the Crown Financial course. Very helpful for now and future planning!
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KMulryan
I think that this is a great idea!!! I have been worried about money, after using almost all of our savings to buy a new house. My mom showed me a book by Dave Ramsey, called "The Total Money Makeover" It is an awesome read and he has great advice. It turned our finacial situation around and did great things for our marriage. We no longer fight about money!!!