I know if you are in debt all the advisors reccomend having atleast 1K in savings as an emergency fund.
Suze orman (not sure about the other guys) advises atleast 8-12m of salary in liquid savings.
I've found myself in just the last 2 years or so able to put money aside. Prior to then if I managed to even put 5 bucks in savings something would break that would cost double that (or more!)
What I'm curious about however is that i've been putting a large chunk of my paycheck into savings the last few years, and with my recent job change and pay increase its getting close to half.
My monthly bills are pretty low, I have the usual utils, mortgage, and car payments right now, and no debt.
My largest expense for awhile (actually all the above combined were lower at one point!) has been daycare. it's gone down with my youngest starting school this year, but it's still a pretty big expense (700/mth)
Obviously if I lost my job etc, my living expenses are around half of what I make, and if I lost job I wouldn't need fulltime daycare like I do now.
So what would you consider a large enough buffer at that point? half my yearly salary? 8m of actual salary? 8-12m of projected expenses if I were to become unemployed?