Hit my emergency fund goal of $10,000 last month... but now I'm not sure I even needed that much

I saved up $10,000 over about 18 months by skipping takeout and cutting my streaming services down to just one. The thing is, my car is a 2012 with 150k miles and my rent is cheap at $850 a month, so a smaller number might have been just fine. Part of me thinks I could have used that extra $4,000 for a trip or something fun instead. The other part says having that buffer let me sleep through a surprise $600 repair bill without even flinching. What do you all think, is a big emergency fund really worth it or did I just waste time chasing a number?

3 comments

3 Comments

troyc177d ago

That 10k is actually a solid number for a 2012 car and cheap rent.

mason_murray87d ago

Did you think about how much you'd save on interest by not having to put that $600 repair on a credit card?

faith276d ago

That 10k held its weight the second that repair bill showed up. One surprise expense like that and a smaller fund gets wiped out fast. Your cheap rent is a blessing now but that could change next lease. That 2012 car is a ticking time bomb at 150k miles things start breaking in clusters. You didn't waste time you bought yourself a year of not sweating the small stuff.