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Tales from the Wallet: The Emergency Fund

Picture 22014 update: you may want to check out our latest discussion of emergency funds.

We noticed that our post on savings seemed to be a popular one, so we thought we’d start another discussion on money and investing. Today we’re wondering, dear readers, about your emergency funds: how did you calculate the amount, how do you store it, and how often do you reevaluate the amount and the storage situation?  (Pictured: Comme des Garcons Large Zip-Around Wallet, available at Saks.com for $325.)

A caveat, at the beginning: we are not experts in financial advice.

The emergency fund, though, is one of those basic topics that you read about.  If you’re in debt, they say, save for your emergency fund first, and then begin paying off debt.  If you’re not in debt, they say, save for your emergency fund — and keep it liquid — before you start investing in the market.  The emergency fund is supposed to be there as a a cushion in case you or your spouse lose your job, or if some other emergency comes up, such as medical needs or a car accident. [Read more…]

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Open Thread: Let’s Talk Saving

Wow, we were not expecting that response to the “how much do you spend on clothes” thread — among a lot of our friends we’re the cheapskate.  (We run with a lot of well-dressed ladies!)  Keep in mind, however, that we haunt the sales — as we tried to make clear, there’s a difference between what you think a work-appropriate item of clothing should cost and what you’ll pay for one.  For example, yes, most of our bags cost around $600-$700 — but we figure out which brands we like, and then stalk the sample sales (both online and in NYC); we’ve also gotten some ridiculously great deals.  In general, we end up paying around $200 for a bag.  But that’s part dedication, part talent, and part ego, also — we enjoy getting a good sale on things we think are high quality.  Pictured:  Money, originally uploaded to Flickr by AMagill.

But how much you spend on clothes should, obviously, be less than what you’re saving — for retirement, for a down payment, etc.  So let’s talk about this.

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