Katrina, the number I'm eventually shooting for is $1,000 on hand.
I got that from Dave Ramsey's book "Financial Peace." Its his recommendation to keep that amount as an emergency fund while you pay your debts off, then increasing the emergency fund to be able to cover a full 3 months of bills. I've heard of the 3 month mark from numerous other sources too, including a company I used to be a rep for. Its recommended that overall amount be placed in a money market account, but I figure its a good idea to keep the grand available in cash. I'm going to split it and keep about $200 in my car for roadside emergencies. I've already learned firsthand how expensive towing can get.
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