Hey everyone, just have a few questions to ask regarding the emergency fund baby step
1) how long did it take you to fully fund your emergency fund after baby step 2, assuming you had $1000 and if you don’t mind sharing how much is that number for you?
I’ve done some rough calculation and for where I live in the world in australia a bare bones emergency fund fully funded 6 months is a range anywhere from $20,000-$30,000 and I have a big fear of how long it is going to take to save that much especially once being moved out of home already not being able to save a crazy high amount due to the cost of living taking a large amount of the income in the budget. is it normal for it to take a year or ever more to save that kinda money up or is that excessively long?
2) regarding the 3-6 months recommendation of emergency fund savings, if you got 3 months saved up is that even enough time to cover you to have a bit of time off, reset and get your mind right and apply and find new work or is that still in crisis mode essentially and also if you were gazelle intense to achieve that 3 months can you afford to still have saving the remaining 3 months be the priority but back off the accelerator on finishing it and start enjoying your life a little bit whilst you’re in that stage of it or should you be gazelle intense scorched earth til you achieve the total 6 months
I get worried that trying to save a large amount such as $20,000-$30,000 which may take me anywhere 1-3 years and if I gotta be gazelle intense throughout that whole time that it’s gonna cause immense burnout, stress and anxiety not really being able to live/enjoy much of life throughout that time. Just due to past experiences there isn’t even really any reason currently to have the thought process I do: which is thinking constantly I might lose my job or get burned out of the industry im in, and just get sick of it and need to escape it (which I’ve had moments throughout my working career already having these times) or where an argument happens with co worker an I just need to get out (working a trade so got lots of difficult personalities in there for sure) and I just fear if I only got 3 months that it isn’t enough but also on the other side of it’s gonna take a long time to fully fund it at 6 months that being intense for so long is just gonna ruined my quality of life and if something like a job loss or whatever happens whilst funding it that I gotta just restart the process and take even longer
Any advice would be really appreciated here