Emergency fund

[gooderpoker]

I thought I would post this as in these times it may be a good idea if people don't already, is to implement a plan to create an emergency fund. This is a very hard thing to do for some people and experts say you should have 3-6 months of your monthly expense saved up in case of any problem you may have.
Now the question is how can we save up? In Canada we have a few bank options that help people save. An example is every purchase made on your debit card the bank will round the purchase up to the nearest dollar and put the change of the purchase in a savings account. Also you could budget out an amount you could put away each month and stat saving that way.

On average Ameicans have been spending 10% MORE! of what they earn and has been a part into the problem we face today. So all pass on the question to you all for your tips on how you save.

[PokerNations]

Coming from the professional poker players side of things, you definetely want 3-6 months of living expenses outside your poker bankroll.

And depending on your tolerance for risk, and your ability to segway back into the regular workforce should the need arise, you may need to adjust that to be more.

Shit happens in life unfortunately, unforseen expenses to your car, house, medical issues, etc. While you can't always be prepared for everything, having some sort of safety net and plan should your primary income falter is always a good idea.

It's a lot easier looking for a job when you don't feel the pressure of being homeless in a month because you didn't plan accordingly. You'll be able to select a better position and fight more for better pay than if you feel pressured to accept anything to stop the financial bleeding.

Or you could just save enough money to stake Jeremy in the $100 slots and get a piece of the action.

[Bryan]

As mentioned, 3-6 months is the general advice you'll hear. In an industry where getting hit with a SE penalty can drastically affect your earnings, I'd highly suggest being on the upper side of the 3-6 months recommendation.

As for where to toss it, I've got mine in a "high-interest" checking account (3.25%) at eTrade (FDIC insured up to $250k). When it comes to emergency savings, we've found an "out of sight, out of mind" approach works best for us. The money needs to be pretty accessible, but not accessible enough that you're constantly digging into it for petty shit.

[Pking]

Put away 15% of your pre-tax earnings every month into a savings account.

Even when you have 3-6 months worth of expenses squirreled away - keep saving.

If you can't afford to put away 15% of your pre-tax earnings, either: a) work harder or b) cut expenses.

The first person that you need to pay is yourself. If you are hellbent on saving 15% of your earnings every month, you will make it happen.

[Hazo]

Put away 15% of your pre-tax earnings every month into a savings account.

Even when you have 3-6 months worth of expenses squirreled away - keep saving.

If you can't afford to put away 15% of your pre-tax earnings, either: a) work harder or b) cut expenses.

The first person that you need to pay is yourself. If you are hellbent on saving 15% of your earnings every month, you will make it happen.

Very sound advice.