Single or double scoop of ice cream? One week of vacation, or two? 64 GB or 128 GB of memory on your cell phone? Kick the extra point, or go for the two-point conversion? Will a 20-pound turkey feed 12 people at Thanksgiving? HOW MUCH IS ENOUGH?

Once you are free of consumer debt, a good rule of thumb is to have 3-6 months’ worth of expenses in your emergency fund. This prepares you for more catastrophic emergencies such as a loss of income or a major medical expense. If you have extenuating circumstances (pre-existing medical condition, a job that is hard to replace, etc.), it might even be wise to save up to a year’s worth of expenses.

Some may be concerned that establishing a healthy emergency fund is hoarding wealth or a demonstration of a lack of faith.

These thoughts can lead to some healthy Bible study and discussion. We encourage you to consider the story of Joseph in Genesis 41 when God used him to prepare Egypt for seven years of famine. Also consider I Timothy 5:8 which instructs us to provide for our own families. An emergency fund provides purposeful planning so we can take care of our families today and in the future when the unexpected occurs.