Balancing Our Blessings - Emergency Savings!

Everyone knows they need to have an emergency savings tucked away somewhere, but most of us never seem to get around to it.  If you have followed along with the first five set up steps of "Balancing Our Blessings", you are ready for this next step.  Even if you are still behind on the essentials, you can do the leg work for this step.  This is where the fun begins!

Everyone has heard of Murphy's Law, right?  "He" comes knocking at your front door to tell you there is a tree downed in your back yard that took out the neighbor's cable, internet and phone..AND is sitting on the power line to both your houses..AFTER you've just wiped out your home remodeling account.  You know it has to be taken care of, but to hire someone in to do this will cost WAY more than what you have access to.  Of course, the scenario could be an A/C unit blowing in the midst of an extremely hot Texas summer.  The outcome is the same - not enough funds to cover unexpected emergencies.  So, how does one thwart Mr. Murphy?  By outsmarting him and having an emergency savings account to kick his butt to the curb!  I know some 'financial advisors' will give you a specific sum to fund this account with, but I don't live in a cookie cutter box.  How about you?  Here's my theory:

This is a personal decision.  It will be a different amount for every person. 

Here's what my thought process was like when deciding my 'comfort amount' for my emergency savings goal.  I am a single parent - thus only one income.  My son - ever so healthy - ended up having surgery this past summer.  So, we start with the yearly deductible for my health insurance.  Now, I had 3 surgeries within 3 years a while back, but according to my doctors I am healthy (outside of being crazy).  I figure the chances of both of us having a surgery in the same year are slim.  Add in 1/2 of a second yearly health deductible, just in case.  Next - my car is paid off, but has enough miles on it to warrant some unexpected repairs in the near future (such as a transmission).  Thankfully, I know someone that could get one and put it in if needed, so add in the estimated amount for that sucker.  I have an old house, but I currently have a home warranty program that allows me to call out a service tech if needed, so I'm not adding anything for that (for now).  Anything else?  I am comfortable with the security of my job, so I think that is about it. 

That's how I came up with my emergency savings goal.