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Is there a good rule of thumb for how much I should have set aside as emergency cash?
I think this varies considerably depending on your situation.  I've heard people say 6 month's living expenses, and I know Suze Orman recommended bumping that to 8 months in our current economy. My husband and I have no children, lots of student loan debts, but we pay off our credit cards in full each month and are working to save up for a house.  We've talked through a few different what-if scenarios.  If one of us were to lose our job, we have savings to cover the difference between our reduced income and paying the bills for 6 or 8 months while the other person regained employment.  If both of us were to lose our jobs simultaneously, our savings wouldn't hold us over for more than 3 or 4 months, but if that were to happen, we would likely take advantage of the opportunity to relocate closer to our families, and possibly even move in to my parent's house for a short time.  With no children and no mortgage, our commitments are few, so I don't feel the need to have a very large emergency cash fund, especially with student loans to pay off. Think through a few scenarios for your life and see what you would need.  Take into consideration expenses to break a rental lease, cell phone contract, or other commitments.  Then, start saving toward your goal. Also see answers to a similar question here.