I am getting fired this friday..

Knowing that I'll get fired by Friday, a few questions crossed my mind.

• How will I pay for food, water and other household expenses?
• How will I pay my bills?
• Without my employer's medical benefits, how will I pay for any unwanted/ unexpected incidents?
• Frankly I am tired of getting into debt, so I don't want to borrow money but how will I make ends meet?
• Do I have enough funds set aside for the things above while I'm looking for another job?

Admitting to the fact that losing my job by Friday isn't an impossibility, I better start taking my emergency fund seriously, now that I still have work!

Whats my goal?
For starters, my goal would be to have at least 3months worth of my gross salary tucked away in my emergency fund.

Where am I right now?
Right now, I have a little more than a month's worth of my gross salary in my emergency fund. Hopefully, I'll be able to reach my goal before the end of 2008.

What will I do to reach my goal?

1. Put a priority in spending less than what i earn, or at least to stop spending unnecessarily.
2. Make sure i religiously put up monthly contributions into my emergency fund.
3. Flex my budget, to bump up my monthly contributions.
4. Inject windfalls or extra income into my emergency fund first, before anything else.

What will i do after I reach my goal?
Well, thats for another post, hehe!

I believe that Trent over at the simple dollar was right when he said that thinking about the possibility of losing your job soon will make us take our finances seriously. And this will be my mantra until I get my emergency fund fat enough.

Do you have an emergency fund? How near are you from reaching your emergency fund goal? Share your answers in the comments! Thanks!