What is a good amount to set aside as an emergency fund for my firstborn?

Emergency funds are usually 3-6 months of your salary. since you have a child, the higher figure might be a better gauge for you

I feel about $15,000 should suffice despite the high medical cost here. Importantly you need to buy medical insurance for your firstborn; the insurance will help defray any sudden high medical expenses, this is why i say 15k is sufficient (under the pretext you have bought mdical insurance for your firstborn)

Hi anon,

As a general rule of thumb, the first few months of expenses will be quite high when you have a new born. I have a client who just became a mom and she's keeping a reserve of 12K, budgeted at 2K/mth because that was what she was spending during the first 3 months. We sat through the cashflow analysis and discovered that the costs of the baby was around 1.5K/mth once things started to settle (he's now 6 months old), so she actually had enough for 8 months instead of the 6 she thought she was setting aside. She decided to play safe anyway and keep the 12K untouched.

As time passes by, you'll probably want to integrate this 'baby' emergency fund into the emergency fund of the household as a whole, and then continue to grow the overall emergency fund to be 12 months of household expenses, on par with inflation.

1st.. Always get insurance for your newborn. Then set aside around 15k is more than enough. The rest would be covers by insurance.