With the way things are right now, I think it is very important to have some sort of emergency fund set up. Job aren't as secure as they once were and if something happens to your income it will give you at least a little peace of mind to know you have funds tucked away to get you through for a while.
At one point we had 6 months worth of bill money and expenses in our emergency fund, but recently decided we needed to bump that up to a year's worth if we could. So, we tightened up a little more and instead of paying extra on the mortgage we used that money to beef up our savings. It was hard not to pay anything extra on the mortgage but in the end it was the right thing to do.
I know that we are very fortunate to both have jobs right now and be able pay extra on the mortgage or have money in savings, but we have also been working very hard for a long time to save money and live beneath our means to put ourselves in the best position we could.
If you have the opportunity, put some money aside. I believe every little bit helps. Even if you can't swing a year's worth or 6 months worth of expenses, try for 1 month. Then if you're able to get 1 month's worth, try to add a second month in and go on from there. You will probably be surprised once you go through your finances to see how much to save that you notice areas that you could cut back on.
It could be for peace of mind, unexpected household emergencies or any other situations that having some money set aside will help you to keep your head above water.
You know a lot of the things Jason and I do to minimize our expenses and save money aren't glamorous or sexy but in the end they do give us a sense of security that takes a little stress off our shoulders.
Couldn't we all use a little less stress in our lives?