I sat down and planned out our financial emergency plan this morning.
If only one spouse were to become unemployed, we could continue indefinitely by cutting out nonessential spending and investing. If we both lose our jobs, we could go about 6 months by using our emergency fund and cashing out both reimbursable HSA funds and credit card travel rewards. In that time, I could go back to college for another year with the G.I. Bill, which would provide some additional funds as well.
Having a plan in place for the worst case scenario has me feeling very optimistic. Prior to doing a full accounting of all of our options, I was considering slowing investing to add a couple more months' expenses to our emergency fund, but now I'm wondering if I should cut down to essential expenses now just to invest more.
Either way, teachings from MMM and Dave Ramsey have set us up to weather almost any storm.