Gordon Gekko
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I mulled over that one for a while, but it is a rainy-day/emergency fund we’re talking about.Well, AVCs, (after-tax) savings and mortgage payments ahead of schedule are all forms of saving - not expenditure.
However, I wouldn't exclude discretionary spending from the calculation of your average expenditure.
So in an emergency, personally, I’d pare my discretionary spending right back (i.e. clothes, coffee, travel, booze, food, etc).