The general guideline isn't actually an amount: it's 3 - 6 months worth of living expenses. That is, what it takes to cover housing, transportation, food & utilities. If you're "living paycheck to paycheck" that's a problem, because it means 3-6 months worth of paychecks.

Personally, If you're living below your means, I would try to target 6 months to 1 year. Then again, the past 3 years have made me paranoid as hell. Your mileage may vary.

FWIW - I sleep a LOT better knowing I've got a year worth of expenses sitting in a high yield savings account. If I lost my job tomorrow? I'd say fuck it and take at least 4-6 weeks off before bothering to look for a job.

6 months of expenses is a better target. $10k won’t last long in NYC/LA.