Building an emergency savings funds is accepted as a key tenet of personal finance. According to the gospel of conventional personal finance, everyone should have three to six months of living expenses saved in a bank account where it will be safe and readily accessible.

Some heretical financial pundits say think again, arguing that emergency saving funds are overrated and possibly ill-advised for many.

One problem is that savings accounts yield an average of 0.08 percent, according to Bankrate, which will gradually be whittled away by inflation, now running at 1.6 percent.

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You should set aside some money for an emergency, but many people probably don't need as much as they think if they're adequately insured, can rely on a spouse for help and can draw on unemployment insurance if laid off.

There are better alternatives, according to Bankrate.

Short-term bond funds, CDs and online savings accounts in addition to bank accounts offer higher yields than do savings accounts and are almost as liquid.

You can also sell mutual funds and stocks. The disadvantage is that you'll lose money if you sell in a market downturn.

In addition, you can withdraw from Roth IRAs without penalty or extra taxes.

You can use a home equity line of credit. Application fees are low or nonexistent and rates are currently low, but experts advise applying while you're employed, before a financial crisis.

You might be able to make a hardship distribution or loan from your 401(k) plan. Keep in mind, however, that you'll pay taxes on it, and you might have repay it or face tax penalties.

Other options should be considered last resorts.

If you withdraw from a traditional IRA before age 59 1/2, you'll pay incomes taxes plus a 10 percent penalty on the amount — besides losing retirement savings.

You can also use credit cards, although their high interest rates could make matters worse.

Lisa Aberle, a staff writer for the financial blog Get Rich Slowly agrees that not everyone needs a large emergency fund. People can eliminate the need for one by carrying insurance, having multiple sources of income, eliminating debt and living below their means.

Not holding an emergency fund allows you to invest the money, she says. "The whole point is that you shouldn't blindly follow personal finance advice. At one place in your financial life, you probably needed an emergency fund, but after you get established, you may be able to use that money elsewhere — and get better returns."

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