I have heard that 6 months of basic living expenses (about $11,000 usd for me) is a good idea to keep around in case of an emergency. Does this mean that All of my savings every month ($800 every month on top of my 401k) should first accumulate to $11,000 before I start accumulating savings for a house or vehicle? Is it unwise to spend some of my savings on a down payment for house or vehicle before I have completely accumulated my $11,000 rainy day fund?
If this is the case then I would need to save over a year before I could even START saving for a house down payment. This means a house/car could be 3 or so years out. That seems like a long time.
UPDATE (More information): I highly doubt I will find a house for a non-negligible cheaper monthly payment than I am currently paying for my apartment ($698/month). My vehicle is an old truck, bad gas mileage, and not in the greatest mechanical shape, however I live right across the street from my company so I walk to work. I do, however, make occasional 800 mile round trip drives to visit my parents. Saving for a house is not actually high on my personal priority list at the moment.
I do currently have about 20k in unsubsidized federal student loans at 6.55%. I already send 5% (highest employer match %) to my 401k every month. Given all the extra info, would you recommend saving completely towards emergency fund 6 month expenses, sending all or a lot to student debt, or putting some or all of that into a car down payment?