Some say three months' expenses, some say six months'. Also, where should I keep it?
2006-06-15 05:57:10 · 4 answers · asked by Cão Bravo 3 in Business & Finance ➔ Personal Finance
Keep as much as you need to cover expenses for a period of time in which you may be unemployed. It's basically a form of self insurance.
If you work in an industry where we could be employed in a short period of time, keep enough money handy to cover that short period. If you might be unemployed for longer, then have more money available.
As for where to keep it? I would divide it into 3 equal parts and put them on rotating 90 day CDs so that every month one of them would mature and become available if I needed it. If I don't, put it back into another 90 day CD.
2006-06-15 06:05:35 · answer #1 · answered by Sugarbear 3 · 5⤊ 1⤋
I've always heard three months' worth of house payments, etc.
You should put it in an account that earns a good interest rate.
2006-06-15 07:21:27 · answer #2 · answered by bye bye 5 · 0⤊ 0⤋
Well if you want to build up a saveings account and your working, a good way to do it is to put either $10 or $20 of your pay check every week into your saveings, and dont touch your saveings, and then every week watch it grow and grow
2006-06-15 06:01:53 · answer #3 · answered by Master Hoyle 3 · 0⤊ 0⤋
$62,000 Keep it under your mattress
How in the world would someone know how much reserve money you should have?
2006-06-15 06:00:32 · answer #4 · answered by ricgrif 3 · 0⤊ 0⤋