how much money saved as a back up to survive, you know so you dont become poor?

Question

im thinking around 10,000 pounds at least

giddy up and how much is that exactly

can you please tell me the amount not

words such as a years salary that could be as anything such as 1000000

south coast of course you need back up money you never know what might happen, lose of job become in debt the reason for my question

Answer 1

Most financial planners recommend that you have at least 6 months wages or salary set aside in liquid assets as a hedge against job loss or unexpected expenses.

If you earn £2,000 per month, then £10,000 is pretty close to being on the mark. If you earn £5,000 per month, then you still have a ways to go.

Answer 2

There are many answers with good intentions e.g. aim to have six months salary saved. However, its no help whatsoever when such a feat feels impossible.

In an ideal world, we'd all have at least 3 months worth of outgoings saved up (e.g. if mortgage + outgoings equals 800 pounds, then have 2400 pounds saved) - even that is a mammoth challenge for overstretched people - which is common in the UK where house prices are high, and the only way of owning anything is through a supersized mortgage.

The best answer is to save up what you can afford without significantly lowering your standard of living. Even if you only scrape a couple of hundred, its better than nothing.

Answer 3

The rule of thumb is to have 6 months salary in saving for hard times, like when you are out of work.

But in a bad economy, it may take longer to find suitable work.

I was in the oil business through the Eighties, when that industry got nailed by oil prices falling to $10/bbl. Hard to believe right now, but that wiped out half of the professional jobs in the industry. They said that would never happen again. But in 1998, the price of oil declined to $10/bbl again.

There was no amount of savings that could have prevented my becoming "poor." It took the oil industry six years to come back the first time, only to get hit again.

I was out of work so long, I grew marijuana and got busted, then spent nine years in federal prison. So my family was devastated even further without me. Some things you just can't plan for.

As far as savings goes, let's just say, "The more the better."

Answer 4

More than I could save - I feel the same threat.
My car you asked about. . . . . . . . . . . has recently been smashed up by someone, but I like the picture and want another yank tank sometime. It had a 5.0 litre engine (then 5.7) and sporty exhaust (really awsome beast, boy racers wouldn't stand a chance in a pose contest, neither would the average boss in a merc, bmw etc). Have a look in Classic American magazine (WH Smith or on web) - they are cheap and insurance isn't much. But know a fair mechanic. I don't show my email address on this site, too many warped pox about.

Answer 5

You dont need much savings, as these days if you came out of work you would automatically recieve housing benefit and jobseeksers allowance. However some people would class that as not much money, as they cant go around spending it like they use to do - they dont like to make ends meet.
Its nice to save and have money for when something bad happens like loosing your job but not everybody is in the position to save alot of money.

Answer 6

I try to keep a years worth of expenses in the bank at all times. That way if I lose my job I'm OK for at least a year.

Answer 7

Three times your monthly pay.

Why would you need ten thousand pounds? Jesus! You only need enough to tide you over until your first Jobseekers' Allowance and Housing benefit cheques come through.
Maybe you have a different idea of what poverty is to what I do.

Ten thousand pounds! For Christ's sake!

Answer 8

The most common guideline I've seen is one half a years salary.

Answer 9

At least 6 months gross salary

Answer 10

You mean you have spare cash each month that will allow you to save, wow you must be either single or a lottery winner, I would save as much as you can as quick as you can so you can get back to enjoying yourself.