What is a good amount of money to have in a savings account?

Question

NOT including retirement plans and 401k plans. (just money to have for car breakdowns, appliances, lost time off work, etc.)

Answer 1

3 months salary is the minimum you should have. 6 months salary is more realistic.

Answer 2

Perhaps you should find out your bank insurance pay out incase the bank goes bankrupt or meet an disater. Mine pays only 20K bucks max in these situation regardless of the amount you placed with them.

I would suggest not more than 20K, and spread the rest into other forms of investment like shares or bonds which you can easily liquidate when you need the cold hard cash.

Answer 3

I have always heard 6 months worth of your bring home salary in savings. I know that you are getting a lot of advise, so maybe you could go to your bank and ask to meet with a financial adviser to discuss your situation. Most of the time, they won't charge you to meet with them, if there offered with you bank.

Answer 4

I agree with 3 to 6 months of your bring home pay

Answer 5

Your supposed to have 3 months worth of salary saved. I have $252.60.

Answer 6

I remember reading somewhere you need to have at least enough money to cover you living expenses for two months in case you loose your job.

Answer 7

Three to six months worth of living expenses.

Answer 8

i'm a 15 year old senior...i have 45k minimum....10k to all 3 savings account i have and another in my prepaid credit card....and the 5k is an averae in my wallet....

Answer 9

If you are an independent contractor, it's advisable to have one year's salary set aside.

Answer 10

50 bucks