2006-09-03 17:44:06 · 12 answers · asked by skurj 1 in Business & Finance ➔ Investing
You should have 3 savings accounts for yourself.
1. A Retirement Account (Minimum of 1)
2. An Emergency Account, everyone has a financial emergency at least every 10 years on the average).
3. A Sink Account, for saving for an expensive purchase in the future so you don't have to use credit.
The retirement account comes first. Put in about 15% of your pay. You will have to live off of the interest from it when you retire young.
Put 10% into the Emergency account until you save about 6 months take home pay.
Put 10% in the Sink account
2006-09-03 19:42:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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2016-12-06 08:36:31 · answer #2 · answered by ? 4 · 0⤊ 0⤋
This depends on your full situation, but most experts suggest at least 3 to 6 months of expenses. (i.e. if something were to happen, you should be able to live on your savings for 6 months) In addition, you should have savings earmarked for future purchases that you intend to make (down-payments, securities deposits, etc)
2006-09-03 17:52:44 · answer #3 · answered by Joe H 2 · 0⤊ 1⤋
It depends. You should be able to withstand being out of work for 3-6 months.
If you are talking money for retirement, it depends on yor age and lifestyle. You should be saving & investing around 10% of your gross pay.
2006-09-03 17:53:30 · answer #4 · answered by Y Answerer 6 · 0⤊ 1⤋
This is totally relative to your lifestyle and personal/family needs.
You should consider seeking the advice of a financial counselor to get a custom-made financial plan/budget designed for you.
No one here is going to be able to give you an accurate flat rate, though it seems like some have tried for some reason, because no one here knows what your financial situation is.
Nicholas
http://www.iConfessional.com
2006-09-03 17:50:31 · answer #5 · answered by Anonymous · 0⤊ 1⤋
You can decide on a specific amount every month and credit to your bank account with the provision for credting it to your recurring deposit of a decided matured amount. This way you can accummulate a substantial amount.
2006-09-03 18:12:12 · answer #6 · answered by all2solvedstrss 5 · 0⤊ 1⤋
Experts suggest 3 months' salary.
2006-09-03 17:46:23 · answer #7 · answered by Lamb725 3 · 0⤊ 1⤋
Depends on what you are saving it up for.
2006-09-03 17:47:02 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Depending on one's ability and needs.
Frankly, $$$ has never been enough and who would mind having it more... c",)
2006-09-03 17:51:01 · answer #9 · answered by Anonymous · 0⤊ 0⤋
about $6000....b/c most ppl live on about $2000 monthly.
But you do not say, what your saving for!
2006-09-03 17:51:25 · answer #10 · answered by ? 4 · 0⤊ 1⤋