2007-06-30 00:02:06 · 13 answers · asked by icunurse85 7 in Business & Finance ➔ Personal Finance
I make it a personal iron-clad rule to have at least $4.87 in a ready cash reserve in my savings account. This way if I am ever needing almost 1/2 gallon of gas, I have the money ready!
2007-06-30 00:30:59 · answer #1 · answered by Anonymous · 3⤊ 0⤋
I would say £50,000 as that would cover most eventualities that fall outside of life insurance, home insurance etc. including:
1) Emergencies abroad including costs of flights, accommodation, bail fees etc
2) Contribution towards an emergency medical situation that requires you to get specialist treatment in the US - £50k would at least start the ball rolling
3) Cost of specialist drugs that could save your life (like certain cancer drugs) that the NHS is too tight to pay for
4) Cost of a hitman if anything tragic happened to someone near and dear!
5) Cost of a kidney, liver etc from Asia should you ever need one
6) Enough money to live at the same standard for a while if you become unemployed
7) Enough money to disappear abroad if it all goes up in flames over here and you've had enough i.e. increase in terrorist boming etc.
8) Enough money to invest in a 'guaranteed return' if you ever got a nice share tip off etc.
I guess though that even having £10k spare in the bank would be very useful. I speak from experience - my sister got caught with 20k of drugs that was planted in her suitcase in Jamaica - she was arrested, held in a hell hole and was facing 15 years hard labour. It cost me £20k in travel and accommodation, police bribes, dodgy lawyers, phone bills etc. and from when I found out to when I got on a plane was only 4 hours since I had the cash there just in case and was able to move quickly. Therefore, getting to court in time over there, having bribed another judge in Spanish Town to have a word, bribing police etc to see her, make her life easier etc, getting her a lawyer and so on all made sure she only got a 6 month sentence which was a result given the alternative. If I hadn't had access to fast cash she would probably still be in prison today.
2007-06-30 07:33:49 · answer #2 · answered by Anonymous · 2⤊ 0⤋
If you are in a good financial situation, with credit cards mostly paid off and a high credit limit, it really isn't necessary to have cash on the side, since you can always get cash with your credit limit in an emergency. The problem with storing cash is that the rate of return is bad and you could have that money invested more aggressively elsewhere.
2007-06-30 08:18:14 · answer #3 · answered by The Scorpion 6 · 0⤊ 0⤋
A good rule of thumb is to have six months worth of your total monthly expenses available in a savings account.
2007-06-30 07:13:42 · answer #4 · answered by rhgizmo 4 · 0⤊ 0⤋
At least 3 to 6 Months pay to be safe!
2007-06-30 08:19:28 · answer #5 · answered by Knarf 5 · 0⤊ 0⤋
At least $1500-2000. It's not much, but if an emergency arose, at least your would have a start.
2007-06-30 07:14:26 · answer #6 · answered by cmh6589 3 · 0⤊ 0⤋
$500-1000 is a good start... but a fully funded emergency fund would be 3-6 months of your living expenses...
2007-06-30 07:48:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I have heard before that the minimum you should have in liquid accounts that you can access should be 3-4 months salary.That's net not gross.
2007-06-30 07:09:40 · answer #8 · answered by JOHN D 6 · 1⤊ 0⤋
I have also always heard that you should have savings equal to three to six months of your total expenses!
2007-06-30 08:40:57 · answer #9 · answered by Pammie aka Lil Miss Perky 4 · 0⤊ 0⤋
They say a 2 month back-up of basic bills. Whatever that means.
2007-06-30 08:35:45 · answer #10 · answered by asmikeocsit 7 · 0⤊ 0⤋