How much money should the average working person have saved up in the bank ? And how many people out there are living paycheck to paycheck will less than $1000 in the bank or broke ?
2007-08-26 18:49:03 · 6 answers · asked by Black Jack 1 in Business & Finance ➔ Taxes ➔ United States
If possible, save up to 6 months of expenses in the bank. If you spend $2,000 a month on rent, food, utilities, and other expenses, you should have $12,000 in the bank.
If something unexpected happens, you can draw from this emergency fund to cover short term expenses. But for most people, they probably have no where near that.
2007-08-26 19:04:45 · answer #1 · answered by Mr Blue 3 · 1⤊ 0⤋
my mum dont even work after my dad passed away last year.we survived with money in our bank.we have no paycheck but still lives well so it is alright.we dont even have paycheck to paycheck to rely on so actually it is common for people to have less then $1000 in their bank and still surviving.while we are.
in the past in average we have around a few thousands in our banks after many years of saving and spending.
2007-08-27 06:31:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Paycheck to paycheck for my family.
I eat Top Raman and mac & cheese when I have to, but after paying the bills there's hardly anything left for food.
If I had $1000 in the bank, I'd be rich!
2007-08-27 02:00:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well I'm not sure but I'm in favour of savings. I think an average working person must make out a budget of minimum expenditure in food and lodging and of things that he cant avoid like conveyance etc. He should always try to avoid unncessary expenditure. In the end he will find that he could save some amount
whatever it is , and if he really does, it will give him immence pleasure and ultimately help him growing saving habit. His such savings will pay him in rainy days.
2007-08-27 02:38:41 · answer #4 · answered by nazbak 6 · 0⤊ 0⤋
No matter how little or how much you make, you need to put something in savings each paycheck. Otherwise you will never have anything.
2007-08-27 03:45:41 · answer #5 · answered by towanda 7 · 0⤊ 0⤋
The rule of thumb is to have six months expenses saved up in readily accessible funds. I'd guess that most people early in their careers, especially if they are supporting a growing family, do NOT have this.
2007-08-27 03:00:47 · answer #6 · answered by Judy 7 · 0⤊ 0⤋