What's the least amount you would feel safe to have in savings?

Answer 1

at the moment i feel half way there;i started to save 2 months ago as much as i could put in and know now that lav started it will carry on , i opened a bank account just for me the first time in 35 years my other account is for my bills and all , so never had a penny , and worked and worked and felt empty more so these last 12 months, so had been taken for a ride by other family members plus my other half as he new wot i had but thats all changed now . and have put my self on a weekly amount and it feels great , and i just say no to tham all now, i just pretend i don`t have it . and have`NT told any one,about my other account ,i have cover on all my bills .so at the mo when i get to 1000, i will feel even better which will be next month .

Answer 2

Enough to cover 3 months of living expenses. The number changes person to person, but you should have enough money saved up so that if you are out of work you can pay all your bills including rent/mortgage for at least 3 months.

Of course I don't have this much saved up which is a major problem if I should lose my job for any reason. One of my co-workers said it best, probably about 1/2 of Americans are only 30 days away from declaring bankrupcy because of lack of savings.

Answer 3

I would not feel safe under 5K. I do not have a mortgage (that is worth noting).

I want 2 months rent and enough to cover all bills for 2 months in a basic savings account with money left over for food and gas.

After that, there is no reason to have much more in a typical savings account. If we are talking CDs and ING accounts, then A LOT MORE!

Answer 4

The last poster was right, it's all about your monthly expenses. What I did was figure out all of my monthly expenses, and then I add 10%. I take that number and multiply it by 3, I feel safe when I know that I have at least 3 months worth of backup if something were to lose my job, or for some other tragedy.

Answer 5

You will get a lot of different opinions on this, but it really depends on your situation. Here are questions to ask yourself -

First and foremost, what are your monthly expenses?

If you lost your job, how long would it take you to get another one?

What kind of job security do you have? The better the job security, the less worried you need to be.

Do you own or rent? If you own a house and are responsible for mortgage and maintenance, might want to have some more in savings.

Does your spouse or significant other make enough to get you through hard times should you lose your income?

Do you have children you need to feed? If you don't, and can live on bologni and water, then you can take some more risks.

You get the idea. Me personally, I like to keep anywhere from 1,000 - 3,000. But that's just me. You need to look at your own situation and go from there.

Answer 6

$10

Answer 7

Short term savings: three months of expenses
Long term savings: another 3 months of expenses minimum but I feel better with 6 months instead. A long term savings is usually a CD or other investment method that pays a little more interest but because you get better interest, it's usually a little harder to withdraw your money (i.e. you can only cash out when the 6 month term you signed up for is over).

Answer 8

i would for feel safe even if i had $100.00 left in the abnk because there is nothing worse then have know money in the bank the oppsite of pay week . That's why i said that because I know from my own expericed that I try to save a little bit of money I still end up with alitle bit of money.

Answer 9

I try to save atleast 20% of my monthly income. It is only touched for emergency situations. At a very minium you want to have 3 to 4 months of your income put away incase you lose your job. It will give you the time to search for a new one. Keep in mind start saving for your retirment as soon as possible... So many people do not realize how important it is.

Answer 10

Feel safe to what? either you have or you don't... Why are you saving you can't take it with you. It's not real money unless you are saving silver or gold so, what's the point of saving. naturally a human being would want to be happy with what they have in life able to do what they want when they want to do it. not needy of nothing and if that's not the case then there is worry ,doubt. you are not safe in having a savings you never know what life might deal you.