How Much Money In Savings

THE BIGPUNN · January 6, 2011

No one has to give actual amounts, but I thought for a New Years resolution, I would start by really working on my finances. Ive been searching online and talked to a bank buddy of mine. I make good money, but dang taxes and an x wife! Being single with no exemptions! I keep working cause millions on welfare depend on me! Anyway, what is a good amount to have in savings? i was planning on having two savings. one for emergency/vacation and the other short term for toys! my bank buddy says $1000.00 tucked away is the average. looking online is see advice to have 1-3 months of salary in savings!

jtramsey · January 6, 2011

Dave Ramsey Says $1000 Emergency.Then 3 to 6 months of regular exspense money after your have completed your Debt snowball.It will be a while before I get there.

NitroCherokee · January 6, 2011

I try to keep enough money in savings to be able to pay 6 months worth of bills just in case

tanked_darren · January 6, 2011

No one has to give actual amounts, but I thought for a New Years resolution, I would start by really working on my finances. Ive been searching online and talked to a bank buddy of mine. I make good money, but dang taxes and an x wife! Being single with no exemptions! I keep working cause millions on welfare depend on me! Anyway, what is a good amount to have in savings? i was planning on having two savings. one for emergency/vacation and the other short term for toys! my bank buddy says $1000.00 tucked away is the average. looking online is see advice to have 1-3 months of salary in savings!

3 months salary is ideal, but I think a 1000$ for emergency vehicle funds, and 3 months of bill payments is a good goal. Thats what I'm working towards, you'd be surprised how big your account will be when you add up all the different emergency funds. And not to mention I keep a years worth of vehicle insurance in the bank too (paying montly is a waste of money, interest).

Mind you doing something like this is completely pointless if you run credit card debt/small debts.

old-chevy-dude · January 6, 2011

I stash $100 per paycheck (weekly) into 3 different accounts. so $300 a week into some kind of savings, beyond my retirement fund. 1 account is for my daughters future, 1 account is for my daughters present (birthdays, christmas, clothing, etc) and 1 is for my savings.

I have it done via direct deposit so I never see the money and can't ever "forget" to transfer it.

but I have no Rent/Mortage my home is paid off, so that is a big plus right there. we only have 1 car payment, mine, so utilities and insurance is all we really have to fork out (and property taxes, but those are really low, only $1600 for the year).

so beyond my $300 a week savings, a good part of the paycheck I see stays in the bank.. I give myself a $100 allowance for misc things, like my morning coffee and lunch (when I actually go to lunch), and if I have money left over out of that $100 at the end of the week, I don't get another $100, only the difference to equal $100.. like this week, I haven't gotten coffee or lunch all week, I spent went to the grocery and stocked the cabinet in my office with single serving soups and instant oatmeal and coffee, so come tomorrow (payday) I will have $40 left...

in additon I haven't used a credit card in 5 years, if I don't have the cash I don't need it.. I have 1 card with a $25,000 limit that I use for small purchases (under $50) every couple of months to keep it active, then I pay it off in full.

ryan_hermanutz · January 6, 2011

I'm not there yet but in a couple months I'll have 8 months of current bills saved up.

jro909 · January 6, 2011

i try to put away as much money as possible into savings each check...my biggest expense is fuel at the moment, once my truck is payed off i'll be making truck payments into the "new HD fund"

renegadeking · January 7, 2011

when im done school, i will split my money into three categories-

1. - Emergency.

2. - saving account, - everything from bills to buying new toys

3. - put the least money into - its basically allowance. its for food, fuel, etc.

ScottyBoy · January 7, 2011

I "had" about 1500 in savings but that went really quick back in August when I hurt my back and was out of work.On top pf that my fridge went out at the same time. Then Christmas came. I'm still living paycheck to paycheck now. Its hard as hell to catch up. And now my health insurance just damn near doubled because of Obamas heathcare reform bullschitt. Thanks Obama!!

leverlution · January 7, 2011

$0

GPGuy · January 7, 2011

I don't know if anybody here has ever watch Suzy Orman but I believe she suggests 8 months in expenses saved. I've seen a number of people around me in the past couple of years off work for that long or a couple even longer and before I saw that, I always thought what she suggested was kinda overkill. Not anymore.

ryan_hermanutz · January 7, 2011

I "had" about 1500 in savings but that went really quick back in August when I hurt my back and was out of work.On top pf that my fridge went out at the same time. Then Christmas came. I'm still living paycheck to paycheck now. Its hard as hell to catch up. And now my health insurance just damn near doubled because of Obamas heathcare reform bullschitt. Thanks Obama!!

You might want to find a better insurance company if that's the case, mine went down $40 a month.

Beer Belly · January 7, 2011

I don't know if anybody here has ever watch Suzy Orman but I believe she suggests 8 months in expenses saved. I've seen a number of people around me in the past couple of years off work for that long or a couple even longer and before I saw that, I always thought what she suggested was kinda overkill. Not anymore.

at least 8 months....especially in these times

Roofer · January 8, 2011

I "had" about 1500 in savings but that went really quick back in August when I hurt my back and was out of work.On top pf that my fridge went out at the same time. Then Christmas came. I'm still living paycheck to paycheck now. Its hard as hell to catch up. And now my health insurance just damn near doubled because of Obamas heathcare reform bullschitt. Thanks Obama!!

You might want to find a better insurance company if that's the case, mine went down $40 a month.

How? You must be subsidized(sp) somehow.

Everyone I know has had theirs raised and the direct reason is Obamacare. It is sent out in a letter saying exactly why from the insurance company.

IMO, if you can save 8 months of bills, you are either making way too much money or you are just a cheapo. haha

ryan_hermanutz · January 8, 2011

I "had" about 1500 in savings but that went really quick back in August when I hurt my back and was out of work.On top pf that my fridge went out at the same time. Then Christmas came. I'm still living paycheck to paycheck now. Its hard as hell to catch up. And now my health insurance just damn near doubled because of Obamas heathcare reform bullschitt. Thanks Obama!!

You might want to find a better insurance company if that's the case, mine went down $40 a month.

How? You must be subsidized(sp) somehow.

Everyone I know has had theirs raised and the direct reason is Obamacare. It is sent out in a letter saying exactly why from the insurance company.

IMO, if you can save 8 months of bills, you are either making way too much money or you are just a cheapo. haha

I have no idea why it was lowered but at the start of the year it went down $40 a month for the year. I'm not in any subsidized group I'm on my own plan that I pay for with a $5,000 dollar a year deductible with $10-$15 dollar co-pays for most things and no cost preventative visits for medical, dental and vision. Do I pay more than I want for the insurance, yes but it is cheaper than my former employer was paying for everyone I worked with. I don't think I make to much money, and I'm not really that cheap, I just try and be smart with my money.