Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 month ago

How much should you keep in your savings? ?

I currently have over a years worth (about 15 months) of expenses saved, how much is a good amount to have saved? 

5 Answers

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  • Anonymous
    1 month ago

    A year's worth sounds good.

    If you were to suddenly lose your job, you need to realize that it's harder to find a new job when you are unemployed and if you are trying to replace your salary, you may need to allow at least 1 month for every $10,000 you were making.

  • n2mama
    Lv 7
    1 month ago

    It’s a good idea to have six months of living expenses in liquid savings. Beyond that and your money isn’t working for you earning interest the way it could be if you invested it. If you are concerned about job security and don’t want to invest in something like stocks and bonds, at least putting it in a CD would earn you a higher rate of return with a set time commitment. You’ve done well to save this much, but should flip about half of that into some type of investment so your money is working for you.

  • Robert
    Lv 7
    1 month ago

    I have heard that you need to have at least six months worth of expenses saved.  But it can't hurt to have more than that available.  

  • Anonymous
    1 month ago

    3-6 months or more liquid.

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  • 1 month ago

    Three months is a good amount to have. 

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