Ask:
How many months can you live off your savings? In church they had a great topic yesterday about how in the event of an emergency, everyone should save up at least 3 months worth of expenses. Are you there? Have you saved up more than that? What are your feelings on this topic? Do you think it is wise to have that much saved up?
I personally think it is a great idea. You never know what can happen these days. It sure would help everyone out. We have that saved up and I know that if I lost my job tomorrow I would be able to survive for a little while. (More than three months!)
If you don't have a 3 month's reserve saved up, I highly recommend it!!!!
Answer:
Zero!! We would be up the creek without a paddle if something happened!
Answer:
Yes we have about 6-7 months saved up. I hate that it is sitting in a savings account making little interest when it could be in a better investment, but what can you do?
Answer:
I know that you should have at least 3 mos. saved I have heard that so many times before. But we only have enough to get us through 1. Unfortunately we just get by each month so there is no place to pull from to biuld up anything. I have been thinking of getting an evening job but with my dh's hours so late. There isn't anything I can think of. I've actually been losing sleep over this lately.
Answer:
They say to have 3-6 months depending on income levels, if only one works, etc. If you are a sahm I recommend 6 at least.
You don't have to keep it in a savings account, you could put it in a mutual fund/money market type account or even Ing Direct orange account interest is over 4%, better than a normal bank.
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We have about 5 months in a money market account
Answer:
Originally Posted by Happymom
Zero!! We would be up the creek without a paddle if something happened!
We are right there with you Happymom!!! Maybe we can share a boat!!
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About a year unless we cash in some stocks. DH is a self employed contractor, I get paid only if I work, neither of us has health insurance - so we have been diligent in putting money back in case one of us is out of work.
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We have about 8-9 months saved up.
A few years ago Dh was really sick and in the hospitol for a week. the dr.s didn't know what was wrong, they thought he had cancer and all these crazy things. I was in a panic. Didn't know how I could afford to do it all on my own if need be. Well since then we have saved. Dh is Ok now. But sometimes it takes a scare to make you realize what could happen.
Answer:
DH is on Social Security and I'm still trying to figure out how much we are allowed to
have saved without it getting his monthly amount reduced
Right now we have 1 month of pay in bank but we are using it to drive to GA to see Maria