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@sorrycharlie: I'm late jumping into this thread but don't feel bad! My husband is 25 & I'm 24 & although we have a significant savings to us & compared to almost all our friends, it isn't what I know/hope it will be in 10 years either! My DH actually works in finance & it's a slow build but we're getting there
Keep it up!!
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I believe most financial minded people would tell you 6 months of expenses. We have more because I am a planner/anal.
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eek! I'm feeling a little like a slacker. We're working on paying off debt, and have done very well in the last year (wedding, student loans, credit cards etc). We have a line of credit with plenty of room for emergencies, but probably only 2-3K in savings right now. DH is of the mind, why sit on money when we can use it to pay off debt that is growing with interest.
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@prettylizy: yeah, i think you should wipe out the debt before you start saving. the only real debt we have is my hubby's student loan and car payments.
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Suze Orman recommends 8 months, revised up from her previous advice of 6 months.
There are so many factors involved, it's hard to come up with a one size fits all figure. I feel comfortable having 6 months liquid assets with another 6 in less liquid assets.
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I was told (as a single person) that 6 months worth of living expenses was a good goal. With the economy being the way that it is, I think 1 yr is more ideal.
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This thread hasn't been touched in a while but I just wanted to say good job to all of you who have a good savings! I'm 22 and DH and I only have about $1200 in savings, yikes. Granted, our monthly bills are less than $2,000 a month (on the high end). So after tax returns we should be in a little better position!
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We both have savings accounts but neither of us have anything in them. I know how bad that is, and we're trying to fix it, but because of bills, loans, etc, it's been hard to set cash away. Especially since Cameron was completely unexpected.
Before the hubs moved here I had about 2500$ in savings, and I'd like to ultimately get back to that by this time next year.
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I personally don't believe in keeping any more than $20K in a savings acount. With current interest rates, that money isn't even keeping up with inflation! I prefer to put the rest in Roth, other investments, 401K etc. Roth is a good first goal beyond savings accounts because contributions can be withdrawn without incurring penalties.
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6 months of living expenses is our floor. We prefer to have a year when we can, but sometime some big life expenses come up (need a car, adoption, etc).
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oh my! ever since I became unemployed four years ago we haven't been able to keep much of a balance in our savings account. We've been concentrating on paying down our debt to get our credit to near perfect status for whenever we next apply for a mortgage. Rob Sr. keeps saying we should be saving as well, but I keep brushing him off... I guess he is right!
Keep it up!!
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