How much Should i have in my savings?

Question

these are my bills/monthlye

car 300

cell phones 150

car insurance 140

gas/ 300-400

food 200

Answer 1

Convention states that you should have between 3 - 6 months full living expenses in an emergency fund that you can access at any time.

Here's the breakdown of what you'll need

3 months:

300x3 = 900

150x3 = 450

140x3 = 420

400x3 = 1200

200x3 = 600

Total = 3570 minimum in your emergency account

6 months (aim for this! more is better!)

300x6 = 1800

150x6 = 900

140x6 = 840

400x6 = 2400

200x6 = 1200

Total = 7140

In addition, I'd add 3000 dollars at LEAST to cover unforseen costs, such as medical expenses, maintenance/repair costs on your car, etc...

so 3540+ 3000 = 6540

and 7140 + 3000 = 10,140

So you should have between $6540 and $10,140 in your emergency fund. The bare minimum you should have is three months living expenses, or $3540

Don't worry, emergency funds are built over time, but they are a necessity, as I recently found out. you can read all about why I now KNOW an emergency fund is necessary over at my blog:

http://www.btgnow.net/2008/08/the-import...

Good luck!

Answer 2

you need to have enough money, so that if an emergency arises, you still could live easily for at least 3 months.

Answer 3

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