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Emergency Savings: Do you have a cash reserve?

Discussion in 'Anything goes' started by Cadet, Nov 17, 2008.


If you lost your job today, how long could you pay your expenses?

  1. 1 month

    10 vote(s)
  2. 2 months

    11 vote(s)
  3. 3+ months

    31 vote(s)
  4. Are you kidding?

    27 vote(s)
  5. I married a sugar daddy/momma, I'm set

    0 vote(s)
  1. Cadet

    Cadet Guest

    Financial advisers advocate having an "emergency fund" equal to about three months of expenses should you lose your job or otherwise have no income.

    How realistic is this? Do people really have this level of cash reserve? Do journalists really have this kind of cash reserve?

    I realize that cost of expenses and therefore the amount saved varies greatly based on location, family situation, debt levels, spouse/partner income, etc.

    For more information on how to save for an emergency fund, read <a href="http://www.fool.com/personal-finance/saving/how-to-guide-create-a-cash-cushion.aspx?terms=emergency+savings&vstest=search_042607_linkdefault">here</a> and <a href="http://20somethingfinance.com/blog/protect-your-money/emergency-savings/2008/06/04/emergency-savings-fund-why-how-much-and-where/">here</a> and <a href="http://www.getrichslowly.org/blog/2006/09/08/how-to-start-an-emergency-fund/">here</a> and <a href="http://money.cnn.com/2008/08/06/pf/emergency_fund.moneymag/index.htm">here</a>. I also read some good advice about taking money you have now, while you have a job, and really hammering down credit card debt in the event you do get laid off, so you won't have that among your list of bills.

    Note: I do not intend for this thread to be insensitive to anyone who is currently struggling with job loss. Like those funeral home advertisements that come in the mail, I apologize if this is bad timing.
  2. sportschick

    sportschick Active Member

    Hahahahahahahaha! I have about $800 in savings, and it's taken me almost a year to save that up.
  3. luckyducky

    luckyducky Guest

    That's what I'm trying to do right now -- paying off my CC to make sure the only things (hopefully) I put on it are my business expenses that should get reimbursed.

    Otherwise, I'd be able to hold out for most of a month. More in a few months, since I'm moving in with my folks in December to save money for a while (yeah, yikes).
  4. KYSportsWriter

    KYSportsWriter Well-Known Member

    I've got about 200 in savings, but that's it.
  5. Angola!

    Angola! Guest

    i'm putting away 100 a paycheck. not much, but it's something.
  6. What is this "savings" thing people keep mentioning?
  7. Johnny Dangerously

    Johnny Dangerously Active Member

    Living off of it now and looking for work.
  8. Wenders

    Wenders Active Member

    I have no idea, either.

    I had $500 in my savings account that was left over from grad money but now, that's down to $400 because...well...I'm poor. I know my parents can always help me if I need extra cash but I absolutely HATE asking them for money.

    Unfortunately, if you're in this business, you're single and you've just gotten started so you're still at a hourly rate, you don't have savings. You need it just to feed yourself and pay bills every month.
  9. Mizzougrad96

    Mizzougrad96 Active Member

    That's actually really good.
  10. zebracoy

    zebracoy Guest

    I save as much as I can, and would like to think I could do fairly well if I lost my job for a few months.

    That being said, I've done that by completely reducing credit card spending and never racking up a debt. With the exception of student loans, I don't have any other debt in my name. When I do use credit cards, I pay them off immediately and never make a purchase that's beyond my means.

    Then again, I'm overly frugal/greedy with my money, and I always think twice about buying the simplest of unnecessary things. It's probably because of the way with which my family raised me and the not-so-ripe conditions I had, but to get to the point - yeah, I stash away every bit of cash I can.
  11. txsportsscribe

    txsportsscribe Active Member

    had a heck of a lot more in savings about six months ago but still not close to living on the street
  12. Inky_Wretch

    Inky_Wretch Well-Known Member

    Are we counting what's left of our 401k in this?
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