I just read this article on emergency savings https://www.marketwatch.com/story/why-2467-could-be-the-magic-number-for-emergency-savings-2019-10-15
What do you guys think? Is $2500 really the right amount? I've been working on my emergency fund for a while now but I'd always heard it should be 3 months worth of living expenses.
I think it depends on your financial situation! I've heard the same thing about having 3 months worth of expenses saved up, but I also believe that everyone go at their own pace. For some people, the number might be $2,500 based on where they live and their day-to-day lives, for others it could very well be more (especially when you factor in things like kids).
I agree with Danielle - it really depends!
Transfer funds to your savings after you get paid and stretch what you have for emergencies
I agree, it depends on the individual. $2,500 is not enough for me.
@Latasha, what do you think is a more realistic number for you? I think a lot of things factor in like household size and location.
How do you really save that type of money
@Shakia, I've almost saved $800 this year with the weekly saving challenge! Every week, I take out $20 to pay for various things in cash. Whatever is left over, I save in a jar. It took a while to start seeing the results, but it's been worth it.
@ Danielle B. I have a jug and I swear it isn’t moving lol it’s like I put something away and than something happens and boom I’m back to square one but imma keep trying at it and see what happens
@Shakia, it's definitely worth it to keep going! Before this year, I had the hardest time saving 
It seemed like what was coming in just went right back out a few days or weeks later. I had to sit down, face the facts, and take a hard look at what a realistic budget was for me. Once I started factoring in saving into my budget (I didn't do this before), I started seeing that jar fill up:)
You got this!!!!
What are some other apps that are good at helping you save for emergencies?
I have over 5000 in my bank account and more money scattered in hiding places I don't really understand the game
@Melissa, if you're looking for a good, high-yielding savings account, I really like Wealthfront and Ally. Even considering how the recent decrease in federal interest rates has impacted savings APR, both of their rates are still really good.
@Shaylyn, that's a great amount! What are you looking to understand about saving?
@shakia I maximize my potential to earn rewards cash from using my credit cards. I pay them off weekly so it basically all free $$$
This is interesting because I've heard it should be 6 months of living expenses. But I live in the west so rent tends to be very high here. Also, medical emergencies cost an arm and a leg so you have to prepare yourself for anything that may or may not happen. Tip: I keep my emergency stashed away in the attic so I don't look at it, don't touch it, and for it to be a hassle to actually grab it (getting the ladder, climbing, etc. )
I don't think that $2500 is enough for my family. But I'm having trouble even saving that much!
Saving money for anything is such a struggle for us, let alone trying to save for months. But yes depending on where and how you and your family live, 2500 may very well be enough
Working towards saving $5,000 for emergency fund. Difficult - yes but it's worth every brown bagged lunch, at home coffee, and no vending machines…. The more I can cut from spending, the more I can save which will provide me with some security for next job change and move.
I've heard a 3 month expense amount is good to have in savings
Thanks for sharing these new to me ideas everyone.
I used to have several thousands saved and let me tell you in one month due to a crazy series of events I went through everything almost in 30 days so I say the more you can save and be prepared the better.
3 months is not enough- they used to advise 6 months
3 months is not enough- they used to advise 6 months
6 months is a great goal to have in mind, Roger. 3 months is also a noteworthy goal if you're looking for something more achievable :) I think it all depends on a person's or family's financial situation.
3 months is not enough- they used to advise 6 months
6 months is a great goal to have in mind, Roger. 3 months is also a noteworthy goal if you're looking for something more achievable :) I think it all depends on a person's or family's financial situation.
Lets say I have an extra bit of money…. how do I use it? Let it sit- often not. I like to pay ahead on utilities… I know I use x amount and that wont change… if everything is paid ahead a month or so- it makes it easier to relax
