Emergency Savings

Started by Anonymized A.
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Anonymized A.

I never really had an emergency savings. I just figured I could borrow from my 401k. But this pandemic really got me thinking about savings. I am fortunate to be able to work. I am salary and an essential employee, not on the front lines. I can work from home when necessary. I am truly blessed but I have not been really saving!! Now I made a tight budget, with my savings at the top. It’s hard but totally necessary!

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Melissa D.

I think it's a good idea. I sleep better knowing we could cover our expenses for 6 months/ most of a year with unemployment.

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Sara M.

I never have had emergency money out back but after the COVID stuff I started doing it and it has helped a lot.

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Sonya N.

I agree with this pandemic seems to be smacking a lot of people in the face. I always wish that more people would save for emergencies and emergencies that may deal with a pet. Thank you to all the vet essential personal.

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Hoi W.

Glad to hear you have a budget to manage your monies.

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Shannon P.

It's hard to save and live at the same time right now.

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Gina H.

Having emergency savings saved me last month.

I've been debt free (other than my mortgage and my student loan) for about 2 years now. Last month, I had a car emergency that ended up being $1,500. Because I had some money saved, I was able to pay the bill without creating new debt.

When I was saving, it didn't seem like much, but a little here and a little there got me to a place where I could pay $1,500 without blinking an eye. It was hard to part with that money, though. My mindset has been so focused on saving, I didn't want to spend the money even though it really was an emergency! ;->

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Debby T.

I've always been a saver since I was young. Growing up in a large family money was always tight, so I learned to appreciate it when I had it and didn't spend foolishly. Those things helped me as I got older to not live beyond my means and to make sure I always had a savings account for emergencies.

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Elena B.

It is always great to have a emergency fund that is not tied to debt, retirement accounts, or illiquid assets.

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Richard P.

An emergency fund is important to have. But I would suggest that you keep it at a financial institution separate from your primary checking account.

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Sheryl I.

I keep my emergency fund in a separate account than my regular checking account.

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Daniel H.

An emergency fund is always a good idea. It's good to save up 3-6-12 months worth of cash to help you through any emergency you might have. I keep my e-fund in a seperate savings account so I'm less likely to touch it unless I really need it.

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Anthony G.

What is the right amount of money to have to start a emergency fund account

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Tishyra A.

I have to save money. I realized most emergencies are 1,000. Thats why I am saving 2,000.

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Elena B.

What is the right amount of money to have to start a emergency fund account

The general rule of thumb is your emergency fund should be equal to anywhere from three to six months of expenses. However, you can slowly build up your emergency fund by saving money every paycheck. If you can automate the savings it makes it easier.

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Tamika E.

…had to call the plumber….

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Tamika E.

.. so, save 3-6 months of income as well as $1k- $2k for emergencies…

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Shannon P.

We've already had a couple emergencies this year and thankfully because of savings we were able to cover them

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Hoi W.

I encourage everyone to keep saving if possible.

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Anonymized A.

Ain't it funny how this Congress keeps stalling our mere $1,400 stimulus relief to help some?

I hear now Dems are trying to sneak in hundreds of $millions for a subway construction in California. Which helps with Covid relief HOW exactly? Bunch of crooks!

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Deborah C.

goal $1000 in savings

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