A $20k emergency fund is especially valuable in these times.

[Sad Bunny]

 

[King Poetic]

56% of Americans can’t cover a $1,000 emergency expense with savings​

56% of Americans can't cover a $1,000 emergency expense with savings

Most Americans are unable to cover an unexpected $1,000 bill with savings, according to a telephone survey conducted in early January by Bankrate.

www.cnbc.com

 

[ShackZilla89]

Honestly, I don't see how people live without one period.

 

[Software]

3-6 months expenses. 20k may be too much for some individuals. They could be using that money to invest/contribute to retirement accounts. Especially now any money sitting in a savings account is rapidly being devalued by inflation.

 

[NatiboyB]

It definitely is. Especially if you still add to it. Once I got my emergency fund to where it is it kind of allows me to have a piece of mind considering I’m still bringing income in.

 

[Elim Garak]

 

[zayk35]

This should be interesting.

 

[Sad Bunny]

Honestly, I don't see how people live without one period.

Me either. I still got people asking me to borrow money. It’s wild.

 

[Sad Bunny]

3-6 months expenses. 20k may be too much for some individuals. They could be using that money to invest/contribute to retirement accounts. Especially now any money sitting in a savings account is rapidly being devalued by inflation.

Nah. The pandemic showed us that we need more than 3-6 months.

 

[Sad Bunny]

It definitely is. Especially if you still add to it. Once I got my emergency fund to where it is it kind of allows me to have a piece of mind considering I’m still bringing income in.

I don’t feel comfortable with one year of expenses saved.

 

[Morethan1]

I got a band on savings more tbh

But I don't have 20l in savings or checking

 

[Will Ross]

We don’t save anymore because of credit.
It’s really has destroyed the mindset of most people

 

[NatiboyB]

I don’t feel comfortable with one year of expenses saved.

I feel you I have a bit of a different situation as i have a retirement check that comes in also. I treat my retirement like it doesn’t exist and just do everything off of my work salary. I used to only have the work salary and savings and it was for my lifestyle cool. But now it’s far better and I do remote work so definitely spending less on gas and food.

 

[Software]

I don’t feel comfortable with one year of expenses saved.

you might need therapy breh. More than 1 year is pretty much looked down upon in most financial circles

 

[ChuckTaylor84]

try saving money in California lol