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    Savings-0 to 6 months worth of bill $ saved up?

    created by JamesP1977 163 days 10 hours 16 minutes ago

    Category: World

    Savings-0 to 6 months worth of bill $ saved up?

    Good morning Cnet!

    I have always heard it's a good rule to keep at least 6 months worth of bills in savings put away-just in case. I've also heard some say between 3-6 months is acceptable.

    Are you able to build up savings at this point? How is your range? 0-3 months' worth of bills put up? 3-6 months worth? Better?

    Mine is about 3 months' worth built up. Vacation depleted me a little bit lol I also plan on quitting my job in January if I'm accepted into clinicals, so I've been trying to build up the account again-because it'll be just my wife's salary supporting us for a while.

    I also have been paying extra on water, gas and electric bills for the last few months and have a balance of about 3-6 months' worth of credit on each of those 3 accounts- so it's 3 less things we have to worry about for a while.

    What about you?

    Have a great day,

    James

    Re: Savings-0 to 6 months worth of bill $ saved up?

    Hey,

    Oh wow. I had 3-6 months' worth in savings before I moved out of my parents' house 8 months ago. Now, I'm definitely down, down, down and need to try to get it back looking good. It's just so hard right now, but I'm going to try my best to start working on this goal!

    Brad

    Re: Savings-0 to 6 months worth of bill $ saved up?

    Hi James,

    I have a lot of savings (at minimum wage), because I still live with my parents and am going to school still (I just turned 20 years old). My last day at my part-time job is right before school starts, so I don't know what I'll do about money after that. I've been working the past almost 3 years, so I'm used to steady income.

    Personally, I'm all about safety first, so having 6-12 months seems ideal to me. Of course, not everyone can do that because of current, short-term expenses. I am really good at saving money, even though I don't make that much. However, a lot of the money I saved up will probably go to tuition, which totally sucks because I worked so hard to earn it! At least it is towards my education and future. Everything I do now will be towards my future, no more working for 8.5 hours building someone else's dream!

    Cheers!

    Song

    Re: Savings-0 to 6 months worth of bill $ saved up?

    Hey!

    I am definitely struggling a bit. I always have enough for the bills each month because I have a steady job, however, I don't have 3-6 months saved. I have lots of things to pay for and my state is quite expensive. If I have a sudden emergency, I will struggle even more. I work very hard and try my best. I have been saving for my future, I put money away each month for retirement as well. But as for immediate expenses, I don't have the 3-6 month. It is a goal of mine to save as much in the near future!

    Have a great day!

    Re: Savings-0 to 6 months worth of bill $ saved up?

    Howdy James!

    When I move out soon, I will have around 9 months worth of rent in savings. I still don't feel secure with only 9 months, but it is better than nothing at all. Living month-to-month would be such a struggle. I don't think most people have the ability to save money. I have seen so many people working part-time jobs who just can't make ends meet even when living a minimalist lifestyle.

    Thanks for reading!

    ~Tera~

    Re: Savings-0 to 6 months worth of bill $ saved up?

    Hi!!

    I'm actually doing pretty good right now-I'd say about a year's worth of what bills would cost me...I still live with my parents and only pay for car insurance/gas/maintenance and clothes here and there and a little spending money. I save 100% of my checks weekly and only spend a little bit of my tips. I'm saving it all for when I move out and for out of pocket college expenses.

    :)

    Katie

    Re: Savings-0 to 6 months worth of bill $ saved up?

    Hey,
    I think I'd fall in between the 6-9 month range.

    Later,
    Carl

    Re: Savings-0 to 6 months worth of bill $ saved up?

    I used to have 7-9 months worth of savings but unexpected emergencies kept popping up like surgeries, car maintenance, and health issues with my dog, etc. I'm so sad to say that I now only have just over a months worth but I am trying to really budget myself so I can build it back up to where it was. It's been a little difficult but if I stick to my budget, I should have it back up in no time.