What is a good amount to keep in savings?

[FiLeZz]

I plan to keep X amount in savings.


what is a magic number?


% of income.



take the rest and start paying the house off?


or just pile it up in savings..

401k stays where it is..

 

[Yossarian]

depends on how stable your job is. I would say at a minimum you should have 2-3 months of living expenses in savings.

 

[bootymac]

10% of salary

 

[FiLeZz]

Originally posted by: Yossarian
depends on how stable your job is. I would say at a minimum you should have 2-3 months of living expenses in savings.

I like this number..


Job is there unless I wish to move.

 

[BlamoHammer]

If you're single and only have to fend for yourself, I would say 3 months of living expenses is ideal. If you have a family and/or mortgage then bump it up to six months.

 

[FiLeZz]

Originally posted by: BlamoHammer
If you're single and only have to fend for yourself, I would say 3 months of living expenses is ideal. If you have a family and/or mortgage then bump it up to six months.

for now just the wife and I.


Morgage we do have..

 

[Smolek]

10% of each check is a good amount.

 

[KarenMarie]

Ideal is six months worth of bills.
Minimum is three months worth.

 

[dxkj]

Hrm. We have 2months worth in savings and 4 months worth in stock.

 

[SOONER]

you should have 3-6 months living expenses in "cash".

 

[HappyPuppy]

I don't care how well you plan your economic life, sooner or later Murphy is going to come along and stick a telephone pole up your ass and laugh all the way to the corner bar.

Plan for the best and accept it when the worst happens, because it will.

 

[astroview]

I've heard 3-6 months of living expenses.

 

You should also keep 3000-5000 for emergency household repairs and 2000 for car repairs.

 

[DaveSimmons]

And park the cash at www.INGDirect.com -- 2% APY beats most everyone else right now. They are FDIC insured and used by many people here.

6 months is a good number, especially right now when it is taking many people longer than normal to find a comparable replacement job (as opposed to just "any job").