Do you have savings to go without pay?

[TardStrong]

Do you guys have money set aside for emergency? Looks like these government workers do not. I am guessing some of them are only making 40k but no matter how much you make you should set aside some money for emergency. You should try to live well below your means and not always be chasing the carrot dangling in front of your face.

 

[AznTrojan]

yes

 

[Cash Bill 52]

A huge portion of the American public can not pay an unexpected $500 bill.

 

[JoeyJoeJoeJr]

I try to always have 10k in the bank just in case

 

[5crew]

I haven't have a fixed salary since 2015.

 

[VulcanNervPinch]

I have quite a bit available for emergency

Most Americans don't give any consideration to saving for emergencies

However, in fairness, a large segment of Americans don't make anywhere near enough to save up meaningful amounts, either.

 

[bufetadanacara]

I try to keep enough cash on hand to go a year without pay, if necessary.

I'm also in my 40's. I can see how this would be difficult for someone in their 20's.

 

[TardStrong]

Seeing my parents/relatives go through the financial crisis of 2008 helped me see things. I was in my early 20's. My parents lost their house and had to move in to the house I was renting. It taught me a good lesson about living on the edge of your means. At any time the shit can hit the fan, be prepared

 

[Kalitaur]

A huge portion of the American public can not pay an unexpected $500 bill.

Damn, I just looked that up:
According to last year's report on the economic well-being of US households by the Federal Reserve, "Four in 10 adults in 2017 would either borrow, sell something, or not be able pay if faced with a $400 emergency expense."
Apparently, this number used to be even worse, at 50% back in 2013, but still seems like a crazy high percentage.

 

[Cool Hand Luke]

yeah about tree fiddy

 

[JoeyJoeJoeJr]

Damn, I just looked that up:
According to last year's report on the economic well-being of US households by the Federal Reserve, "Four in 10 adults in 2017 would either borrow, sell something, or not be able pay if faced with a $400 emergency expense."
Apparently, this number used to be even worse, at 50% back in 2013, but still seems like a crazy high percentage.

Seeing my parents/relatives go through the financial crisis of 2008 helped me see things. I was in my early 20's. My parents lost their house and had to move in to the house I was renting. It taught me a good lesson about living on the edge of your means. At any time the shit can hit the fan, be prepared

Ive always been poor as an adult. If you want to save money you need to be serious about following a budget, especially if you have low income.

I make min wage, and I rent my own place and pay all of my bills no problem. I even have an extra 700 a month to spend/save. How do I do it? Simple. I dont live beyond my means. I dont drive because its a luxury. I bike to work even when its -15 like today. No cable tv either.

I managed to save over 10k while earning a very low wage. If I can do it anyone can.

 

[Rygu]

In the past 3 years I completely changed my spending habits. All I do is save now, I rarely buy anything and when I do I almost always have buyer's remorse. Anything can happen at anytime and I ain't with being broke.

 

[MaureenCretis]

I’ve had a cash fund since my mid-20s (I’m in my 40s now). I’m often bemused by peers a few years younger than me that complain they’re unable to save, unable to own a home, all because of “the economy”. It’s not the economy that made you buy a new BMW every 2 years, a new iPhone every 6 months, take 2 holidays a year and take out subscriptions to several different TV service providers.

 

[Oeshon]

With my current lifestyle? A couple years. If I cut back and spent more time in SEA, then a very lomg time

 

[facePuncher7]

Yes, you always should, it's foolish not to. If you can't afford it you can't afford it, but it is more important than buying popcorn at the movies if you catch my drift.

 

[Henry Swanson]

I have enough to get me through about 8 months without any pay.

 

[5crew]

With my current lifestyle? A couple years. If I cut back and spent more time in SEA, then a very lomg time

You are living the dream man, don't even consider changing it anytime soon.

 

[Beaver Brownlee]

How long we talking?
It's a year between pay days for many of us.

 

[Oblivian]

I used to keep roughly $10,000.00 liquid between our normal checking and health savings account. We've let it get as low as $3,000.00 lately with having a baby and home renovations.

 

[SammyPops]

Yup, plus I have about 5 weeks of vacation that would have to be paid.

If I ever lost my job, its time to sellt eh house and leave Toronto and semi retire. Would be hard on my kid but such is life.