How Much In Savings Is A Sensible Amount?
#1
How Much In Savings Is A Sensible Amount?
Been told that it should be 3x Monthly Income as an emergency fund.
What do you reckon? I believe that the actual amount doesn't matter - it's the number of months income you need to see you over most disasters.
What do you reckon? I believe that the actual amount doesn't matter - it's the number of months income you need to see you over most disasters.
#4
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Is that all . I have at least twice that amount should the unfortunate happen. Ice Cream sales can be a very seasonal business and I have to have some cash put by for those quiet moments
#6
Otherwise insurance has me covered. Once my R8 arrives though I will start saving for 100k savings, for those really rainy days
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#9
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3x monthly income is what u should have on instant access-of course u need more then that in total in savings-but rest can be in notice accounts-shares etc
#10
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I have "Enough" put by so as not to worry too much.
As well as my savings my earnings are protected, I get paid when I'm off, I'm insured well.
And while ever the mortgage is running I'll use any disposable income paying that off.
Should have the mortgage sorted in the next two to three years which will mean paying it up 10 years early without using the endowment I took out in 1990. I'll get whatever that makes in 2017
Unless your savings make more than your debt is costing then pay off your debt and just leave a usable float.
Cheers
Lee
As well as my savings my earnings are protected, I get paid when I'm off, I'm insured well.
And while ever the mortgage is running I'll use any disposable income paying that off.
Should have the mortgage sorted in the next two to three years which will mean paying it up 10 years early without using the endowment I took out in 1990. I'll get whatever that makes in 2017
Unless your savings make more than your debt is costing then pay off your debt and just leave a usable float.
Cheers
Lee
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Save save save-that should be everyones daily mantra-its what i do and i will retire very early in life-despite only having average paying jobs all my life.
#13
I am saving like mad at the moment, mainly as my limited company detail needs changing at companies house (Slow) and my bank account isnt set up yet, hence me having 5 weeks of timesheets saved up, nearest I get to saving !
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The amount surely depends on your outgoings. Enough to cover your essential outgoings for a few months at least sounds sensible.
Anyone, no matter what their circumstances should surely have at least a few thousands in savings as a minimum however.
Thanks to a decade of Labour rule many probably have zero savings, and huge debts instead
Anyone, no matter what their circumstances should surely have at least a few thousands in savings as a minimum however.
Thanks to a decade of Labour rule many probably have zero savings, and huge debts instead
#20
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Personally I like the idea of a big savings "cushion" in an offset account against a mortgage. That way, if you need the money, you can get at it instantly but if you don't, it is minimising the interest you pay (in my case saving me about £250/month or so). Savings account = 40% tax on interest, which makes no sense to me if you're also paying interest on a mortgage - which most people between about 25 and 45 probably are.
For what it's worth, my offset account contains - depending on how you look at it - over a year's take home pay, which is a good 1/4 of my total mortgage balance, or a great deal more than I'd need to buy a brand new STi.
For what it's worth, my offset account contains - depending on how you look at it - over a year's take home pay, which is a good 1/4 of my total mortgage balance, or a great deal more than I'd need to buy a brand new STi.
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