Do you have a "comfortable" size savings account?

[Disneyluv111]

Only you can determine what is comfortable, of course, we all want more in our savings.
Currently, do you have a comfortable size savings accounts? Enough that you are content with?

 

[LJSquishy]

No, not yet.

We sold our house last month and had to pay about $8,000 to get out of it (believe it or not it was a wise decision for us) so we are now building that back up again. We are saving for our "forever" home in addition to saving money toward adopting a child...so we need a LOT saved just for those things and that doesn't even include having money in savings for a cushion. We have a long way to go...15 months minimum.

We are content right now though with what we've been able to save without our money pit house! In 1 more month we will have replenished the money we had to pay out from savings to sell our house. We also have an Oct 2015 WDW trip planned which we have paid 1/2 of the 9-night stay at AKV for so far (renting points)...so we are comfortable with where we are right now and able to build our savings nicely and still go on a trip.

 

[ellochka]

I used to work with a lady who quit her job, while having a nice house in the suburbs, and just have gotten a pretty expensive car (Mercedes hard-top roadster). She quit without anything lined up. I asked her if she was going to feel the pinch. She responded: "Never spend your bonus". Apparently, she always saved it, and now she did not have to worry about her mortgage payment for a few months... or maybe a few years. This was my first job that had a bonus, and I had already been in agreement with this concept. She just gave me a confirmation that it's going to make a difference in the long run.

 

[Southernmiss]

We would if we didn't have teenagers! I swear kids get more expensive as they get older!

Just this month, bought a very used car for ds, and $800 worth of maintenance work on said car (but it was still a great buy) paid in full for braces for dd, paid for ds' s graduation announcements and graduation cap and a variety of other little things.

Still have some savings, but not what I'd like to have.

 

[Luvchefmic]

I voted no, we have taken quite a hit lately with things that come up unexpectedly. Sometimes it feels like 10 steps forward, 20 steps back. Life, savings will build up again.

 

[Dashzap]

No.

 

[xlxo]

Only you can determine what is comfortable, of course, we all want more in our savings.
Currently, do you have a comfortable size savings accounts? Enough that you are content with?

Some say you should have 3 month salary on standby, especially if there's a upcoming labour disruption or you know your job contract is coming to an end.

Kinda hard as many of us live pay cheque to pay cheque.

 

[tvguy]

Yup. It's one of the benefits of being cheap.

 

[superme80]

Nope. DH just got a full time job in May and that is when our savings ran out. We have been struggling this entire summer. We should be getting on solid ground again soon.

 

[lisaross]

I was comfortable with my savings - until my husband lost his job. He has been out since May - while we are getting unemployment and he gets side work - I work p/t - we have not touched our savings yet - though this is what I have it for - am sick to think we might need to withdraw from it - so I think can u ever have enough? My recommendation is a solid 6 months - probably more depending how many work in the family etc

 

[indimom]

Two years ago I would have said yes. But for now, it's a no.
I went back to school for nursing and took a new job in 2011. We knew we would feel the pinch. A little over six months ago, I was offered a job at a nearby hospital, higher pay, but fewer hours. I opted to take it for the experience and to make some connections in my field (I finish my education next May). We knew it would cut into our savings, but we accepted the loss. What I didn't anticipate was how often I'd be called off work for low census. Being the new guy stinks. Blah. We've been steadily eating into our savings since then.
And of course, the unexpected loves to show up... DD17 suffered a ruptured appendix this week, had surgery and spent several days in the hospital. I think we'll be making a payment plan for that, which I hate, but I just can't see taking that big of a chunk out of what's left of our cushion when I can make payments interest free.
We went into this knowing that we would have to build up again after I finished my education, but it's getting pretty uncomfortable for me now. I'm used to having a solid base.
I can't wait to get a job in my field, get some real work hours, and recoup my losses.

 

[Minnesota!]

We are very close...probably within 1000 or 2. I dipped into it for some non-essential (but fun) stuff, so we are a bit lower than I am comfortable with. But it will all be back in place by end of October.

 

[Colleen27]

No. We've had to tap ours for a few minor emergencies lately and we have a teen who has finally met our conditions for taking driver's ed so we have more very large expenses on the horizon (our insurance, which wasn't cheap to begin with, is going to triple - I'm getting quotes from other companies but it seems unavoidable). Business is doing well and I'm confident we'll build things back up over time but right now the amount in the bank isn't what I'd consider comfortable, especially not with the slower winter months coming.

 

[Luvchefmic]

Some say you should have 3 month salary on standby, especially if there's a upcoming labour disruption or you know your job contract is coming to an end.

Kinda hard as many of us live pay cheque to pay cheque.

I totally agree with what you are saying. Sometimes " they " say even more than 3 months. There are many so called experts, ones that make a living selling books, programs, etc you know the big names, and self-proclaimed experts that think they have all the answers.

In reality the paycheck to paycheck life is a common life.

 

[Marionnette]

Only you can determine what is comfortable, of course, we all want more in our savings.
Currently, do you have a comfortable size savings accounts? Enough that you are content with?

By our own standards, the answer would be yes. But we will continue to add to it as long as we can.

 

[disney212]

Our answer is yes. We both work full-time but live off 1 salary. The other salary is savings and travel.

 

[disykat]

I totally agree with what you are saying. Sometimes " they " say even more than 3 months. There are many so called experts, ones that make a living selling books, programs, etc you know the big names, and self-proclaimed experts that think they have all the answers.

In reality the paycheck to paycheck life is a common life.

Paycheck to paycheck is common, but it is not ideal. Most of us need standards and goals to aim for.

I've had lots of times in my life where paycheck to paycheck was my reality. However, having savings goals has always been helpful to me in terms of keeping my spending within my means and trying to prioritize tucking some away for emergencies.

Without goals it's too easy to throw in the towel and let the debt pile up.

 

[RitaE]

I'm don't feel uncomfortable with our cash savings, but we're in a rebuilding period too right now. My husband just bought a car.

 

[Luv Bunnies]

We've been fortunate to work for companies that offer stock options and stock purchase plans. Cashing in stock has helped us build a very comfortable investment account. I like to keep at least $10,000 in an immediately accessible savings account. The rest can be accessed within 3-4 days if we need it. We really only pull from it for major expenditures like cars and vacations. Otherwise, we let it sit and ride the wave of the stock market.

 

[lisaross]

Those who have tapped into savings due to job loss or similar - how do u get through that on a daily basis without being terrified. We might have to start dipping into our savings and I am terrified of doing so.