Single person income living

[toonaspie]

I'm curious to know (and also cause I don't really know, heh)

But what is considered the most comfortable amount of money for a single person to have in their bank account at any given time? What would you say is the bare minimum for a single adult in their 30s or 40s should have in their account to avoid being at poverty level?

Would love to hear your thoughts.

 

[TCRAIG]

I'm curious to know (and also cause I don't really know, heh)

But what is considered the most comfortable amount of money for a single person to have in their bank account at any given time? What would you say is the bare minimum for a single adult in their 30s or 40s should have in their account to avoid being at poverty level?

Would love to hear your thoughts.

For singles or for families - 6+ months of living expenses is what I would recommend

 

[kymom99]

Depends on where you live if you want a dollar amount.

 

[imbatman]

I think you are leaving out lots of variables: home owner? Kids (even if you're single)? Car payment? Medical/insurance?

 

[tvguy]

For singles or for families - 6+ months of living expenses is what I would recommend

I agree, at least enough to cover 6 months of expenses. A year's worth would be better and would not be unreasonable to expect of someone in their 30's or 40's.

 

[TwoMisfits]

I'm curious to know (and also cause I don't really know, heh)

But what is considered the most comfortable amount of money for a single person to have in their bank account at any given time? What would you say is the bare minimum for a single adult in their 30s or 40s should have in their account to avoid being at poverty level?

Would love to hear your thoughts.

Probably $0. Poverty level is the bare minimum needed to be able to food/clothe/house/care for someone...note the words, bare minimum. So, in the US, the poverty level was determined to be an annual income of $12,060 last year (with Alaska/Hawaii being slightly higher). So, any annual income lower than that number put you in the definition of being in poverty, and any income higher puts you above it. At that income, and probably incomes significantly above that (say $20-$25K), it's unlikely someone would have a real bank account - instead, they'd be living check to check, but they would not be in poverty.

Now comfortable is a separate question, but one that's really hard to generalize...

 

[drnp]

When I was younger and single, I wanted to keep a minimum of 6 months of what my living expenses were plus the total of all my insurance deductibles (auto/home/health) in case of a tragedy in one of those areas I had my out of pocket covered. As my career progressed I upped it to 8 months then to 12 as the amount of time it would take me to find another job in case of a layoff increased.

 

[barkley]

But what is considered the most comfortable amount of money for a single person to have in their bank account at any given time? What would you say is the bare minimum for a single adult in their 30s or 40s should have in their account to avoid being at poverty level?

I think you are leaving out lots of variables: home owner? Kids (even if you're single)? Car payment? Medical/insurance?

When I was younger and single, I wanted to keep a minimum of 6 months of what my living expenses were plus the total of all my insurance deductibles (auto/home/health) in case of a tragedy in one of those areas I had my out of pocket covered.

i agree about the variables-so much depends on the individual situation, financial obligations and personal circumstances.

i think the 6 month living expenses is what most recommend but i also highly agree with the insurance deductibles as well. additionally, if a person be they single or in a relationship has children i'm a huge proponent of long term disability insurance b/c i dealt with WAY too many tragic situations at social services where a parent had the 6 months of savings in place and WHAM something health wise happened necessitating THEM to have care giving which meant that the hours their kids normally required daycare were increased to 24/7-and not everyone has family that can step in and help so that 6 months savings is gone in less than 2. i also saw homeowners who b/c of damage to their homes went through their savings in record time and couldn't afford to stay in traveling distance to their jobs b/c of the cost (along with the continuing mortgage) so jobs were lost-an issue that can be remedied by spending a bit more on homeowner's premiums to cover temporary housing.

probably incomes significantly above that (say $20-$25K), it's unlikely someone would have a real bank account - instead, they'd be living check to check, but they would not be in poverty.

i can affirm this-this is about what minimum wage here (we're the second highest state @ $11.50 hr) and despite being in what many consider a low cost of living area, unless someone budgets TIGHTLY and for the most part shares housing/has no car payments/consumer debt/student loans/high cost health insurance they won't easily get by.

figure-at $11.50 per hour a single person nets about $786.00 bi-weekly (we have no state income tax so it's higher than allot of states) so roughly $1572 per month (and a couple times a year an extra paycheck) IF they don't have any kind of share of employee health insurance. $1572 doesn't go far when a one bedroom runs at minimum over $700, basic utilities (no cable or satellite) run at least $150, then there's transportation to get to/from work, insurance (if not car then renters b/c most if not all landlords require it), a phone is probably needed...and then there's food which 'the experts' say a singleton can get by for no more than $197-$248 per month but i think on average even w/great couponing/scratch cooking/no eating out is difficult to manage.

the numbers just don't work out.