How would it feel if you had $5,000 in the bank - just sitting there in case of an emergency?
Answers:
it feels verrrrry gooooooooddddd!!!
Why u givin 5 grand to best answer?
Not as good as if I had $20,000!
Pretty darn good.
i would feel safe and not worry too much about the possibility of having an emergency
It feels like it's not enough.
Id like it.
I would make sure that it wasn't the local First Market Bank.
Gets robbed all the time. If it was I'd feel insecure.
it would feel good but it wouldnt be in bank long
pretty darn good. the worst thing is knowing its there and knowing you shouldn't touch it.
Just 5k? You need at least 25k, and some government bonds would be good. It's really never enough.
I feel that my emergency fund is almost established, and that was a good milestone that was achieved. At the same token, I feel safe and secure. :-)
I would feel pretty good about that. Having more cash than you need day-to-day is a great idea.
Having at least 6 months of income saved is usually what is recommended. Of course what this amount is will vary from person to person...
It makes you feel pretty good because if an emergency arises it is good to know you have that money as backup. Sort of an ace in the hole.
This would NOT be enough in my estimation.
The Savings Goal should be 20-25% of your monthly income.
I would recommend to have 6-Months of your base pay saved in a Savings Account with a Bank or Credit Union which pays you interest in case of an EMERGENCY.
How would I feel?
Well the money is SAFE and SECURE at an FDIC insured financial services company like a Bank.
www.fdic.gov
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You would also want to establish a BUDGET for your income and expenses to SAVE money on a regular basis:
www.simpleplanning.net ("BUDGETING")
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Hope this helps you!?
Have a great week ahead!
GOOD LUCK! :-)
CONGRATULATIONS! On savings $5,000 in the Bank.
It is comforting to have $5k in the bank, but not as comforting as having a full 6 - 12 months of living expenses (not income) in the bank.
Reassuring that I have a cushion in case of an emergency. Just like having batteries in the flashlight for a power outtage. Or the first aid kit an case of an accident. Being prepared give you some comfort because it is one less thing to think about.
it's always great to have 4 to 6 months of reserves as stated by many financial books and even by my own financial advsior. though i admit i'm trying to build it up to two years...
Lot's of people have the money save up in case of emergency... Like for there grave expenses. Put it in a saving account. I think called burial saving account.
I do :)
Good savings skills (oh and no expenses as I'm in school :))
happy
Incredible!
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