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(Chicago Trib)   Are you one of the 49% who don't have enough emergency savings to cover three months of expenses?   ( ) divider line 9
    More: Fail, Americans, Greg McBride, CFA, expenses, continental United States, saves, emergency savings, representative samples  
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1945 clicks; posted to Business » on 26 Jun 2012 at 8:30 AM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2012-06-26 09:36:09 AM  
2 votes:
Listen to Dave Ramsey minus the Jesus stuff, follow his plan and you'll be fine. Creating a budget to get rid of debt can suck but it works.
2012-06-26 08:35:37 AM  
2 votes:
Nope, I've got enough to cover a year's expenses. Being single and not having to take care of a family has its advantages.
2012-06-27 02:52:28 PM  
1 vote:

I sound fat: If 401K doesent count, this story is sensationalistic and full of crap.

3 months of expenses are what's called your emergency fund, it's not stuck in an investment. It's a gob of cash that's stashed away, sealed in an envelope, stuck in a drawer, under your mattress, etc...where it's not tied into anything else. It is possible to set aside this much and easier than you think.
2012-06-26 12:47:50 PM  
1 vote:
Woe unto ye Farkers who think that because you paid into unemployment that it will be there for you. They're job is to deny you.
You had better be willing to learn every loophole to manipulate your way on to it, and if you do qualify,
unemployment is now your job. It's worse than finding something that's part time and less pay to get by.
2012-06-26 09:44:50 AM  
1 vote:
If the wife and I both lost our jobs tomorrow... I would estimate 11 months. If you factor in unemployment benefits... we could probably go unemployed for 18 months before tapping into retirement accounts.

I couldn't sleep at night living on the razor's edge the way some people do.
2012-06-26 09:27:06 AM  
1 vote:

Balchinian: I can cover more than that, but the answer is yes.

Hint for those of you who don't:
Cellphones, pay television, and gas-guzzling trucks (unless you haul things in it for your job) are luxuries. I could live solely on the money most people spend on those three things alone without going on welfare.

I really wouldn't say a cellphone is a luxury considering most people use them instead of house phones. It just depends on what kind and what type of plan you have. An Iphone or most other smart phones with a data plan, yeah that is a luxury that you could do without unless it is also your only internet device.
2012-06-26 09:16:59 AM  
1 vote:
I'm always 2 weeks from homelessness. I've never lived any other way as an adult and I'm in my 40s. On a couple of rare occasions in my life I managed to get a little ahead and just found that I didn't really feel like working anymore at that point.

I don't own a car or any of that other fancy stuff other people take for granted. I find the fear of sleeping on a park bench to be the best motivator to show up for work I know about. I can't imagine having a three-month supply of money lying around, hell if I make it to payday without a visit to Amscot, that's a damn victory in my world.

You successful people are strange. Why bother?
2012-06-26 08:49:20 AM  
1 vote:

trotsky: How many people have used theirs up already? Or work such shiatty jobs that saving anything is a pipedream?

Lots of them. I know my savings is nowhere near what it should be. I'd move for better work, but I can't sell my house and realize any actual cash to finance a move, not that anyone could buy it even if it still had equity. I mean I knew housing prices were overinflated, but really, I didn't think values would plummet 50%
2012-06-26 08:45:55 AM  
1 vote:
I save a six month emergency fund every paycheck like every American should.
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