(Closed) homeowner bees: do you have a 6 month emergency savings?

posted 6 years ago in Home
  • poll: do you have an "emergency" savings account to get you through 6 months of living expenses?
    Yes : (69 votes)
    18 %
    No : (44 votes)
    12 %
    PFFFT, no where close! : (75 votes)
    20 %
    We have a little saved up, but not 6 months worth : (86 votes)
    23 %
    We have about 6 months saved up : (21 votes)
    6 %
    We have more than 6 months saved up : (42 votes)
    11 %
    We have more than a year saved up : (37 votes)
    10 %
  • Post # 91
    Member
    1956 posts
    Buzzing bee
    • Wedding: October 2013

    We don’t have 6 months worth of savings, but we do have a little bit saved up. Ideally we’d like to have more saved up but things come up.

    Post # 92
    Member
    1192 posts
    Bumble bee
    • Wedding: December 2012

    We have 4 months of living expenses if both of us were to lose our jobs.  I think they say you should shoot for 6 months of one person’s income since the odds of both of you losing your job are slim.  We would like to have 6 months of living expenses (if we both lost our job), but we are having a baby soon, so it will probably take us a few years to save up the last two months.  I think you just have to do the best you can in whatever situation you are in.  We did not have a lot of savings until a little over two year after we bought our house because we got married and then went on a long trip to Europe.  After that, we settled down and started saving.

    Post # 93
    Member
    193 posts
    Blushing bee
    • Wedding: June 2014

    I estimate that after we pay for our wedding and after we put the down payment down on our new house, we should have a little over 6 months worth still in our savings. That includes my TFSA but not his (because I don’t have his numbers in front of me at the moment haha). It doesn’t include our checking account either, because we just use that for every day spending. Presumably, if we lost our jobs and had to rely on our savings, we wouldn’t be doing every day spending so that would be moved over to savings. I’m also a hoarder when it comes to my money though. I’m bad with money, but in a positive way haha – I’m always terrified I’m not saving enough so instead I hoard it away and don’t spend it on things that I probably should spend money on, for things like preventative maintenance.

    Post # 94
    Member
    498 posts
    Helper bee

     

    dirtylittlesecret:  this would be my plan but I am also doing the Dave Ramsey Plan where he suggests you do an emergency plan. If you are a homeowner it really is important ebcause the AC goes out, washing machine , what4ever. Things happen and no one is in charge taking care of it but you. I don’t know how common it is because I don’t ask people about theri finances but I definetly save as much as I can every month. I live in an area with a high cost of living and it is easy to get yourself caught up because you don’t have a back up plan.

    I am waitin gto buy a house until we can afford it even if one of us loses our job. Things happen

    Post # 95
    Member
    770 posts
    Busy bee
    • Wedding: September 2013

    I imagine this is for people who don’t live in California, where fixer uppers are half a million.

    Post # 96
    Member
    6238 posts
    Bee Keeper
    • Wedding: August 2013 - The Liberty House

    We operate under the notion that just because you can buy something doesn’t mean you can afford it. So we would put off biting a house until we had at least 6 months salary saved in addition to the down payment if we needed to.

    Post # 97
    Member
    6238 posts
    Bee Keeper
    • Wedding: August 2013 - The Liberty House

    likewoah:  i would think it’s especially for those people. Aren’t people living in fixer uppers more likely than those living in newer homes to run into unexpected expenses? 

    Post # 98
    Member
    8440 posts
    Bumble Beekeeper
    • Wedding: April 2013

    likewoah:  I’m originally from CA (mission viejo) and I honestly don’t think it’s feasible for most people to own homes plus have a large amount in savings until they’re a bit more established out there.  However, I would think emergency savings are even more important to those living in an area where costs are high.  You just have to do the best with what you have.

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