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What do you have set aside for a rainy day fund?
They say you should have 3-6 months of your income set aside for a rainy day, depending on whether you have access to additional funds by other means. Currently, I have a fund that is about 60% of my current gross, though part of that I was going to use for a new car when the time comes, rather than finance it. So technically I should be covered.
How much do some of you out there have set aside for the day you get laid off or can not otherwise work? Should funds be 3-6 months of your net or gross income set aside? Is having too much set aside a bad thing?
2 Answers
- Simpson G.Lv 71 decade agoFavorite Answer
You should have at least 6 months of living expenses set aside. This should not be touched unless you lose your job. If you have extra money after that, then this can be put aside for an emergency fund - your car breaks down, insurance deductables, and even fun stuff like vacations.
And then once that's covered, then you start dabbling in investments.
- MikeLv 71 decade ago
Financially, when it "rains" every day and you are out of work longer than six months, or whenever your unemployment benefits run out, your bills continue, and you can live on assets or credit only so long. Do you often wonder why there are so many thefts from places like Wal*Mart, and why there are so many drive-off gasoline thefts in this economy ?
