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How much emergency savings is needed for a young adult?

I don't have any children depending on me. My parents are both deceased. My two part-time jobs put me near the poverty line.

3 Answers

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  • 6 years ago

    You MUST have an emergency fund.Cut up any charge cards.Do not use payday loans.Look at where you spend and what it is you are buying.One soda or cup of coffee can be costing you 1.00-5.00 a day.Add that up.If you give up buying anything but gas at the gas station it would save you 30-150 a month.Bank that in a plain old savings account.Avoid debit cards.Pay yourself to the savings acct just like it was a bill you had to pay.Good for you at being wise enough to question this.

  • 6 years ago

    Since your jobs already don't pay enough then I would say save whatever you can after paying essential life costs (rent, food...). looks like you don't have enough education to work in a career job (no offense bro!) that translates into a higher risk if for any reason you lost one or the 2 jobs. Although you don't have dependents but you don't know when you can be able to find another job, and you don;t want to miss a rent payment for example. So it is better to be as much wild as you can on saving for emergency till you feel financially secured.

  • Judy
    Lv 7
    6 years ago

    A few thousand dollars would be good.

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