Juicy, it's not the same amount for everyone, but here are some things you may want to use as guidelines.
If you get fired or laid off from your job, how long do you think it would take to find another job where you are earning a comparable income? Weeks, months, or a year?
Think of all the expenses that you have to get by in one month. Rent/House payment, utilities, car payment/car insurance, medical bills, groceries, cell phone, etc. Again these differ for everyone, for example your rent may be $1,500 a month and my house payment may be $500 a month.
Now, I cannot replace my job the next day if something were to happen. Maybe I'd get lucky, but I would go get a less paying job in the meantime, and hope to find one down the road that replaced my current income. Since that's the case, I have set aside what I would normally spend in 12 months on the items I mentioned above. Luckily I could lean on my wife if I lost my job, so that helps a little.
If I had a job where I could quit or get fired, and find a similar paying job within a month, then I would personally set aside money to cover me for 6 months.
Several years ago I worked for a company that went out of business. I knew this was going to happen before I was laid off, so I started looking for another job. I had my first interview days before I was expectantly laid off earlier that I had hoped. I got job offers pretty quick from 2 of the 4 companies I interviewed with. BUT from my last paycheck from the job I got laid off from to when I actually had a paycheck in my hand from the new job was 8 weeks.
My point is, at the bare minimum set aside at least 2 months worth of money to get you through.
That's not counting clubbing..if i addeed that i would need another $5,000 for the year but fuck that shit...i club only when i have a job...if im on food stamps and unemployment im taking a brake and relaxing
Based on your expenses - it sounds like you are good to go. Just one word of advice - make sure you can't get to your savings when you are in a club. Sometimes temptation can be overwhelming - and then you can rationalize withdrawals when you have a hot dancer on your lap.
Comments
last commentThat sounds reasonable for an emergency fund
Log in to vote
It's possible to spend thousands in the clubs. I once went through a period when I was spending $500 a day.
Log in to vote
James spot on...that was my idea
Tony...hell yes i can and will lol
Log in to vote
Juicy, it's not the same amount for everyone, but here are some things you may want to use as guidelines.
If you get fired or laid off from your job, how long do you think it would take to find another job where you are earning a comparable income? Weeks, months, or a year?
Think of all the expenses that you have to get by in one month. Rent/House payment, utilities, car payment/car insurance, medical bills, groceries, cell phone, etc. Again these differ for everyone, for example your rent may be $1,500 a month and my house payment may be $500 a month.
Now, I cannot replace my job the next day if something were to happen. Maybe I'd get lucky, but I would go get a less paying job in the meantime, and hope to find one down the road that replaced my current income. Since that's the case, I have set aside what I would normally spend in 12 months on the items I mentioned above. Luckily I could lean on my wife if I lost my job, so that helps a little.
If I had a job where I could quit or get fired, and find a similar paying job within a month, then I would personally set aside money to cover me for 6 months.
Several years ago I worked for a company that went out of business. I knew this was going to happen before I was laid off, so I started looking for another job. I had my first interview days before I was expectantly laid off earlier that I had hoped. I got job offers pretty quick from 2 of the 4 companies I interviewed with. BUT from my last paycheck from the job I got laid off from to when I actually had a paycheck in my hand from the new job was 8 weeks.
My point is, at the bare minimum set aside at least 2 months worth of money to get you through.
Log in to vote
Good advice shynn
$5,000 covers 12 months for me
Log in to vote
That's not counting clubbing..if i addeed that i would need another $5,000 for the year but fuck that shit...i club only when i have a job...if im on food stamps and unemployment im taking a brake and relaxing
Log in to vote
Keep in mind guys i live n a van....although right now i am renting a bed room
Log in to vote
Get adopted by Charlie Sheen. He pays $50,000 a month in child support to one ex and $55,000 to another. Da fuck? Those kids are ballin.
Log in to vote
Damn....wish he was my daddy
Log in to vote
Based on your expenses - it sounds like you are good to go. Just one word of advice - make sure you can't get to your savings when you are in a club. Sometimes temptation can be overwhelming - and then you can rationalize withdrawals when you have a hot dancer on your lap.
Log in to vote