How much do you have in savings?
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I’m curious: I’d expect the readers of this blog, as a rule, to be more financially savvy than the general public (not because I’m so brilliant, but because you obviously are interested in making good money choices or you wouldn’t be reading about personal finance). So here’s a poll, and I’m hoping you’ll weigh in. And by all means, feel free to leave comments, too.
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At this point I only have about $210 in my emergency fund savings. I expect to get to $3000 by the end of the yera and have all my debts except my car paid off by that time as well.
I had $4000 in emergency savings/stock investments earlier this year, and had $4500 in credit card debt, $3500 of which was at 14.99% interest. So I emptied my savings to kill the high interest c/c bill and pay for a couple other bills with cash.
Now I have $400 in savings with ING @ 4.25% apy, and contribute $400/month to it, so I figure this time next year, barring any big car repairs or medical bills, I should have my $5K in emergency Defcon4 savings again.
The remaining c/c debt I have is on a 0% interest balance transfer, and am paying off that one chunk at a time.
I am on par with this, about a $400 in Emigrant Direct Saving, $4k in Stocks and about $4.5K in IRA. I aim to save $650/month, but it rarely happens. Something ALWAYS comes up!
I have about 20k in a stock market account that I can get to within 24 hours, so I use that as my emergency account. I could get by for about five months on that.