This Is the Exact Amount of Money You Should ALWAYS Have in Savings
We know that you can't be financially self-sufficient without a padded savings account (and, ideally, an emergency fund), but actually saving said money is another story. Between basic living expenses, social-life maintenance, and unexpected costs like moving apartments or being a bridesmaid in a friend's wedding, your savings account often gets the short end of the stick.
While we don't recommend aiming for a bare-minimum savings account, what exactly does that look like for the average person? According to CNBC, you should always have a minimum of three months' worth of living expenses in your savings account or, preferably, your emergency fund. Of course, six months to a year or more is far more preferable, and this emergency money should be stored separately from your primary savings account.
Financial advisers say that "the ideal emergency savings goal might be as little as three months or as much as two years of expenses," writes the news outlet. "It all depends on your personal situation." If you're just starting out, you should aim to have enough money for three months' worth of rent or your mortgage payment, groceries, and utilities. In a perfect world, this account would also be able to cover joblessness, the cost of job hunting, and a potential medical emergency.
For more, read up on how one editor saved $20,000 in one year without changing her lifestyle, and share your savings tips below!