{ "media_type": "text", "post_content": "How much do people have in their emergency fund? I’m 25 with $31k and nervous that this might not be enough", "post_id": "5e778c499fd727002a8e1514", "reply_count": 82, "vote_count": 11, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
null

How much do people have in their emergency fund? I’m 25 with $31k and nervous that this might not be enough

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

My general rule of thumb is it have 3 months of salary in cash for emergencies. This would allow me to live comfortably for 6 months atleast and can. Be stretched out to a 12 months if needed.

For someone in your age group, I would strive to have enough cash to live 6 months without income (rent, food and utilities) I think 30k should be fine. Assuming you don't have dependents, this should be an easy target.

like

Depends on OPs expenses

OP, I think perspective is important. Is this a separate account from all other banking and investment accounts? More importantly, how long can you last on that 31K? If you live in a small town where rent is $500 a month and you have minimal other expenses, that could last you a long time. Even in an expensive city like DC, you could hypothetically lose your job today and scale back enough today to last a year (just spit balling here).

likesmarthelpful
Recent IconRecent

3-6 month runway is fine. You will be fine.

like

Let's put it this way. If you're not fine then like 80% of the population will be worst than fine. Although maybe a lot of people will tap into their 401k.

like

I’m 30 with $10k, prioritizing getting that up to $25k ASAP

likehelpful

Weird flexes but ok

like

Also in 8th grade during the last recession.. wish i learned the same message as you! I️ only focused on owing less than you earn 🙃 i definitely need to start saving beyond just having a 401k

like

My emergency fund is $80k. But you prob don’t want my input as I’m Asian. We are culturally ingrained to have proper savings.

likefunnysmart

You have McK on your resume, even if they lay off you will land at big4 or faang during the worst of recessions

like

38 and not enough. 2 kids in daycare, student loans, mortgage but we will make it through 😩

like

We all will my friend

like

I’m 26 and like $10k but my emergency plan is move home with my parents if things ever got really bad.

like

Mine, too.

like

I’m 26 and have ~$20k, which is about 5x my monthly expenses. I’m fine with this considering my expenses would likely go down if I’m unemployed

like

31 w/ ~$20k between my husband and myself. Monthly expenses are about 5k/month. I’m shook.

like

For me my expenses range from 2-2.5k a month so 20k is easily doable. I’m 24

like

Analyst/ 22, Damn y’all. I only got like 2k in my bank account and 6k in the market that I could pull out if things ever got bad.

like

Also, you are 22 !

34 and we’ve got 350k in liquid assets - battening down for a long downturn.

like

Good for y’all

35 with 100-150k cash and equivalents that could be liquidated without taking a loss. That said, my dual income household is down 1 income (SO between jobs with final rounds all on hold) which is pretty painful. We have about 8 months at current burn, 12 months with deep cuts. If we burn through 50-100k of emergency fun, that will be painful... but that’s what it’s for and obviously we’re far from being in a dire situation.

like

About 100K cash but current lockdown is massively impacting wife’s job so more or less one income. We will be fine but not taking many chances

like

Kind of surprised at these numbers, seem low... specially for people 30 and above. Is that because people spent too much cash on house payments or invested in the market ?

like

1.) It was a genuine question. Considering the companies that people work for on this bowl, it seemed surprising to me what most people (who posted before me) mentioned about their savings at over 30.
2) I made no assumptions, which is why I asked the question. I wondered if people’s cash savings is low because they have other investments, which could be a plausible reason.

I’m 25 with $13k in a HYSA.. and $3k in monthly expenses.. just a little nervous

like

Thanks guys- I’m in DC. I could probably cut it down to 2.5k if absolutely needed, but food is expensive here & im often too busy to home cook every week

23, 90k, no family

like

@k2 scholarships+state school

24, 15k in my bank and about 8k invested in stocks

like

22, $55k in savings account

like

Living at home and being frugal. When I do go out in NYC I spend a decent chunk, but try to limit that to 5x a month

Additional Posts

Hi ,

I need to know is cognizant asking employees to return to office. Can they give wfh if requested.

like

How much are consultants that are moving to Miami / Fort Lauderdale area getting in Comp? What positions / company? YOE?

like

Any apartment recs for West Loop (walkable to Union Station)? Only real preferences are in unit laundry + gym in building, otherwise the more affordable the better. Mostly care about location

like

Advice on getting just the quant section of Manhattan Interact for $549 instead of the entire package for $999? Considering it since my verbal skills are generally pretty strong (166 GRE verbal). Cont

like

Can I get some links/suggestions for some nice flats that go with black tights?

like

Fello fish - want your perspective
Offer 1: Director, Corporate Strategy f100 med device mnfg; Offer 2: Associate Principal ZS; offer 3: Director, Data Governance F100 pharma

like

My favorite program to have as a teacher in Independent Reading so the kids get to choose what they read. Is this still possible with remote learning? Any ideas?

like

Diagnosed with ADHD (take Vyvanse) & impacts me especially during meetings where I can't take good notes. By the time I write or type down a sentence the speaker has gone on and delivered a few more lines. This is even more harder when the context is technical and I don't understand all the jargon.

I'm using a Voice recorder app to listen to the recordings and retype the notes & read up on the jargons but this is exhausting and overwhelming at times. Please help!

like

Just received a "name your price" FT job offer with an agency I freelance with often. Why do I feel like this is some sort of trick?

like

Anyone here ever heard of a client having a “Quitpool” where they are wagering amongst themselves regarding which consultant is going to quit next?

likefunny

Portage Point Partners is looking to make hires at the Associate/VP levels in the coming weeks. We are a Restructuring & Turnaround boutique that focuses on company-side work. Primarily looking for ex-IB/PE, but are flexible. Please comment or DM if interested or w/ questions!

like

Why do people have credit card debt? I’m not talking about for extraordinary circumstances (medical emergency, etc), but just everyday life. Maybe I was raised differently, but do people just constantly buy things they can’t afford and put it on their credit card and not pay?

like

Hi guys,
Need help,I am joining
VMware Banglore on 27th June. During interview I told them I need wfh. They said it wil be wfh this entire year. Only mistake I did was i didn't permanent wfh. I took for granted like once I join i can opt for it ( as my VMware friends had said we can opt for it)
Now the offices have started, I am scared if they call me to office , I have 14months son, not willing to leave him n go for office.

So if I ask manager to give me permanent wfh will they agree ?

like

Hello Fishes,

Can some one help me out to know the take home salary

HRA: 12500 per month
Life insurance: 3300 per month

Thanks in advance!

Post Photo
like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

For account settings, visit Fishbowl on Desktop Browser or

General

Legal