Hundreds of Australians have declared how much – or very little – they have saved in “emergency funds” to use in times of financial distress.
As a general rule, it is recommended that you keep at least three months of your expenses in a separate bank account.
An online conversation started when a curious woman asked how much others had saved and received a wide variety of answers.
As a general rule it’s wise to keep at least three months of your income in a separate bank account, but some Australians say they’ve saved up three times that amount (archive image)
Topolino, from Canberra, wrote to the Facebook group “She’s On The Money”: “Out of curiosity, how much do you have in your emergency fund?”
Over 800 people answered questions and provided useful information to other band members during the night.
On average, most respondents said they set aside at least $20,000 for their own emergency funds, which are usually left untouched and used only when needed.
On average, most respondents seem to say they have at least $20,000 in emergency funding (stock image)
“I had $20,000, but unfortunately the last six months have shocked me and a lot of emergency funds have popped up, so I’m almost halfway through,” one woman wrote.
“Currently, it’s $4,000, but my goal is to save quarterly expenses, so $8,000 for me,” wrote another. year and then ‘I’ll start saving for other goals’.
Others cited the importance of the fund and explained how it had helped them before.
“I had about $10,000, but my dog has had nonstop vet bills for the past few months and now my car needs a lot of repairs… so it looks so sad,” another said.
Some added that they are gradually building up their own emergency funds.
“Not yet, but my goal is to start with $5,000,” said one person.
Another commented: “I have two months of out-of-pocket expenses in my emergency fund, but I want to save some more.”
A woman who has saved an astonishing $100,000 offers monthly budget reviews along with annual financial forecasts.
“I treat myself and my partner like a ‘company’… we both review our financials at the end of each month and post comments/notes etc. We have a spreadsheet containing
It comes after a 25-year-old homeowner with a net worth of $500,000 explained why this was necessary. create an emergency fund.
Queenie Tan of Sydney said she and her 30-year-old boyfriend, Pablo, had saved $30,000 to last six months without pay.
After living together for six years, the couple bought an apartment together and set up an emergency fund to provide financial security for their future.
“We have a $30,000 emergency fund, so if we stop making money, we can live for six months,” Queenie said in a TikTok video.
“The emergency fund is three to six months of living expenses that are saved as cash in case something unexpected happens.”
He said the couple used a free financial app called WeMoney to help them recover a $30,000 target for emergency funds.
Queenie Tan (left) from Sydney said she and her 30-year-old boyfriend Pablo (right) had saved $30,000, enough to last six months without pay.
The app has features that allow users to save money for anything they want, including home, car or vacation.
“It helps you set your financial goals,” he said.
Queenie said that the amount you save each week has “fallen down to what you can easily save.”
Earlier, he described how his financial success has steadily increased since he started researching and investing at the age of 19.
Queenie now has a diversified financial portfolio after purchasing her first $500,000 home in 2019 with a $100,000 down payment.
Source: Daily Mail
