Emergency Savings

Former_MSE_Andrea

If you lost your job tomorrow how long could you maintain your current lifestyle?

A - I couldn't, I'm skint already
B - About a month
C - Until the last pay packet/redundancy money runs out
D - I've an emergency fund that'll last three months
E - I've an emergency fund that'll last six months
F - I've an emergency fund that'll last me indefinitely

Vote here or click reply to discuss

IvanOpinion

One of the best things that ever happened to me was being turned down for Redundancy protection insurance (about 15 years ago). At the time it was quite expensive so instead of wasting the money I put it aside into a separate account and have let it grow over the years. That along with the odd extra that I deposited is what I use as a safety net ... however, hopefully if I were to be made redundant (and I have been under threat of it several times) my redundancy would see me through without having to touch that account. I suppose it is just one less piece of pressure

Ivan

Fifer

One of the best things that ever happened to me was being turned down for Redundancy protection insurance

We paid into Redundancy Protection Insurance for years (I worked in an industry where it was almost an occupational hazard, so it seemed like a good idea) before realising that, despite being made redundant 4 times, I'd never had need to claim on it (or benefits). We stopped the policy and upped our monthly mortgage payment by the same amount as the monthly premium. Our only regret is that we didn't do it sooner.

*Louise*

I could last 2 months on savings for my current lifestyle, but if I made cutbacks I could stretch it out further.

barksavingmad

Well my husband has just lost his job of 20 years this month.

We have been pretty good money wise, but still have large bills to pay each month and two small children. He's had a payout - this will cover a year or so if he didn't earn.

He's going Freelance so fingers crossed we won't use all the dosh and the future will look bright. I'm trying my best to think positively!

Send us some good vibes won't you!

Al_Mac

I said indefinately, not quite true, but a good few years.

I'd get some low paid, happy job, I reckon I could last.

Happily.

:xmassign:

Barcode

About three months. I'm a student, and I'm actually in credit, able to make payments towards my overdraft, have two credit cards, but they are always paid, and I've a high-interest savings account.

I seem to be in a minority amongst my student friends - but think they could do something similar if they didn't insist on spending about 30 to 40 quid on a night out every week, buying designer clothes, brand new textbooks and so on.

I'm a long, long, long away from being financially stable, but I know I can pay my rent and bills without worrying. More than can be said for a lot of students.

Bargain_Rzl

I tried to vote but got an error message so will try again later.

I could maintain my current lifestyle for five months - after February payday it will be six (which is the main reason I'm not planning on walking out of my current job which I hate until after that )

That's not six months salary - that's taking into account the fact that I save nearly a third of my net income, so would only need the remaining two thirds of my current take home pay to live on per month.

I am lucky in that my accommodation costs are next to nothing at the moment. If I was paying market rent for a bedsit/flatshare it would be more like three to four months.

I hope I will have a new job to go to by the time I leave my current one, but if not, I'm comfortably enough off at the moment that I could do temp work for a while without having to worry about being employed every single week.

Bogof_Babe

Both I and DH have now bitten the voluntary redundacy bullet, to get some quality of life back and look after our respective parents in their old age.

I've done some calculations and I reckon as long as interest rates don't plummet we can support our very modest lifestyle from savings and his small pension, to be supplemented by my (small ) pension when it kicks in anytime within the next 8-9 years.

It does all hinge on interest rates though. Scary!

Quasar

As I work for several companies, the redundancy spectre holds no fear for me.

However I would fall in the "indefinite" category because my job allows me to save quite a bit as the pay is reasonable and I have transport paid, plus most of my meals, so I have been able to put by quite a bit over the years.

Frank_Wells

I made no plans for retirement. I didn't expect to live beyond 30 because of a reckless "cavalier" lifestyle in the Royal Navy. However, I now find myself in the enviable position of colecting three substantial pensions and have only a £95 month interest only mortgage at the age of 67. I put my being blessed down to becoming a Christian before I destroyed myself. An income for life, well provided for, I do charity work in Uganda as an act of gratitude. Money isn't everything but its nice to have to help others.