How much should I put aside for a 'rainy day'?

pacman2007

Layo909 wrote: »

So let's say 6 months expenditure = £6000. Should the total amount in my rainy day account be £6000? In which case, once I reach £6000 I can stop adding money to my rainy account and spend/save on other things?

£1000 a month enough? Make it slight bigger in case you suddenly have a child or children, :rotfl:

jamesd

rictus123, that's a good plan. Younger people are generally more at risk of unemployment so a nice large pot is a good thing.

C_Mababejive

I would say base it on one years living expenses including mortgage/utilities/food/etc...i.e everything you might have to pay out should you be unemployed for a year.

ed123_2

........50p

Jegersmart

C_Mababejive wrote: »

I would say base it on one years living expenses including mortgage/utilities/food/etc...i.e everything you might have to pay out should you be unemployed for a year.

Well you would probably never keep that amount in outright cash in current account imho. 3-6 months is OK for actual cash, the rest depending on your risk appetite can be "near cash" or whatever. imho, dyor