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How much should you have in a bank account

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    #32
    thinkabouit
    Registered Users Posts: 1,609 ✭✭✭thinkabouit


    Interesting variety of answers

    I set the £1000 as an absolute minimum because I no so many people that don't have anywhere near it.



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    #33
    AnF Chuckie egg
    Registered Users Posts: 114 ✭✭AnF Chuckie egg


    2.5 X Your monthly Salary in your current account

    then it really is dependant on your stage in life as to what you have in long term/medium/short term investments



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    #34
    tom1ie
    Registered Users Posts: 10,355 ✭✭✭✭tom1ie


    https://www.boards.ie/discussion/comment/119755897#Comment_119755897

    I think the overpaying your mortgage option should be higher up in that flowchart.



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    #35
    callaway92
    Registered Users Posts: 14,559 ✭✭✭✭callaway92


    On the OP itself - €1,000 just isn't enough

    What if something drastic happened your car and you needed fixing?

    What if you had an urgent requirement for even something like your fridge/freezer busting and needing a replacement? Or a replacement laptop etc?

    That €1,000 would be gone quickly

    I suppose one person's €1,000 in savings might be equivalent to another person's €5,000 in savings (depending on life circumstances) - e.g. family, mortgage/rent, full-time job etc.



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    #36
    accensi0n
    Registered Users Posts: 2,762 ✭✭✭accensi0n


    https://www.boards.ie/discussion/comment/119757288#Comment_119757288

    How many years did it take to pay off your mortgage?



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    #37
    Padre_Pio
    Registered Users Posts: 5,127 ✭✭✭Padre_Pio


    The best way to calculate this is to think of the worst likely thing that could happen tomorrow.

    Are you likely to lose your job suddenly? Then better have a lot saved.

    Is your boiler or your car likely to break down? Save a few thousand for that.

    Are you 19 and the worst thing to happen is that you miss a holiday? Have a few hundred for that.


    I would keep a minimum of 8-10k on hand. Enough to survive on for 6 months should I lose my job, and enough to cover any reasonable emergency expense.



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