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How long can you last without employment utilizing your emergency savings?
Posted on 4/5/20 at 9:50 am
Posted on 4/5/20 at 9:50 am
Curious to see some of the answers. I could last 4 months living the same lifestyle using just emergency funds. Probably 6-7 months if I cut some discretionary spending. Fortunately I’m “essential” but it’s comforting to know I could survive.
32
Posted on 4/5/20 at 9:55 am to 13SaintTiger
10 - 12 months
Posted on 4/5/20 at 9:57 am to 13SaintTiger
5-6 months on just savings.
But I have ample credit if I need a loan and can sell stocks and things for more.
But I have ample credit if I need a loan and can sell stocks and things for more.
Posted on 4/5/20 at 9:57 am to 13SaintTiger
assuming stocks don’t go to zero; about 2 years
This post was edited on 4/5/20 at 9:59 am
Posted on 4/5/20 at 10:00 am to C
You mean without hurting my credit? 3 months.
If I’m gangster and want to hurt my credit, a year.
If I’m gangster and want to hurt my credit, a year.
Posted on 4/5/20 at 10:03 am to plaric
I think the OP is referring to how long one can last on their cash savings only. This would not include pulling from your roth, credit cards or loans.
Posted on 4/5/20 at 10:04 am to 13SaintTiger
Since I am retired military and receive 100% VA disability I would be just fine, however I would have to go back to court to adjust my child and spousal support payments.
Posted on 4/5/20 at 11:39 am to 13SaintTiger
Girlfriend and I could last a few years but it would require us to delay some bigger life moves.
Posted on 4/5/20 at 11:41 am to 13SaintTiger
My work is seasonal and I always put away ~4 months for the winter. That’s usually ample time to start getting back to work and putting money away for the future.
Unfortunately, the exceptionally rainy winter pushed all of my work to about now. Obviously, that’s not happening now, so I’m in a bit of a bind in a sense. The good news is, once we kick things off again, I’ll be slammed.
I’m doing just enough work to keep going, but the longer this thing drags out, the more problematic it’s going to be for me. I just have no reserve funds anymore.
Unfortunately, the exceptionally rainy winter pushed all of my work to about now. Obviously, that’s not happening now, so I’m in a bit of a bind in a sense. The good news is, once we kick things off again, I’ll be slammed.
I’m doing just enough work to keep going, but the longer this thing drags out, the more problematic it’s going to be for me. I just have no reserve funds anymore.
Posted on 4/5/20 at 11:45 am to 13SaintTiger
on raw savings about 3 months.
tapping credit 1 year.
tapping retirement type emergency 2 years.
moving back home with parents or family. indefinitely
realistically though its hard to imagine a world where im not working in some context or another.
tapping credit 1 year.
tapping retirement type emergency 2 years.
moving back home with parents or family. indefinitely
realistically though its hard to imagine a world where im not working in some context or another.
Posted on 4/5/20 at 11:47 am to 13SaintTiger
I have a few years saved up. It just so happened I came into some money in the last year. I’m not coming off my cash though. Luckily, me and the lady are and will likely remain employed throughout this ordeal.
I’m hoping to set myself up how I’ve wanted this next year.
I’m hoping to set myself up how I’ve wanted this next year.
Posted on 4/5/20 at 11:56 am to 13SaintTiger
4 months of no life style change, no severance straight cash
Posted on 4/5/20 at 12:08 pm to 13SaintTiger
About a year on cash and cash equivalents.
Posted on 4/5/20 at 12:13 pm to PrettyLights
quote:
I think the OP is referring to how long one can last on their cash savings only. This would not include pulling from your roth, credit cards or loans.
This
Posted on 4/5/20 at 12:22 pm to 13SaintTiger
I recently had to use some of mine. This was just low interest checking/savings accounts.
I figured I had 12 to 18 months, but it took some time to put on the brakes of my normal spending. (took a couple trips and kept eating out, etc..)
Now the current world events, so it's like 2 emergencies back to back. frick.
I figured I had 12 to 18 months, but it took some time to put on the brakes of my normal spending. (took a couple trips and kept eating out, etc..)
Now the current world events, so it's like 2 emergencies back to back. frick.
This post was edited on 4/5/20 at 12:26 pm
Posted on 4/5/20 at 12:26 pm to 13SaintTiger
The correct answer is 6 months
Posted on 4/5/20 at 12:47 pm to 13SaintTiger
quote:
How long can you last without employment utilizing your emergency savings?
Liquidity wise, at least three years, but that will include some cutbacks to normal everyday life as we know it prior to Covid-19.
If that ran out, I would look at credit cards and play the balance transfer game before I went into my retirement funds.
This post was edited on 4/5/20 at 12:48 pm
Posted on 4/5/20 at 2:13 pm to 13SaintTiger
Cash? 1yr+
This post was edited on 4/5/20 at 2:14 pm
Posted on 4/5/20 at 2:15 pm to 13SaintTiger
Savings 6 or 7 months.
Posted on 4/5/20 at 2:18 pm to 13SaintTiger
10 to 12 months
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