Sep 22, 2010

Savings 101

Recently I read a comment on twitter that stated if you were 30 years old and didn't have at least $1,000 in your savings acct you should kill yourself. Of course they weren't implying that you should literally die, but it got me thinking - - at the age of 26 how much $ should I have saved up for a rainy day?

The economy is still all over the place and as people try to just make it to next month, saving money isn't a priority. Never fear... I found some helpful advice in the way of financial guru Suze Orman. Starting to save doesn't have to be overwhelming. All you need is $500 and you'll be on your way.

Orman suggests starting off by keeping $400 in your savings acct as well as $100 in your checking. Easy enough. The logic behind this is that most car repairs won't cost you over $500 and as long as you keep at least $100 in your checking you'll always be able to cover everyday things that pop up. Yes, this is only the tip of the iceberg but everyone needs to start somewhere.

It's nice to know that no matter what life throws at you, you'll always have at least $500 to your name :)


Catherine said...

I think $500 is a good starting point for those with no savings. I have a certain number that I need saved to sleep well at night and unfortunately it's not $500! LOL!

T said...

Good advice. I flippin' love Suze Orman. She makes me smile.

GorgeousPuddin said...

Thanks for this post! Definitely having a cushion is a life saver!

South Loop Social Light said...

This was only meant to serve as a starting point for people that have never saved a day in their lives. I think that it can seem so overwhelming for some that this was a simple way to start out.

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