how much money should you have for emergency fund?
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Typically, it is recommended that you save somewhere between three to six months of expenses in your emergency fund. Some experts recommend as little as a few hundred dollars to get you started with a beginner emergency fund, and some suggest as much as a year or more of your income.
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Opening balance. Depending on how much your bank requires, be prepared to bring in cash or a check to fund your new account. Checking and savings accounts don't normally require more than $25 to open one. Physical address.
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A good rule of thumb: Make sure you're covered for an amount equal to the total value of your assets (Add up the dollar values of your house, your car, savings and investments). How much insurance do you need for yourself? You probably don't need to spend a lot of money on a Personal Injury Protection policy.
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At least 20% of your income should go towards savings. Meanwhile, another 50% (maximum) should go toward necessities, while 30% goes toward discretionary items. This is called the 50/30/20 rule of thumb, and it provides quick and easy advice.
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“I would say having between $300 and $1,000 of cash at home can be useful for unexpected expenses that require cash or times of natural disaster,” Tumin said.
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By the time you are 35, you should have at least 4X your annual expenses saved up. Alternatively, you should have at least 4X your annual expenses as your net worth. ... At age 35, if you spend $50,000 a year, you should have about $200,000 in savings or net worth to live a comfortable retirement decades into the future.
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It's recommended that you have 3-6 months worth of your normal living costs set aside for any such emergency, more if you can make it happen. So, to be safe, we'll assume you're within the $1,800-2,300 per month range for all your basic necessities.
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However $50 is not a reasonable amount to have with you in case of emergency, let alone $10. On the other hand, $500 is quite a lot to lose if your wallet gets stolen or lost. That's how experts came to the conclusion that you should always have $200 in your wallet.
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That said, a good place to start for figuring out what you can afford is to use the 50/30/20 rule. This is a budgeting plan where you: Set aside 50% of your after-tax salary for 'needs', such as rent, food, bills and other unavoidable spending. 30% for fun spending - such as clothes, nights out or hobbies.
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As you get deeper into your 20s, you should shoot to have about one quarter of your annual cash (25% of your gross pay) saved up, according to a spokeswoman for the budgeting app Mint. That means that the typical 25-year old might want to have somewhere around $10,000 in savings.
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Most financial experts suggest you have at least three months' salary in your emergency fund.
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These typically range from $100 to $2,500 (though most are much closer to the lower end). If your bank has a particularly high minimum balance requirement, you shouldn't worry about how much to keep in your account; your priority should be to switch to a no-fee, no-minimum online checking account.
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The downside to mutual funds is that they can carry some high minimum investment requirements, especially for a beginner investor. On average, you can be expected to front a minimum of $2,500 to open a mutual fund. However there are funds that require amounts as little as $500.
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I would say that you should plan for 3 months of expenses living frugally, which is at the bare minimum $3000, or if you want to make sure you are safely in the black I would say $4000 or $5000.
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Inflation, market risk, withdrawal rate, unexpected expenses in retirement, and increasing life expectancy are all factors that suggest you may need as much as $2 million to retire comfortably. That number may scare you, but it's a reminder to ensure you're making the right financial moves today.
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How much should you save every month? Many sources recommend saving 20 percent of your income every month. According to the popular 50/30/20 rule, you should reserve 50 percent of your budget for essentials like rent and food, 30 percent for discretionary spending, and at least 20 percent for savings.
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So in context of the current market costs to service your SMSF, $125,000 may be the minimum required for a viable fund but I will stick to my recommendation of $200,000 with regular annual contributions meaning that within 5 years the fund should well above $300,000.