hi mums
So I'm a sahm with two kids, one is 3 and the other is 4 months old.
Husband works full time and I'll eventually go back to work when my baby is a bit older.
I know for most people, money is big on the agenda of fights and desires so my question is, how much do people have in savings on average? Like just sitting in their account?
We normally have a minimum of 2000 and I like to have 4-5 thousand to feel at ease. I know it sounds silly. So I'm constantly getting my husband to work more or I will try to budget.
Thanks
4 Replies
I think it depends on how much you earn and what your day to day living expenses are. Like how much your mortgage or rent is, what your income protection policy (if your partner has one, how long out of work he would need to be to get benefits etc). It also depends if your partner is self employed etc as you need extra money in quiet times.
Look up Suzie Ormon she has awesome tips on how to budget, what savings you would need.
I personally only have $1000 in savings but that's because we are very low income, our rent is extremely low, if the washing machine etc.breaks down we are mechanically minded and could be fixed for a few dollars. If I know we need something replaced or repaired in the future then separate savings are put aside. That $1000 is purely for emergency. I also have a credit card that's at $0 that is for any medical expenses that need to be done for my son, above and beyond the $1000 and that he can't go on a wait list for (as medically he's a bit weird!).
You're constantly getting your husband to work more? Wow, poor guy. Can you not go back to work now if you are so worried about money?
I personally like to have at least $10k just so I feel secure and don't have to worry about things.
Ideally, you should try to bank enough money to live 6 months without an income, to cover your living expenses, (rent/ mortgage, utilities, medical, etc.). An Emergency fund of $2,000 is what I keep for just that. I treat savings like a utility bill.... I pay the savings account along with the other bills. I budget bills for the month and if there is anything left, it goes into savings. It doesn't matter how much you made, it's how you control your money to keep your household up and running.