Anonymous
Are you increasing your emergency funds? Or is the money you're putting away separate from your emergency funds?
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Kenneth Lou
02 Apr 2020
Co-founder at Seedly
Personally I'm leaning towards 6 months worth of monthly committed expenses.
What that means is essentially this, total expenses surrounding:
Food & Breverage costs
Transport costs
Telco bills, broadband bills
Utilities bills
Taxes
Insurance premiums
Rental (if relevant)
So using the above as a benchmark, it is what you would basically require at the bare minium to survive.
For me, I store them in two places:
CIMB FastSaver (1% p.a)
SCB Jumpstart account (2% p.a) for my joint account with my other half
However, looking at the current situation now in the economy, some market analysts are saying this is not a 'rainy day' its actually a 'thunderstorm'
So you can decide for yourself if you'd want to be more kiasu and stash more away. Your call!βββ
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Chin Guo Qiang
02 Apr 2020
Assistant Vice President, IT EUC at OCBC
General rule for myself : 18-24 months of necessary expenses (excluding all entertainment and misc expenses).
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Ernest Yeam Wee Leong
02 Apr 2020
Content Creator at www.youtube.com/c/JustBeingErnest
Depends on how much I spend.
If i spend more worst case scenario is 12 months.
If i try to spend the least then best case scenario is 30 months.
I make videos about interesting stuff at youtube hereβββ
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If you have six months of expenses covered, then I think one can worry less about needing to increas...
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I keep about a third of my total assets as cash, and make sure to have a buffer of at least six months' expenses (or more if I am saving for a housing deposit or other big expense).
Most advisors will recomment keeping six-to-twelve months of expenses; I think there's no harm in having more, if you're comfortable missing out on some (potential) gains from having that money invested instead.
I wrote a blog on the topic here:
https://stocktake11.wordpress.com/2020/09/20/ho...