AAAAHHHH how much to save???

[1katlynn]

Ok my Husband and I unfortunately had to file Chapter 13 bankruptcy 1 1/2 years ago due to the terrible economy and my husbands income dropped 20,000 . Well since then we have been trying really hard to start an emergency savings account and were at about 2400.00 right now, but i am getting really upset that its not more. I know it sounds crazy but I want it to grow and grow fast I am wanting to know an approximate percent that we should put in savings each week? My husband gets paid weekly and I get paid bi-weekly, we bring in about 2500.00 a month? Please help where should we go from here/

[disneysteve]

Welcome. The goal should be 20% to savings. It is fantastic that you've been able to save $2,400 so far, especially given your income. Your ultimate goal should be to have an emergency fund of 3-6 months worth of expenses (not income).

What does the rest of your financial picture look like? Is there any debt that you are still responsible for that wasn't discharged by the bankruptcy like student loans or anything else? Are either of you contributing to retirement accounts? What are the prospects for getting the income up in the near future? Are either or both of you looking for additional work and better primary jobs?

[Mr Nice Guy]

Originally Posted by 1katlynn

Ok my Husband and I unfortunately had to file Chapter 13 bankruptcy 1 1/2 years ago due to the terrible economy and my husbands income dropped 20,000 . Well since then we have been trying really hard to start an emergency savings account and were at about 2400.00 right now, but i am getting really upset that its not more. I know it sounds crazy but I want it to grow and grow fast I am wanting to know an approximate percent that we should put in savings each week? My husband gets paid weekly and I get paid bi-weekly, we bring in about 2500.00 a month? Please help where should we go from here/

If you have kids, I would shoot for a minimum of 6 months living expenses saved in liquid cash. If not kids, 3-6 months of living expenses. That is a general rule and differs for everyone's comfort level.

Living expenses=your total monthly expenditures( I would not include entertainment in this calculation.)

[97guns]

can you find better income? when i was working i was always on the hunt for a better job and if something better came along i would leave, untill i landed a 60K a year job with nothing more than a hs diploma and the experience from the other jobs.

you need to find your way to make things happen. always try to better your positions, in your jobs and your finances. i flat out refuse to struggle and be part of the "99%"

[bjl584]

Originally Posted by 1katlynn

Ok my Husband and I unfortunately had to file Chapter 13 bankruptcy 1 1/2 years ago due to the terrible economy and my husbands income dropped 20,000 . Well since then we have been trying really hard to start an emergency savings account and were at about 2400.00 right now, but i am getting really upset that its not more. I know it sounds crazy but I want it to grow and grow fast I am wanting to know an approximate percent that we should put in savings each week? My husband gets paid weekly and I get paid bi-weekly, we bring in about 2500.00 a month? Please help where should we go from here/

That depends on your monthly expenses. Your EF should represent 6 months worth of expenses, but it may take some time to save up that amount. Post more detail and you will get a better answer.