Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 decade ago

How would it feel if you had $5,000 in the bank - just sitting there in case of an emergency?

22 Answers

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  • 1 decade ago
    Favorite Answer

    it feels verrrrry gooooooooddddd!!!!!!!!!

    Why u givin 5 grand to best answer?

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  • 1 decade ago

    This would NOT be enough in my estimation.

    The Savings Goal should be 20-25% of your monthly income.

    I would recommend to have 6-Months of your base pay saved in a Savings Account with a Bank or Credit Union which pays you interest in case of an EMERGENCY.

    How would I feel?

    Well the money is SAFE and SECURE at an FDIC insured financial services company like a Bank.

    www.fdic.gov

    $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

    You would also want to establish a BUDGET for your income and expenses to SAVE money on a regular basis:

    www.simpleplanning.net ("BUDGETING")

    $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

    Hope this helps you!?

    Have a great week ahead!

    GOOD LUCK! :-)

    CONGRATULATIONS! On savings $5,000 in the Bank.

    Source(s): Automatic Savings Plan @ The Bank
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  • 1 decade ago

    Reassuring that I have a cushion in case of an emergency. Just like having batteries in the flashlight for a power outtage. Or the first aid kit an case of an accident. Being prepared give you some comfort because it is one less thing to think about.

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  • aj485
    Lv 5
    1 decade ago

    It is comforting to have $5k in the bank, but not as comforting as having a full 6 - 12 months of living expenses (not income) in the bank.

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  • Anonymous
    1 decade ago

    Lot's of people have the money save up in case of emergency... Like for there grave expenses. Put it in a saving account. I think called burial saving account.

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  • Norah
    Lv 4
    1 decade ago

    It makes you feel pretty good because if an emergency arises it is good to know you have that money as backup. Sort of an ace in the hole.

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  • scottr
    Lv 4
    1 decade ago

    Having at least 6 months of income saved is usually what is recommended. Of course what this amount is will vary from person to person...

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  • 1 decade ago

    i would feel safe and not worry too much about the possibility of having an emergency

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  • 1 decade ago

    I would make sure that it wasn't the local First Market Bank.

    Gets robbed all the time. If it was I'd feel insecure.

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  • 1 decade ago

    I feel that my emergency fund is almost established, and that was a good milestone that was achieved. At the same token, I feel safe and secure. :-)

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  • 1 decade ago

    Incredible!

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