# How many people have at least three paychecks saved in case something goes wrong? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [November 12, 2013, 7:02pm UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742 "2013-11-12T19:02:15Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![SandyHook](https://avatars.discourse-cdn.com/v4/letter/s/dec6dc/32.png) [@SandyHook](https://boards.straightdope.com/u/SandyHook)\ **Post date:** [November 12, 2013, 9:41pm UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/21 "2013-11-12T21:41:10Z")
A bit of a brag, but Ms Hook and I could probably live (for a rather dismal definition of living) for the rest of our lives on what we have saved. Let’s call it another 20 years. ---
**Author:** ![Wesley\_Clark](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/wesley_clark/32/20581_2.png) [@Wesley\_Clark](https://boards.straightdope.com/u/Wesley_Clark)\ **Post date:** [November 12, 2013, 10:01pm UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/22 "2013-11-12T22:01:27Z")
> [@SandyHook](#): > > A bit of a brag, but Ms Hook and I could probably live (for a rather dismal definition of living) for the rest of our lives on what we have saved. Let’s call it another 20 years. I could live on what I have saved the rest of my life too if by living you mean living in a tent in the woods and eating nothing but rice and oatmeal while forgoing medical care. I have many months money saved up in liquid assets. My plan is if I lose my job I bring in a roommate, cut my health care expenses to the bone and live off savings and UI. ---
**Author:** ![corkboard](https://avatars.discourse-cdn.com/v4/letter/c/e9bcb4/32.png) [@corkboard](https://boards.straightdope.com/u/corkboard)\ **Post date:** [November 12, 2013, 10:09pm UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/23 "2013-11-12T22:09:04Z")
Currently I have almost a year’s worth of salary in my savings account, but that’s because we’re about to dump a pile of cash on a renovation project at our house. Suffice it to say that thanks to vigilant saving when my wife and I were younger, and her relatively (to me) frugal lifestyle, our savings and investment portfolio is pretty cushy. ---
**Author:** ![SandyHook](https://avatars.discourse-cdn.com/v4/letter/s/dec6dc/32.png) [@SandyHook](https://boards.straightdope.com/u/SandyHook)\ **Post date:** [November 12, 2013, 10:12pm UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/24 "2013-11-12T22:12:05Z")
[quote=“Wesley\_Clark, post:22, topic:673742”] I could live on what I have saved the rest of my life too if by living you mean living in a tent in the woods and eating nothing but rice and oatmeal while forgoing medical care. QUOTE] For me any living that doesn’t include 5-6 months of travel would be dismal indeed. But other than not being able to travel we wouldn’t have to cut our lives back much at all. Maybe eat out less often. ---
**Author:** ![lisiate](https://avatars.discourse-cdn.com/v4/letter/l/f05b48/32.png) [@lisiate](https://boards.straightdope.com/u/lisiate)\ **Post date:** [November 12, 2013, 10:43pm UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/25 "2013-11-12T22:43:36Z")
> [@Mk\_VII](#): > > A man I knew had his employers write to him, saying would he please cash his pay cheques within six months because it was complicating their accounts. Wait, he held onto the physical checks rather than just banking them into a savings account? Why would anyone do that - even if the interest earned is miniscule it’s better than nothing, and you avoid the risk of your employer becoming insolvent before you bank the checks. ETA: Now I have a child and a mortgage to pay for I feel uneasy with less than 6 months of expenses socked away in savings. ---
**Author:** ![Rushgeekgirl](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/rushgeekgirl/32/3715_2.png) [@Rushgeekgirl](https://boards.straightdope.com/u/Rushgeekgirl)\ **Post date:** [November 12, 2013, 10:57pm UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/26 "2013-11-12T22:57:13Z")
I barely have over ten bucks to my name at any given time. ---
**Author:** ![Alessan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/alessan/32/465_2.png) [@Alessan](https://boards.straightdope.com/u/Alessan)\ **Post date:** [November 12, 2013, 11:12pm UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/27 "2013-11-12T23:12:43Z")
I remember the last time my bank account had a positive number. About five years ago, I think. ---
**Author:** ![elfkin477](https://avatars.discourse-cdn.com/v4/letter/e/a9a28c/32.png) [@elfkin477](https://boards.straightdope.com/u/elfkin477)\ **Post date:** [November 12, 2013, 11:25pm UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/28 "2013-11-12T23:25:06Z")
I have a bit over 7 paychecks in my account at the moment. That’s about 10 months worth of bills. ---
**Author:** ![MandaJo](https://avatars.discourse-cdn.com/v4/letter/m/ac91a4/32.png) [@MandaJo](https://boards.straightdope.com/u/MandaJo)\ **Post date:** [November 12, 2013, 11:59pm UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/29 "2013-11-12T23:59:48Z")
I think “number of paychecks” is a weaker standard than “months of living expenses”. I mean, if I make $4000 a month and spend $3000, saving the other $1000, then I should look at at bank acount with $12K in it as 4 months savings, not 3, because that’s how long I could maintain my current lifestyle out of my savings. I think this was of looking at things really encourages saving, because the more you save, the further you can count your savings! ---
**Author:** ![glee](https://avatars.discourse-cdn.com/v4/letter/g/b5a626/32.png) [@glee](https://boards.straightdope.com/u/glee)\ **Post date:** [November 13, 2013, 12:00am UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/30 "2013-11-13T00:00:50Z")
When I first bought a house I had saved enough for a 50% deposit. 🆒 ---
**Author:** ![PatriotGrrrl](https://avatars.discourse-cdn.com/v4/letter/p/9dc877/32.png) [@PatriotGrrrl](https://boards.straightdope.com/u/PatriotGrrrl)\ **Post date:** [November 13, 2013, 12:06am UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/31 "2013-11-13T00:06:39Z")
Investment funds are all well and good, but they won’t help you when there’s an ice storm or a hurricane and the power goes out. This happens occasionally around here, sometimes for more than a week. Many businesses stay open, but they only take cash. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [November 13, 2013, 12:16am UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/32 "2013-11-13T00:16:23Z")
That’s why some people keep some cash at home, perhaps a thousand or so, depending on what you can afford to spare. ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [November 13, 2013, 12:38am UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/33 "2013-11-13T00:38:32Z")
> [@Dangerosa](#): > > I have a few years on you. I know lots of people with probably lots of years on you who couldn’t swing it. ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [November 13, 2013, 12:40am UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/34 "2013-11-13T00:40:57Z")
I have a lot more than that in non-retirement savings. And a lot, lot more than that in 401Ks which I also can take from without penalty. Not to mention that I can get Social Security in two days (not that I’m going to.) I think we could retire reasonably well right now. But I won’t. More, more, I’m still not satisfied!!! ---
**Author:** ![Chimera](https://avatars.discourse-cdn.com/v4/letter/c/8e8cbc/32.png) [@Chimera](https://boards.straightdope.com/u/Chimera)\ **Post date:** [November 13, 2013, 12:43am UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/35 "2013-11-13T00:43:04Z")
Give me another 3-4 months and I will have. Right now I’ve only been making my beautiful new salary for just over three months and have finished paying off past debts. Come January I expect I’ll open a stock trading account and start putting $250 every 2 weeks into it. ---
**Author:** ![WhyNot](https://avatars.discourse-cdn.com/v4/letter/w/c77e96/32.png) [@WhyNot](https://boards.straightdope.com/u/WhyNot)\ **Post date:** [November 13, 2013, 12:47am UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/36 "2013-11-13T00:47:12Z")
Not even close. I used to have about 2 months in reserve, not counting the IRAs. That was the best I was able to do. Then a divorce, new apartment, starting nursing school, gigantic medical bills for a lifesaving emergency surgery and a partner made unable to work ever again d/t the same life threatening emergency - all, I shit you not, _in 1 week_ - sucked that reserve dry, the IRAs and every last penny of credit card credit before the credit card companies noticed what was happening and cut my limits down to under my balances (which of course meant over limit fees I wasn’t expecting.) (Brief) homelessness ensued. I’m now back in the black, barely, but have a long way to go before I’ve rebuilt what pitiful foundations I did have. I don’t expect I’ll ever be able to retire, unless my parents leave a lot more in their wills to me than I think they will. ---
**Author:** ![Telemark](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/telemark/32/372_2.png) [@Telemark](https://boards.straightdope.com/u/Telemark)\ **Post date:** [November 13, 2013, 1:16am UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/37 "2013-11-13T01:16:30Z")
I’ve got a 6-months plus, more if I needed to tap into retirement funds. ---
**Author:** ![Dangerosa](https://avatars.discourse-cdn.com/v4/letter/d/22d042/32.png) [@Dangerosa](https://boards.straightdope.com/u/Dangerosa)\ **Post date:** [November 13, 2013, 1:36am UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/38 "2013-11-13T01:36:12Z")
> [@Voyager](#): > > I have a lot more than that in non-retirement savings. And a lot, lot more than that in 401Ks which I also can take from without penalty. Not to mention that I can get Social Security in two days (not that I’m going to.) > > I think we could retire reasonably well right now. But I won’t. More, more, I’m still not satisfied!!! Congrats on your upcoming milestone. ---
**Author:** ![appleciders](https://avatars.discourse-cdn.com/v4/letter/a/85f322/32.png) [@appleciders](https://boards.straightdope.com/u/appleciders)\ **Post date:** [November 13, 2013, 1:48am UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/39 "2013-11-13T01:48:53Z")
I’ve got seven weeks saved. That’s good and better than many of my co-workers, but we all work with the knowledge that our contracts are for only ten months a year. I’d have more like twelve but I’ve had a car payment this year and another two grand in car repairs and new computers, which is not something I’ve ever had to deal with before. I’ve got enough savings to pay the debt off outright, but I like having the cushion and the interest is trivial. Like I said, I’ve got seven going into the offseason today and I’m hoping to still have at least four when we start up again in January. I don’t like the OP’s philosophizing that I do this because I’m wise. Yes, I have idiot co-workers who live hand to mouth and freak out every off-season when they’re suddenly surprised that they need money to live. But I’m lucky to make a good wage, I’m lucky to have low-rent and a mindset that can deal with housemates to keep that rent even lower, I’m lucky to have parents who got me through college debt-free and who cushioned a couple of financial blows with loans (not gifts, loans). I also have no kids, and I’d probably be living hand-to-mouth if I did have 'em. I have co-workers who are not unwise, don’t waste their money, and still struggle a little. ---
**Author:** ![PandaBear77](https://avatars.discourse-cdn.com/v4/letter/p/edb3f5/32.png) [@PandaBear77](https://boards.straightdope.com/u/PandaBear77)\ **Post date:** [November 13, 2013, 1:52am UTC](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742/40 "2013-11-13T01:52:42Z")
I’d gladly save money if I could. I work 2 jobs and I’m doing well to break even every month. ☹ [Previous page](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742.md?page=1) [Next page](https://boards.straightdope.com/t/how-many-people-have-at-least-three-paychecks-saved-in-case-something-goes-wrong/673742.md?page=3)