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Do I have enough money as a safety net?
24/f
Through working a lot of extra hours and having a new job that pays more than my old job, i've been able to save more money than I've ever had before. I currently have around 13k in my bank account. I told myself when I got to 10k that it would be enough for me to feel financially secure and that anything I made over that I would use just to pay bills and buy anything extra I need. My bills every month are around $1500 to give some perspective.
I currently have a new car, a home I love with my significant other, and really everything I need. I have a few things that could use upgrading, but they still work fine. For example, I have a three year old laptop. It works fine, but I would eventually like to upgrade to the newer model. The issue is a new one would be around 2k so I'm just going to wait because I feel like 2k is just a bit more than I want to spend right now, while my current one still works fine.
With that said though sometimes I wonder if maybe the 13k isn't enough because I still worry about spending 2k. Does that mean I should save more? Is 13k really enough?
My significant other has his own savings and a lucrative job (he makes far more than me actually) and he's always reminding me that money isn't an issue and is something I should never worry about because he could pay for anything that need be if I couldn't. However, I don't like to rely on his money so I'm not counting it.
Am I overthinking things? I really worry about something big happening that I'll need the money for, but I don't know if I'm just paranoid because in the past I've never really had more than 2k in my account.
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Want to answer more questions in the Work & School category?
Maybe give some free advice about: Personal Finance?
You are in far better financial shape then I was at your age and probably better then 90% of people your age today. Being aware of your finances is a good thing. Making sure you spend your money wisely on things you need not just must haves to keep up with friends is very good.
Can we ever be totally financially secure? THat is a question you can spend hours discussing and still not be sure of an answer. THe rule of thumb has always been that three months earnings in the bank is what a person needs to guard against a financial disaster in an emergency.
I hope I have offered you some insight.
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