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How much is enough emergency savings in Nigeria?
Posted: July 16th, 2023, 8:43 am
by Kachy
For a family of 4, how much can be regarded as emergency savings in Naija today? Just wondering.
Anyone to help?
How much is enough emergency savings in Nigeria?
Posted: July 16th, 2023, 10:19 am
by Greatness
No money is enough for that. It also depends on your income and expenses.
I would suggest you save at least 30% of your income on a regular basis to suffice for any emergency costs.
How much is enough emergency savings in Nigeria?
Posted: July 16th, 2023, 10:20 am
by Jared
Greatness wrote: ↑July 16th, 2023, 10:19 am
No money is enough for that. It also depends on your income and expenses.
I would suggest you save at least 30% of your income on a regular basis to suffice for any emergency costs.
Some standard says you need at least next 3 months salary in emergency savings.
How much is enough emergency savings in Nigeria?
Posted: July 16th, 2023, 10:26 am
by Greatness
Jared wrote: ↑July 16th, 2023, 10:20 am
Some standard says you need at least next 3 months salary in emergency savings.
With this, one can save almost 4 months their salary if they are consistent.
How much is enough emergency savings in Nigeria?
Posted: July 16th, 2023, 10:27 am
by Jared
Greatness wrote: ↑July 16th, 2023, 10:26 am
Jared wrote: ↑July 16th, 2023, 10:20 am
Some standard says you need at least next 3 months salary in emergency savings.
With this, one can save almost 4 months their salary if they are consistent.
This savings in advance will help in case of unexpected job loss or other emergencies like health issues etc Cetera.
How much is enough emergency savings in Nigeria?
Posted: December 29th, 2023, 8:21 pm
by Ernest
30% of your salary