How much is enough emergency savings in Nigeria?

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Kachy
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#1

 

For a family of 4, how much can be regarded as emergency savings in Naija today? Just wondering.

Anyone to help?
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Greatness
Answers: 2

#2

 

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.
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Jared
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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. :loveit:
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. đź’°
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Greatness
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#4

 

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.
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Jared
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#5

 

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.
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. đź’°
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Ernest
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#6

 

30% of your salary
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