If you were suddenly to lose your job and/or other sources of income, how long could you keep a roof over your head?
In order to define clear savings goals, it’s important to know how much money you need for absolute essentials (most notably rent and food):
- 1 month living expenses
- 3 months living expenses
- 6 months living expenses
- 12 months living expenses
Here’s an easy-to-use online calculator to quickly calculate how much money you are spending each month and how much you have left over to save for a rainy day (or a very cold one):
You can see how much more you could save if you eliminate non-essential items such as a monthly cable TV bill and home internet.
NOTE: In addition to a large collection of DVDs, the library offers free wi-fi and public PCs.