Question

Is 55k a good savings amount in your country?  

Answer 1

I think any savings account with money in it is good in the US ‍♀️

Comments

@meitner Lol

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And the UK  

Answer 2

I think it’s an awesome savings! However not an awesome retirement. Depends on what your “savings” is for  

Comments

@fame1 It’s a target to reach this year. However, my plan is to keep putting money into that account even after reaching this year’s goal.  

Answer 3

Over half of Americans have less than $1000 in savings (over a quarter have none) so here that is definitely a significant amount.  

Answer 4

Depends on what it’s for. Emergency? Excellent. Down payment on a house? Very good! Retirement? Not even close.  

Comments

@zapata It’s more an emergency savings.  

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Elsa, excellent for an emergency savings.  

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@zapata Thank you.  

Answer 5

That would buy a house or at least be a huge downpayment in a lot of places, but most are lucky to save a thousand or more.  

Answer 6

What country are you from? I was a “millionaire” when I visited Bali with currency exchange. 55k would be a few dollars in Indonesia

Comments

@garrett Angola.  

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@gilliangilliard what currency are you figuring? I think that will make a huge difference. I'm thinking US dollar. The conversion could be a huge difference.  

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If your using your currency, that converted to the US dollar is about $100.  

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If your using US dollar it would be much greater. I saw parts of your country are the most expensive in the world to live! But for a family of 4 on average that should be about 20 months emergency fund which would be great if that balances out with your monthly finances.  

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@insociable Yes. US dollar.  

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If your costs of living line up that sounds like a great savings!  

Answer 7

In the US I'd say for most people that's an amazing amount for emergencies. Now it also depends on your expenses. If your like most people that's probably close to a years worth of expenses or more. If your expenses are higher due to your lifestyle and job (can afford more) it might not be enough. Making the basic assumptions its definitely an ideal emergency fund.  

Answer 8

That's more than I make in a year. so yea

Answer 9

Incredible savings, 2 years worth of average salary - U. K.  

Answer 10

That’s 6 months of expenses.  

Comments

@leyte Which country are you from?  

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Canada. But my expenses will be different even in my location vs other areas of the country.  

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@leyte Exactly! I also live in Canada and 55K is more than the average annual income where I live. It is mind-blowing how much income & cost of living differ from place to place, even within the same geographical area.  

Answer 11

Yes and no depending on what your business/career choice is. For me and my hubby that would be a great savings. my brother on the other hand that owns his own Const. Company no, not nearly enough, that's barely enough to cover overhead, Ins etc on 1 employee.  

Answer 12

North America here. To be honest, 55k for a family is WONDERFUL savings in my opinion. I am sure it depends on the amount of debt one has vs income plays into it. But considering most Americans live below the poverty line 55k USD would be a welcome gift.  

Answer 13

I recently read savings has increased to levels not seen since the early 1980’s. Pandemic really made people rethink money with so many people losing their jobs.  

Answer 14

I think with $100k my family and I would be able to live a few years in Guatemala, no mortgage or debt but it will take years to save that much here in Los Angeles

Answer 15

I think 3-6 months of expenses is good no matter what country/ currency we're talking about. Honestly as we get to more we put the balance to investments, retirement, etc. I don't really ever plan to have that much in savings because if I had extra I'd be trying to get it to earn more for me if that makes sense. With the stimulus check we received we are where we want to be with savings and are talking about investing more/ putting more into retirement.  

Comments

@warder42 Investing seems like a great idea.  

Answer 16

I think that it’s wonderful that you’ve set such an awesome savings goal for yourself! If your savings is meant to serve as an Emergency Fund, where I live in the San Francisco Bay Area in California, USA, $55, 000 would cover about 6-7 months worth of our BASIC living expenses (2 adults, no kids). For context, our rent alone is $3k/mo, and I’m a small business owner, so I pay out of pocket for health insurance, etc. so our monthly expenses may be slightly higher than others ‍♀️ Ultimately, the amount you need to save is relative to what you plan on using it for and what things cost where you live.  

Answer 17

That would cover me for 20 months without pay or be a nice downpayment on a house where I live.  

Comments

Pretty much the same here. About 22 months income.  

Answer 18

55K would cover only 9 months of expenses (just bills) for a family of 4 in Austin Tx

Answer 19

It’s just me and my boyfriend with two dogs in Alabama. So heck yeah that’s good. We’d be set for a good bit or be able to put a down payment on a new construction home.  

Comments

@gasworks135 I’m in AL, too!  

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@enstatite74 no way! What part? We’re down south by the bay.  

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@gasworks135 I’m in Birmingham

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Awe dang. I was hoping there was at least one other TBM fan in my area!  

Answer 20

I think it depends on your expenses.  

Answer 21

Personal choice and decision. If as an emergency fund some-go by income replacement some go by expenses

Answer 22

That is enough to buy a house where I live!  

Comments

@convector3529 where do you live ?  

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I am in a small town in Saskatchewan, Canada.  

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@convector3529 this would be over 100k in America. I’d love to buy that and gut the whole house and redo everything!  

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@convector3529 that will be great for our family To buy a house at this price ! We live in Ottawa , Ontario and a house cost between 300. 000 $ and 1. 000. 000 $ and more so 50k is a dream price especialy we have a median family income

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@pontus5891 Well if you are interested in moving out of the city. housing prices are always lower in small communities. My town has 2000 people in it. We have 4 other communities within a 10 minute drive, so the service area is about 25, 000 people.  

Answer 23

For us (live in Calgary, Canada) that would be about 9 months living expenses so I would consider that a good amount.  

Answer 24

Depends on currency and exchange rate. This is an odd question. $ aud 55k is the same as £22k gbp

Answer 25

That amount would get me to pay a nice home where I live in Mexico.  

Answer 26

For what?  

Comments

@hailstorm Emergency, possibly you invest.