How much cash on-hand is enough? (old, money, market)

[lifeexplorer]

In light of the Coronavirus and the recession, the prospect of everybody losing their jobs has dramatically increased.

I did some calculations and figured out my monthly minimum expense is $2,000. I can survived on $2,000 a month if I forgo healthcare insurance. Adding healthcare would likely increase the monthly to $3,500.

So would $50,000 cash on hand be enough?

[mathjak107]

Enough For who ? You or us ?
Our rent is more than that.

Being retired we keep two years cash on hand ,at least 250k ....

[lifeexplorer]

Originally Posted by mathjak107

Enough For who ? You or us ?
Our rent is more than that

For me, of course. I don’t have any debt and don’t pay rent.

[Listener2307]

Originally Posted by lifeexplorer

In light of the Coronavirus and the recession, the prospect of everybody losing their jobs has dramatically increased.

I did some calculations and figured out my monthly minimum expense is $2,000. I can survived on $2,000 a month if I forgo healthcare insurance. Adding healthcare would likely increase the monthly to $3,500.

So would $50,000 cash on hand be enough?

Yes, I would think so.
Keep it in money market and link the money market to your checking account. Then draw out what you must have every month.


We have used that system for many years. All the money we have coming in goes to money market. ALL of it, from every source. Then the first of every month we make a transfer. After a long time you will find that you are consistently spending less money than you bring in, so your balance keeps increasing. It's a GREAT feeling.

[Gerania]

I don't consider anything that I need to pay to some entity cash in my hand. I have to pay taxes, utilities, auto insurance, and a bunch of other things. Yep, I have a cell phone. At the end of the day, I still have cash or the equivalent. I'm old, so I like cash.

[SaraR.]

Originally Posted by lifeexplorer

In light of the Coronavirus and the recession, the prospect of everybody losing their jobs has dramatically increased.

I did some calculations and figured out my monthly minimum expense is $2,000. I can survived on $2,000 a month if I forgo healthcare insurance. Adding healthcare would likely increase the monthly to $3,500.

So would $50,000 cash on hand be enough?

should be enough

[lostsoul359]

Do not forget about the COVID-19 Bailout. Google it

[Threestep2]

Cash as in bills or in the bank?

[MrRational]

Originally Posted by lifeexplorer

Adding healthcare would likely increase the monthly to $3,500 (x12 =$42,000).
So would $50,000 cash on hand be enough?

Do YOU have it available without disrupting other financial choices?

In light of the Coronavirus and the recession...

REGARDLESS of the immediate COVID situation...
however much is ideal will be more than most could expect to have in reserve.

[germaine2626]

Originally Posted by Threestep2

Cash as in bills or in the bank?

That was my question, too.

$50,000 cash stuffed under your mattress or in an old cookie jar at home does not seem safe. $50,000 easily accessible money in the bank seems much better.