How Much Money Should I Have in My Savings Account?


Well, if you’re like most Americans, more than you probably have in there now. More than half of Americans have less than $1,000 in their savings accounts, according to one survey.

That number is a good target to start with—$1,000 should be enough to cover a basic emergency, like a car repair, unplanned doctor’s visit or other unexpected expense. From there, work up to having enough cash available in an easy-to-access, high-interest savings account to cover three to six months’ worth of expenses.

Why that much? The thinking is that the worst-case scenario when it comes to money issues is losing the ability to work and earn enough to support your basic lifestyle. So your emergency fund should be ready for that exact situation: If you lose your job, it should be able to take care of you until you find another one. Hopefully, three to six months would be plenty of time to do that, but if you fear you’d need longer, you might want to save up even more.

Not all savings need to be dedicated to “emergencies,” of course. You probably have short-term goals you want to save up for, like a big vacation, a fancy dinner to celebrate your birthday or holiday gifts. Budget for these extra costs ahead of time, and you can avoid charging them to credit cards and losing money to racked-up interest.

Related: Why We Have 10 Savings Accounts (That Have Nothing to Do With Emergencies)

acorns+cnbcacorns cnbc

Join Acorns


About Us

Learn More

Follow Us

All investments involve risk, including loss of principal. The contents presented herein are provided for general investment education and informational purposes only and do not constitute an offer to sell or a solicitation to buy any specific securities or engage in any particular investment strategy. Acorns is not engaged in rendering any tax, legal, or accounting advice. Please consult with a qualified professional for this type of advice.

Any references to past performance, regarding financial markets or otherwise, do not indicate or guarantee future results. Forward-looking statements, including without limitations investment outcomes and projections, are hypothetical and educational in nature. The results of any hypothetical projections can and may differ from actual investment results had the strategies been deployed in actual securities accounts. It is not possible to invest directly in an index.

Advisory services offered by Acorns Advisers, LLC (“Acorns Advisers”), an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Brokerage and custody services are provided to clients of Acorns Advisers by Acorns Securities, LLC (“Acorns Securities”), a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Acorns Pay, LLC (“Acorns Pay”) manages Acorns’s demand deposit and other banking products in partnership with Lincoln Savings Bank, a bank chartered under the laws of Iowa and member FDIC. Acorns Advisers, Acorns Securities, and Acorns Pay are subsidiaries of Acorns Grow Incorporated (collectively “Acorns”). “Acorns,” the Acorns logo and “Invest the Change” are registered trademarks of Acorns Grow Incorporated. Copyright © 2021 Acorns and/or its affiliates.

NBCUniversal and Comcast Ventures are investors in Acorns Grow Incorporated.