Here’s how much money New Yorkers need in a 3-month emergency fund to cover the cost of essentials
Amid widespread layoffs, many New Yorkers are trying to siphon any extra money into emergency funds to cover them through a potential period of unemployment.
Now, a new analysis from GOBankingRates reveals how much cash Empire State residents should have saved to cover 3 months of expenses.
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The company calculated the amount spent on “necessities” in New York based on the 2023 Consumer Expenditure Study compiled by the Bureau of Labor Statistics. They defined necessities as “groceries, shelter, utilities, fuel and public services.”
It turns out New Yorkers need a total of $12,158 to carry them through 3 months, per the report.
However, given that GOBankingRates used 2023 data, that number is now likely to be a little higher.
The company also looked at the 3-month fund amounts needed in all states, determining that New York had the fourth-highest figure overall.
Only residents of Massachusetts ( $13,723 for 3 months), California ($13,830) and Hawaii ($17,980) needed more money in their funds, based on the cost of essentials in each state.
Meanwhile, New Jersey residents require $11,186 in their 3-month emergency funds, while those in Connecticut should have $10,953.
Conversely, Oklahoma has the lowest overall costs for necessities, with residents there needing just $8,358 to cover a 3-month emergency.
The complete state-by-state list can be found here.
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