How much do you think is enough for somebody in their mid-20s to have in their savings and not have to worry about layoffs? Or let me rephrase that, how much is enough not to have to worry about finding a new job within two to three months after being laid off?
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work on getting 1 year and then 2 years of living expenses saved up. then you will feel more secure. after 2 decades at Intel, i can tell you this helped me.
Ditto above that you should always have at minimum 6 months reserve for any kind of emergency. 12 months is better. Add up all of your expenses: food, utilities, rent, gas, house goods, car and rental insurance by the month, etc. Also consider that if you don't have access to healthcare when unemployed, you need to save for that too. Then always as a general rule, live below your means so you never have to worry about the rainy day.
Um..What made you think the Intel layoff board would be a good place to seek financial advice? Spend all your money as fast as you can on useless sh-t like fabs you can't fill.
You will get better answers on a personal investment, finance forum like bogleheads.org.
This 👆
For the last several years, I do a monthly spreadsheet of ALL of my expenses. I use two credit cards, treat them like cash (never pay interest), so makes it easy to track. I actually started this to determine what I need for retirement. But it works for anyone wondering what can I cut out, or where is the money going. So they say a 6-8 month cash reserve if you lose your job. I have about a 4 month, much in CD's. As the other poster commented, someone single with no major expenses (living in the parents house still..and nothing is wrong with that) vs family is going to be vastly different. Bottom line...know what you are spending, live below your means if possible.
It all depends on the spend. A single income family with 3 kids and a mortgage is a different world from a single person sharing a rental with roommates. I'd need at least a 6 month emergency fund to sleep at night. If you wind up paying COBRA insurance for a family it can eat up savings rapidly.
6-12 mos for living expense. Many call this as your emergency fund. This would anything that you need to live. Take reins on unnecessary expenses at this time while looking for a new job.
Get rid of your car and you can stay at home looking for work for six months with $40k savings. Stay liquid, 410k won't help you, so any extra money should go in to an American gold coin once prices drops briefly after the economy collapses. Pay off credit cards now if you have them amd ask to increase your credit limits to get your credit score up. Learn how to apply for food stamps, unemployment, food banks, and bus pass in that order and you'll be more prepared than any other lost soul roaming through the Intel corridors working overtime for free to please their boss for no reason.
Call Dave Ramsey.