Sarah Myers, 33, a forester from Hot Springs, South Dakota. During the last few years, she has turned her life around. She started her work history with temp jobs, earning $15 an hour working seasonally. Now, in 2024, she is flourishing in a permanent role within the federal land management sector, raking in an enviable $92,100 salary with her considerable overtime pay accounted for. While she has achieved success, Myers is vocal about wanting more of a safety net to be available.
After working in seasonal positions between 2013 and 2017, Myers was plunged into deep financial precarity. By finally winning a permanent seat in 2018, she was able to provide herself and her family with an economic foundation on which to prosper. She would have to rely on about $21,000 in liquid savings. This comprises almost $8,700 in her everyday checking account, along with around $5,900 in her emergency fund.
My rule of thumb is to have no less than a month’s worth of expenses in each,” Myers added. “The goal is more like six months total between the two.” This broad approach is a great indication of her promise to prioritize economic security and being prepared when calamity strikes.
Beyond her checking and emergency accounts, Myers has stashed $15,880 in a high-yield savings account. She plans to let this amount accrue interest for a future car purchase, having recently received an insurance check for her current vehicle after a hailstorm. “They actually totaled my car, even though it’s still drivable,” she explained.
Myers and her partner have taken a very realistic approach to their household budget. “We’re both putting in a portion of our paycheck into a joint account, and then that is the account we use to pay all of the utilities,” she noted. This joint partnership keeps them paying their bills and in their outstanding savings ship.
For all her financial accomplishments, Myers is the first to admit that we need a better safety net. We don’t have a big safety net,” she confessed, underscoring her account with a wish for added protection in her own financial future.