Where do you keep it?
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Where do you keep it?
| Wed, 11-12-2008 - 10:26am |
I know this is such a basic question but where do you keep your emergency fund? Bank? Envelopes? Mattress?
The emergency fund should be six months of living expenses right?
I am not having much luck with DH understanding how far in debt we are. It is going to be a long time before we can really reach or think about any type of savings but tax time is coming and he agrees that I get to put it all towards bills this time. It isn't much but every bit helps.
Thanks,
Liza in WI




We keep our emergancy fund in a money market account with check writing privleges.
Now you will think I am crazy but here goes. I have a reason for everything.
1. I got two hundred is small bills plus a couple of rolls of quarters hidden in my bathroom in pill bottles. This is my get away fund.
2. I got one month money in my name alone with my husband as benif. That is or was my if husband dies money It takes at least a month for a woman to get insurance money after a husband dies.
3. We have general saving in our credit union checking account because it pays hi interest 4.01 I guess that is our EFUND We are retired so we don't need money in case we lose our income. There is enough there to get either of us in the hospital.
4. All this money was built up over time and by a 1.00 at a time. Mostly
I keep my emergency fund (which the bare minimum $1000 as I have a fully paid off car, rent an apartment, and am single with no kids... and still paying off debt) in a savings account thru HSBC (online).
Teresa
http://www.affordingpickles.blogspot.com
I keep $50 in a jar in my closet (that was MaryAnn's idea after she told us about some places that would only take cash with the last hurricane scare). I am in the process of rebuilding my efund. Its in an online savings account attached to my checking account. If I need it, it only takes 24 hours to transfer money into my checking. At the moment I only have $543 in it (I had to raid it for a bunch of home repairs) but I have managed to build it from the $250 it was a month ago. I am just adding a few dollars here and there when I have extra cash due to bill rounding!
Good luck!
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
I have the following:
1. Trying to build a cash reserve at home of about $500.