POLL! Emergency Fund savings

JezcaM · June 2010

today's daily money-related poll from yours truly

[Poll]

Jess.O · June 2010

Just wanted to say "Great Job!" to the big savers. Big Smile

TX-Bride · June 2010

We had a lot last year, due to my unemployment, we had to tap into it. If we didn't have the emergency funds, we would have lost the house. We surely did change a lot of our spending habits, changed our cars into less expensive car that we won't have a car payment. But luckily we didn't have to do drastic changes. I know they say save enough to hold you over 3-6 months, we saved enough to hold us over almost two years, and I am glad that we did.

AustinBride06 · June 2010

Ours is in an internet savings account, takes 3 business days to transfer to our checking. Though we do also have a debit card for it, which I've never used.

JezcaM · June 2010

Ours was $5k but we had to spend half of it when our tenant trashed our rental house last year, and then Hudson's birth took what was left. So now we're rebuilding, slowly but surely. We'll get it up to $2k then focus on paying down the debt, a la Dave Ramsey's steps one and two.

FireChiefsBride · June 2010

AustinBride06:
Ours is in an internet savings account, takes 3 business days to transfer to our checking. Though we do also have a debit card for it, which I've never used.

Ours used to be as well, but we took our money out and transferred it to a local bank when the interest rate wasn't competetive anymore.

At that time we still retained an accessible account, and it kept us from toying with the money.

AustinBride06 · June 2010

FireChiefsBride:
AustinBride06:
Ours is in an internet savings account, takes 3 business days to transfer to our checking. Though we do also have a debit card for it, which I've never used.

Ours used to be as well, but we took our money out and transferred it to a local bank when the interest rate wasn't competetive anymore.

At that time we still retained an accessible account, and it kept us from toying with the money.

Yeah, we're with HSBC and the rate is maybe 1/5 of what it was when we started the account a few years ago.

Also, our account isn't solely for emergencies. We try to keep a certain amount in there but we do dip into it once in a while for big expenses and purchases like major home repairs or furniture that we've been saving for or vacations (or if I haven't gotten reimbursed for work travel expenses yet).

cia · June 2010

We have a series of "laddered" CDs that we have slowly been building up. Each CD is a 12 month CD that holds one month's worth of monthly income. They are staggered so that one comes up for renewal every month (almost, we have not gotten to 12 CDs yet). The idea is that if one (or both) of us were to lose our income, we would have a year's worth of income to fall back on, that would be made available each month (just like our paychecks are now) at the time the CD is up for renewal. So realistically, we can only access one at a time, but we have a lot more than one month's worth of income in our e-fund.

shanwalk2 · June 2010

cia:
We have a series of "laddered" CDs that we have slowly been building up. Each CD is a 12 month CD that holds one month's worth of monthly income. They are staggered so that one comes up for renewal every month (almost, we have not gotten to 12 CDs yet). The idea is that if one (or both) of us were to lose our income, we would have a year's worth of income to fall back on, that would be made available each month (just like our paychecks are now) at the time the CD is up for renewal. So realistically, we can only access one at a time, but we have a lot more than one month's worth of income in our e-fund.

so smart. i think this is a great idea.

POLL! Emergency Fund savings

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