We have started step 1 (I also ordered Dave Ramsey's book from the library, long waiting list at least 6 weeks. So if I don't have the steps right please correct me)

I have $500 cd and $349 in savings. Dh gets paid today so I should be able to get the rest in tomorrow.

Where should I keep my ef? I am thinking on opening a ING account for it, but how accessible is that? Should I put half in regular savings and half in ING? The cd matures in 6 months, I plan to cash it then and put it in the ef.

Read a post about "freedom account" (for irregular expenses ie. taxes, yearly payments etc, and dh works construction and we have varied income) and we already have one of those so I usually have a few hundred dollars I can "borrow" for a few days until I can move money from Ing if need be.

I would appreciate any advice.
Thanks in advance.

I keep mine in my ING account. It's not as accessible as my bank account in town, so much less temptation to take any out. Money can be transferred from a regular bank account to the ING account and vice versa pretty easily.

ING also has a GREAT interest rate--much better than any savings bank around here, so I'm earning interest and making my fund bigger that way.

I haven't done Dave Ramsey, so take my reply for what it's worth lol...that's just what *I* do. :)

I keep all my bef except $500 in Ing. I keep $500 at my local bank in case of an emergency and I had to get to the money that day.

I am leary of online banks.

They work well for some, I just don't think they are for me.

I keep my account and my sons; as well as my son's two c.d.s at the bank I work at. I am thinking about moving my savings to somewhere less accessible for me

I keep my EF in a local bank -- where I can access it immediately if needed. My Freedom Account I have in ING. I know when those things are due, and can transfer the funds about a week before I have to pay them.

I also keep my full baby EF in an ING account. Someday, when we have a full EF built up, I plan on keeping about $500 in a local account that I can access that day if needed. We've had our baby EF at ING for 6 months now, and it hasn't been a problem yet.

I have a savings account at my bank that has between $1000-2000 in it at all times. It is not my EF, but for periodic expenses. it is accessible immediately though, which is important. If I had an emergency I could pull from it, while waiting on a transfer from my ING acct where I have my EF at. it takes 3-4 days for a transfer to go through, so it you don't have a credit card, then you would not be able to access it immediately. which most emergencies are immediate right? I would keep it at your local bank.

I have both an ING account and an Emigrantdirect account. Emigrantdirect.com interest rate is higher so the bulk of my savings goes in there of course!

I keep my EF in a local bank, that way it's accessible in case of emergencies and the rest in an ING account.

I keep some in a 3 month cd and some in a MMA both with GMAC online.

We keep at least $1,000 in our local bank (plus our checking) our true emergency fund is divided between ING & Zion's Bank (like ING) because the interest is so much higher. Zion's regularly beats ING for us. We may transfer it all there, but we haven't yet.

Ok so is it always like this....
I planned to put the last $150 or so into our ef yest.
dh calls home and says the car (which needed a new clutch and I DID have the money set aside for) also needs a new exhaust because it was soooo bad when the guy took it off to replace the clutch it FELL APART! So I have to come up with another $250 for that. Also the tires are bald and it is december in PA so they must be replaced asap--last month would have been preferable as he's already had to drive the 8 miles to the gallon truck to work due to snow!
So here we are dipping into our ef before we even get up saved.
Sorry, it's just so frustrating to finally decide we are going to do something about or debt and get hit within the first week!
I guess I should count our blessings that we have the money and don't have to put it on the cc.
please encourage!

I keep our BEF in a PC Finanacial savings account (currently @ 3.25 %). I will open a new PC account (4% interest if >$1000) and let my 3 mos old have our current account (3.25% on everything, new accont is only 1% below 1 K).

To Stacy - when we had just over $500 in our EF, we had a $900 repair on our car - it only mad eme more determined to get the BEF going again and it got there pretty quickly! Don't get discouraged!