Where do you keep your emergency fund?

tbs727 · 06-23-2005, 05:02 PM

I am trying to get my husband to read the Dave Ramsey books. I think we are going to read one together as a study.

My DH has been an impulsive spender and hasn't always been honest about his purchases. I want to be able to trust him now but I'm nervous about it. One of his arguements for wanting to keep carrying a debit card is for emergencies. (such as a flat tire) So my question is, where do you keep your emergency fund? I would like to not keep money in the checking account. It wouldn't do any good for him to carry a debit card if our EF is in a savings account....

homesteadmamma · 06-23-2005, 05:05 PM

Its in a seperate bank account. It has not checking or debit card priviledges. If we need to take something out, we have to go to the bank to do so. Although right now there isn't a whole lot in it.

Michelle · 06-23-2005, 05:29 PM

Right now, mine is in ING.com

If I have a situation where I need immediate cash (like when I'm on the road), I will use my debit card and then transfer the money from ING to my checking account afterwards.

Mom23boys · 06-23-2005, 06:52 PM

Quote:

Originally posted by Michelle
Right now, mine is in ING.com

If I have a situation where I need immediate cash (like when I'm on the road), I will use my debit card and then transfer the money from ING to my checking account afterwards.

Same here. It keeps me from tapping into it whenever I want.

tightwadmommy · 06-23-2005, 07:48 PM

Me too. Have my little bit in ING.

handmerounds · 06-23-2005, 08:27 PM

I have mine in my savings account at the bank. So far its working for us.

gkp1031 · 06-24-2005, 06:51 AM

Mine is in the savings account--I've been pretty good about not touching it!! I do have a small amount in ING and haven't touched that at all

Michelle · 06-24-2005, 06:52 AM

Where does Dave Ramsey say one *should* put their EF? I had the book but returned it to the library yesterday. Oops

reanybeany · 06-24-2005, 07:49 AM

I haven't read his book yet. My library didn't have one. I have listened to his radio show a few times. I didn't find it at the used bookstore either, but I found YMOYL. I had a credit so it was FREE. I am starting my EF at ING so can't get my hands on it too easily.

DEBT: 1,000
EF : 0.00

bridge · 06-24-2005, 12:34 PM

Mine is also in ING.

kaykwilts · 06-24-2005, 01:52 PM

We have an ING account where we keep the EF.

Prairiemom · 06-24-2005, 03:10 PM

I started mine in a separate savings account. No debit card or check book for this account. I have to go to the bank to make any transactions.

I don't know your situation but, how about dh not using a debit card and instead budgeting a certain amount of cash for him each week?

For small emergencies I keep a $20 dollar bill tucked in one of the card slots in my wallet away from my spending money.

tbs727 · 06-24-2005, 04:14 PM

Quote:

Originally posted by Prairiemom
how about dh not using a debit card and instead budgeting a certain amount of cash for him each week?

That's exactly what we plan to do. He just wants to keep a debit card in case of a tire blow out or that kind of emergency... I guess we could just plan on keeping $100 on hand for that kind of emergency. He has also talked about getting a secured credit card in case of emergencies... That way it is still money out of our pocket and we don't have any debt. I've never had a secured credit card, are there many reasons not to have one?

Rhaynefall · 06-24-2005, 04:35 PM

ING for me for our main savings.

More accessible savings is in a credit union savings account that only I have the card and pin for.

Then we have a small cedar box stashed with a bit of money in it for extreme emergencies.

Of course, right now the total of those three is just over $200, but it's a start.

mom2matty · 06-24-2005, 05:48 PM

Ours is in a savings account.