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Thread: EF
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08-20-2007, 10:26 PM #1Registered User
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EF
When y'all save for your EF do you have a bank account for it or is it cash? Sorry if this question is silly.
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08-20-2007, 10:28 PM #2Registered User
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Of course that's not a silly question! We save our emergency fund in a money market account so that we can earn interest on it. Plus, it's always easier to spend cash when it's on hand.
--Michelle~ Michelle
Wife to DH--
Mom to DS--
and DD--
Avatar picture--Taken at Comanche Lookout Park, San Antonio,Tx. April,2010
Mortgage -- $53,077.24
March Emergency Fund Challenge-- $100 /$200
----------------------
"The time to save is now. When a dog gets a bone, he doesn't go out and make a down payment on a bigger bone. He buries the one he's got." --Will Rogers
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08-20-2007, 10:50 PM #3Registered User
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I keep mine in a bank acct. To be fair it is a credit union with just one location in RI (we live in CT, but work in RI). A set amt is deposited automatically from my pay each week. Because these are no branches in the area, it lessens any temptation to disturb it unless necessary.
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08-20-2007, 10:54 PM #4Registered User
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I have mine in an on-line savings account. The only "savings" at home is the change jar, and that gets rolled and either drops back into available cash or is deposited in the savings account.
Donna
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08-20-2007, 11:02 PM #5Registered User
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I keep mine in ING. It links right to my checking account. Moving money back & forth is quick and easy, just a day or two. Right now the interest rate is 4.5%.
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08-20-2007, 11:06 PM #6Registered User
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Our EF is in the bank. Half is in a 3 month CD and other in a regular savings acct.
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08-20-2007, 11:49 PM #7Registered User
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I keep mine in an on-line account so it earns interest. I do keep a small amount of cash on hand just in case of emergency.
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08-21-2007, 12:16 AM #8Registered User
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I keep mine in a savings account, harder to get out (so no temptation) and earns interest.
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08-21-2007, 12:20 AM #9Registered User
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i also keep mine online.
marie/andrea
dh 
We had a baby!
10/04/11
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08-21-2007, 01:50 AM #10Registered User
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I keep half of mine in ING and half at the local bank.
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08-21-2007, 12:21 PM #11Registered User
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Mine is in a savings account so I can easily move cash on payday from checking into savings that way I get it into the account.
Pay yourself first.The math never lies, budget in INK!
Amount of Free items 2012 $391.33
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Debt #3 12/31/12 $3648.83
Madness, mayhem chaos...my work here is done!
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08-21-2007, 12:27 PM #12Registered User
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Ours is in a savings account at the local bank, but we do keep about $100 at home for an emergency. Sometimes in the winter if we are forecasted to get a horrible snow then we take a bit more out, in case of need.
taking one day at a time, trying to get rid of debt!!
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08-21-2007, 12:46 PM #13Registered User
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Thanks for the replies.... I already have ING saving acct. so I'll be putting more into that for EF.... I save and roll quarters then when Spring comes I cash them in and use that money to pay for my lawn care. So far, I haven't needed to put any extra $ with it.
If You Find Yourself Dancing In The Rain
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08-21-2007, 03:26 PM #14Registered User
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Sad to say I do not have an EF! I never thought about having one until visiting here. And now cannot seem to work into my schedule. I have all money going toward something at this moment. What do you guys do to start it?! Ah. I feel lost when I think about it.
Another dumb question..how much is a good amount ot have in EF? I see some peoples EF says done. Does that mean you haev certain amount and once that is in there you stop saving?
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08-21-2007, 03:32 PM #15Registered User
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I keep a small amount in an ING savings account specifically for emergencies, I also have ING accounts for vacation, truck repairs and "other". I keep the rest in 6 month CDs at ING with one rolling each month.
I especially like ING as there is no minimum for the CDs unlike most banks.
I also have specific amounts automatically deducted from our checking weekly into specific accounts, and hubby and I both have direct deposit pay, so we really don't use cash at all.
kj
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