Are your savings accounts the same as your emergency funds?

**Michelle** · 05-21-2004, 12:45 PM

And how do *you* decide which to contribute to?

**sunshine** · 05-21-2004, 04:24 PM

We have an emergency fund that is set at $1000. As long as it remains at $1000, I don't contribute to it.

We have a seperate savings account-- or Freedom account, or whatever you want to call it. Into it goes the money for irregular expenses, like house insurance that is paid once a year. . . malpractice insurance that is paid once a year. . . . car insurance that is paid quarterly. . . . . car maintenance. . . . clothing. . . . and so forth. I add a set amount to this fund each payday (determined by how much we plan to spend in each area/year- divided by 27 paychecks).

All extra money after that goes to the debt snowball (debt reduction). If I have to hit the emergency fund for any reason (car repairs in excess of what is in the Freedom account), then the extra money goes to replace that, until it's back at $1000.

**Shell** · 05-21-2004, 07:07 PM

Oh boy don't get Guido started on this one!!!!

**Michelle** · 05-21-2004, 07:16 PM

Originally posted by Shell
Oh boy don't get Guido started on this one!!!!

**Shell** · 05-21-2004, 08:14 PM

Michelle you will have to check out the May emergency fund challenge to find out who Guido is!

**Michelle** · 05-21-2004, 08:15 PM

I know who he is--even replied to it, but I don't know what you mean here. I'll go read again.

**Jerseygirl** · 05-21-2004, 08:33 PM

We don't call ours an emergency fund. We have one significant savings account-for when we need a car, major house repair/remodel etc. We have a house savings where we stashed housewarming gifts, state income tax returns and when we got rebates on electronics-this is basically for when we need an appliance. We have 3 checking accounts, his, mine, ours for our expenses, house expenses, car repairs and vacations.

**canadian gardener** · 05-21-2004, 08:41 PM

separate.

We have an irregular expenses account, which is done thru payroll deduction

and the emergency fund which is done by stashing little amounts here and there.

**AmyBoz** · 05-21-2004, 09:38 PM

We have separate ones.

We have a regular savings account at the same credit union as our checking account. It is where we save money for savings. No particular reason. It's just savings. It's where we wound up having the money for the downpayment on the new house. We were saving as much as we could in that account for my maternity leave and wound up using it for the house since we were doing okay with maternity leave.

We have a house savings account where we put money for home improvement/repair. This account is at the same credit union where we have our mortgage through dh's work. We put tax refund checks and any "found" money in this account.

We have a cash emergency fund in a hidden spot in the house. We'll probably use it on our vacation (not all of it, just some) if we don't have an emergency where we need cash first.

**Chea** · 05-21-2004, 10:01 PM

Right now we only have one savings acct. I contribute $100 bi-weekly to it. Its mostly for our vacation in July but it also covers incidental expenses.....
Hopefully I'll be able to start a seperate acct soon!

**bamamomto4** · 05-21-2004, 10:17 PM

We have a checking account where almost of all of Steve's paycheck is deposited.We have a savings account (aka emergency acc) that I call " My account". I'm not good at saving money so when I opened this one (or rather started depositing to it--where we bank..a credit union, you have to have the savings acc with at least $20 in it at all times ) Steve was so happy he let me call it "my account" LOL
The money will be used for whatever...car repairs,appliance,house repairs...anything we may need extra money for.
We also have a money market account at the same bank. We have money in there but rarely add to it....we take out more than we add lol

**couponchic** · 05-22-2004, 06:05 AM

Ours is just the savings account and we never touch it unless it is absolutely needed ~ like an emergency or if we don't have enough for the car insurance, etc. Knock on wood ~ don't even remember the last time we have had to pull any money out of there. We don't have any of it designated for anything specifically. Before we will pull the money out, we both have to agree that it's necessary. For me, it is much easier to just have one checking account and one savings account. Less to keep up with so less stress. It seems simpler that way.
We maintain a change fund here at the house for any and all loose change. Makes great yard sale money to shop with and also sometimes DH gets in it to get soda change for work if we are out of cans at home.

**Shell** · 05-22-2004, 11:05 AM

I have two accounts. One where my cheque goes into and I pay the bills. I have an emergency fund account that I have been putting in money for years. **See the emergency fund challenge** (free advertising) When the money builds up to a certain amount I lock it into a savings bond or GIC so I am not tempted to spend it and the interest is a little higher.