where is your emergency fund money?

**forestdale** · 11-30-2004, 03:47 PM

I'm starting an emergency fund and I still trying to decide where to put the money. I don't really want to put the money in the bank (it would mean opening a new account and therefore more bank fees) so I'm thinking i might just use a container here at my home.

Any thoughts?

**matt&roxy** · 11-30-2004, 04:04 PM

I'm giving away my secret......LOL! I put our cash in the freezer for safe keeping. We have never used a bank and in the case of a fire it will hold up in the freezer.....LOL! It has worked for us for 8 yrs so why change a good thing!!!!

**AmyBoz** · 11-30-2004, 05:24 PM

In a book. Ssshhhh...

**sunshine** · 11-30-2004, 05:32 PM

My EF is in my credit union at work-- harder for me to get to most days than the bank here at home, so I'm not tempted to spend it friviously.

I do keep an envelope with "found" money at home, buried in one of the lower drawers of my dresser (not the underwear drawer as that is the first place thieves will look)

**COUNTRYBUMPKIN** · 11-30-2004, 06:46 PM

Our fund is down in the basment in a very heavy combination safe.

**pqb52** · 11-30-2004, 07:14 PM

I'm just starting ours and we have one of those small fireproof boxes and I'll keep it in there.

**Missy** · 11-30-2004, 07:29 PM

I have a little tip jar over my washer and dryer. not quite the same thing but all spare pocket money i find from the dryer goes in it, cash or change. It is becomming a fund. DH has noticed it but doesn't touch it. Once it is full, i will empty it and begin again. And i will hide the cash from it in my secret hiding place. Should I tell?? should I should I?? we have a water bed. the water bed has pull out drawers. so if you pull the drawers out all the way there is empty space in the middle that runs down the length of the bed that the drawers don't meet up. it is about a foot wide. i have all kinds of great stuff under there, lol. all wrapped in plastic bags or in plastic boxes incase of leaks, lol.

**forestdale** · 11-30-2004, 07:45 PM

lol missy!! I love it. I thought roxy's freezer idea was cool too.

**homesteadmamma** · 11-30-2004, 07:56 PM

I have a question. Is it because you just don't trust banks, don't have the time to open an account or ........

Ours is in a bank in the next town over. That way I can't take it out quite as easy as if I had it stored at home. And with the home invasions taking place in our province, I don't trust keeping it at home.

**forestdale** · 11-30-2004, 08:05 PM

CJ, I don't like banks, although we have a couple of personal accounts and a business and merchant account for accepting credit card payments. In Australia, banks have been closing down country branches, sacking employees and raising fees while they sustain record profit levels so that now, most Australians distrust banks.

But that's not why I don't want to open another account. I want to see the money - it has more relevance to me then, it's real. It inspires me to save more and feel secure knowing it's there as my buffer. I won't be tempted to take money out unless it's a real emergency because I really have it in my head now that enough is enough.

**homesteadmamma** · 11-30-2004, 08:44 PM

Rhonda the same thing is happening here with banks. They are always closing banks in small rural areas and just today the Royal Bank announced it was laying off 1,600 employees.

**frugalmel** · 11-30-2004, 09:40 PM

Ok I must be the odd ball here. I have mine set up in a seperate account through ING.

www.ing.com

I had to put it where we wouldn't get to it.

**Telephus44** · 11-30-2004, 09:41 PM

I keep mine in and ING Savings Account. Because its a savings account and not a checking account, I can't get to it very easily (I have to transfer it back into my checking account). I just have $25 taken out of my checking into my EF every Friday and never miss it. And I get paid interest on it!

**rebecca** · 12-02-2004, 07:49 PM

I keep my EF at my credit union in a money market act. I have accounts for tution (this is for the girls school activites), christmas fund, savings, ef, checking, and vacation fund. From Jan to June I put $100 a month in the bank for our vacation, then from June 1st to December I put in $100 every month for christmas. If I don't use all my christmas fund I put it in the ef. My bank doesn't charge any fees.