Sept. Emergency Fund Challenge!

**Shell** · 09-02-2003, 01:27 AM

Yes, it time for another payment into the good 'ol emergency fund. Some people say you should have 3-4 months for an emergency fund but with the unstable economy THEY are now suggesting 6 months!

What I want to know is . . . who is they? They always have so much to say don't they?

**Shell** · 09-16-2003, 12:03 AM

Even though it seems I am in this challenge by myself now, I am still going to keep going.

Time to put another $200 in my emergency fund making a grand total of . . . $4,000.00. Yipee!!!!

**Heather** · 09-16-2003, 07:58 PM

I'm almost embarassed to say we don't have one!

It's one of those things that I keep saying, I have to set one up and never do. Do you have it as a savings account and transfer if need be or a chequing account?

**Mom23boys** · 09-16-2003, 08:34 PM

We had to use ours up and now we need to start rebuilding it again. I get paid on the 25 of the month, so I plan to pay toward it.

**Shell** · 09-16-2003, 09:46 PM

I keep it in a savings account & when I have $5,000 I will lock it up in a GIC or something. So far I haven't needed to use one penny.

**couponchic** · 09-18-2003, 01:24 PM

What is a GIC? We have a savings account and I periodically deposit money into it. I really need to get into the habit of making a fixed amount per week or month.

**Shell** · 09-18-2003, 04:00 PM

A GIC stands for guaranteed interest certificate I believe. It may not be available in the US. Another choice might be a bond. Something with low risk but a little higher interest then just you get with a savings account.

**Jeanna** · 09-18-2003, 09:12 PM

I am with you Heather. But I am working on setting one up. I am also setting up a vacation account. A vacation every 7 years is not to much to ask, I don't think.