I read an article and it got me thinking about our emergency fund.
If you put it in more than one location, where does the biggest chunk live?
Feel free to just vote if you don't want that info out there.
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In several different savings accounts. We like not having it all in one place.
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We have our emergency fund in multiple places: some in savings, some in CDs, and some in stocks.
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Not sure how much constitutes an emergency fund, but we have a few £,000 between us in checking accounts, that's about all.
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We have decent chunks in a couple different accounts...then we have others scattered between other investments, etc.
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In my dads "bank".
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The bulk of our savings (what I would constitute as our emergency fund) is in a CU savings acct, then we have 3 other mini savings accts with a few hundred each for car expenses, trips, etc. I don't consider our 401Ks an emergency fund because they are not to be touched!
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What is this "emergency fund" you speak of?!?
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Since it's an "Emergency Fund" it needs to be instantly accessible without worry of fees for withdrawls so, ours is in a savings account, which is tied to our other accounts.
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Our primary emergency fund is in an online savings account; our secondary emergency fund is invested in stocks and bonds.
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We have it split between two savings account at our credit union that get great interest (4%) and an investment account at our bank that's basically a mutual fund. I have no idea if this is the right thing to do, lol.
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@sheskrafty: bahahahaha. My response, as well!
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@dagret: We have ours in exactly the same spots as you!
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@dagret: @2PeasinaPod: Us, too! Well, except our savings account isn't an online account.
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Our account that is designated as our "emergency fund" is in an online savings account. We have money in other accounts that we could certainly draw on if we needed to, but it's not specifically designated for that purpose. We also keep a small stash of cash in case of a natural or technological type emergency in which we couldn't get money from the bank for awhile. But it's probably not as much as we really should have, it just makes me nervous to have a lot of cash around.
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We use a fund manager called "betterment" - you choose your allocation (ex: 70% bonds/30% stocks) and they handle the rest for you. I discovered it through reading the YNAB blog.
We also have 401k's and a money market account.
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The Cayman Islands!!!
No, just kidding.
Savings account tied to our checking account. Boring.
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@mrs. wagon: haha! I was going to put 'off-shore bank account' as an option!
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@bluestriped bee: I like the "Gold" option!! I wonder if I can convince Wagon Sr. to trade our savings account balance into gold. I would totally keep it safe because it would be around my neck.
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@Mrs. High Heels: how do you like betterment? I'm thinking of giving it a try, but can't decide whether to just do Vanguard instead and not bother.
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Savings. If it truly is an emergency, we want to be access/liquidate funds right away.
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Investment accounts that earn around 10% return annually (not guaranteed, of course, just historical average) vs. the 1% of my "high yield" savings account.
I definitely don't consider IRAs or 401k to be "emergency savings", you can't withdraw from those without large tax penalties.
We've never run into a situation where we couldn't use a credit card to pay for an emergency expense; I've never needed to have actual cash on hand within a few days time.
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We have multiple savings accounts. We also always try to have a certain amount in checking so we don't have to use the savings.
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@plantains: I like it so far, but have only been using it a couple months so haven't really lost or gained any money yet. We do auto-debit so every month, so money gets deposited into our Betterment account and we don't even think about it. It's really easy/intuitive to use and the web interface is great. My husband is a financial consultant so he thoroughly researched and vetted it out and thought it was a good tool.
You can read more reviews here:
- http://cashcowcouple.com/service-reviews/betterment-review/
- http://www.youneedabudget.com/blog/2012/betterment-review-im-a-huge-fan/
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23 comments