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Started By
Message
re: How much is your emergency/cash fund?
Posted on 7/5/23 at 1:07 pm to AUHighPlainsDrifter
Posted on 7/5/23 at 1:07 pm to AUHighPlainsDrifter
quote:
If you're keeping 10K in a checking account, that is your emergency fund.
No…that’s not 6 months of living expenses.
We carry enough in checkings that I never have to look to see if overdrafts are feasible. HYS carried the rest. Anything else is invested.
1
Posted on 7/5/23 at 1:15 pm to lynxcat
There's a lot of semantics being played in the thread.
Of course checking account funds are going to be used to pay bills if someone is too sick to work or gets laid off.
And if I take the money out of my savings (i.e. emergency fund) and buy a car cash or put a down-payment on a property, then my emergency fund served multiple purposes. I'm not destitute without plan B, C, D or F.
This strict adherence to "emergency only" is extremely draconian.
Of course checking account funds are going to be used to pay bills if someone is too sick to work or gets laid off.
And if I take the money out of my savings (i.e. emergency fund) and buy a car cash or put a down-payment on a property, then my emergency fund served multiple purposes. I'm not destitute without plan B, C, D or F.
This strict adherence to "emergency only" is extremely draconian.
Posted on 7/5/23 at 1:46 pm to meansonny
I get it, money is fungible and you’re obviously free to use (or call in this case) your money as you see fit. But to me a savings account that you plan to deplete with large purchases is just a savings accounts, not an emergency fund.
In my opinion, everyone should have an “emergency only” fund.
In my opinion, everyone should have an “emergency only” fund.
Posted on 7/5/23 at 1:58 pm to Tifway419
I have a brokerage account.
Ideally, it will be used for retirement.
But if I get an opportunity for a dream home on a river in Florida, I'm not hesitating to move the funds.
If my average monthly balance in checking and savings is $30k (floor $15k, high $60k), I'm not buying another car or kiddie condo if I get a serious diagnosis which affects my ability to work.
Ideally, it will be used for retirement.
But if I get an opportunity for a dream home on a river in Florida, I'm not hesitating to move the funds.
If my average monthly balance in checking and savings is $30k (floor $15k, high $60k), I'm not buying another car or kiddie condo if I get a serious diagnosis which affects my ability to work.
Posted on 7/5/23 at 3:30 pm to meansonny
quote:
But if I get an opportunity for a dream home on a river in Florida, I'm not hesitating to move the funds.
Exactly. Holding cash is a waste if it’s dead money. As long as it is liquid within 48 hours, it’s the same as cash to me and I want my money making money. And I like to be able to get at least $100k liquid quick in case there is a major opportunity for investment.
This post was edited on 7/5/23 at 3:31 pm
Posted on 7/5/23 at 8:55 pm to Drizzt
As of right now, my next paycheck is my emergency fund. Problem is I got bills to pay this month.
Posted on 7/5/23 at 9:19 pm to thelawnwranglers
I've been hammering my savings account which is also my emergency fund the last few years. We have about two years worth of expenses saved up in a high yield savings account currently at 4.15% rate (most we have ever had in savings at one point), but we have an upcoming car purchase and are a single income household with young kids. Our yearly expense rate is increasing faster than our yearly household income.
I'm hoping to leverage the savings for some recreational purchases in the years to come such as buying hunting land.
I'm hoping to leverage the savings for some recreational purchases in the years to come such as buying hunting land.
Posted on 7/6/23 at 12:31 am to thelawnwranglers
Standard response is 6 mths of expenses. It needs to be liquid and low risk. This is the “lose your job” money in case the SHTF.
Posted on 7/6/23 at 8:08 am to Lsut81
I was not aware of that. They sent me an email and account was open with a couple clicks. FDIC insured to $2.5milly for you ballers on the money board
Posted on 7/6/23 at 10:30 am to thelawnwranglers
We have about $93k sitting in TMCXX and another $20k sitting in a CapitalOne 11-month cd. TMCXX is paying out over 5 percent right now.
Posted on 7/6/23 at 1:25 pm to StreamsOfWhiskey
Not to get into specifics but my “cash/emergency savings” are spread around between my checking, savings, I-bonds, and a vanguard money market. And with the current interest rates this is the most “cash” I’ve had in a long time.
Posted on 7/6/23 at 7:08 pm to AsTheBarnBurns
quote:
Vanguard cash plus account earning 4.5%.
I have a Fidelity Money Market account paying over 5%….
Posted on 7/7/23 at 7:26 am to nugget
quote:
guess I never really understood the need for an emergency fund. Anything over 10k in my personal checking gets put somewhere for investment, even if it’s just my Robinhood account. I can access those funds quickly enough, along with many others where I don’t see a need to have an account just sitting there with 6 months of bills
Kind of with you there.
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