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re: Uh oh - savings
Posted on 4/24/13 at 5:50 pm to nelatf
Posted on 4/24/13 at 5:50 pm to nelatf
quote:
I don't have enough cash set aside. What is the norm...1 year living expenses? Also, sink it into a CD or MM?
6 Months to 1 Year (1 year is a usually too much, unless you are self employed), and in a MM account. MM's are liquid (with few restrictions), and get the same interest rates CD's do.
Emergency funds should be liquid, but cumbersome. Some people will say use your Roth as your emergency fund, I Think this is just a dumb idea.
This post was edited on 4/24/13 at 5:51 pm
2
Posted on 4/24/13 at 5:51 pm to Vols&Shaft83
quote:
I Think this is just a dumb idea.
If you lack self control I agree, completely. Some people need to create obstacles to reach their savings goals and I applaud them for doing so.
This post was edited on 4/24/13 at 5:52 pm
Posted on 4/25/13 at 2:20 pm to Vols&Shaft83
quote:
Vols&Shaft83
I'm with you on this one. Not a fan of using a Roth for emergency fund.
I've got 5 months of living expenses saved up in my emergency fund. Anywhere 3-6 is adequate, but it just depends on what makes you feel comfortable.
This post was edited on 4/25/13 at 2:21 pm
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