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Parking emergency money?
Posted on 2/1/15 at 10:06 pm
Posted on 2/1/15 at 10:06 pm
Where does everyone have their emergency money parked? Im talking about 6mo - 1yr of living expenses?
Standard savings earning .10 - .85 or in a CD earning 2-4%?
I've always had mine in savings, but considering rolling to a money market or CD... Worst case scenario would still allow for a few weeks to dig into it, so that negative isn't that critical. Any other downsides in this thinking?
Standard savings earning .10 - .85 or in a CD earning 2-4%?
I've always had mine in savings, but considering rolling to a money market or CD... Worst case scenario would still allow for a few weeks to dig into it, so that negative isn't that critical. Any other downsides in this thinking?
3
Posted on 2/1/15 at 10:07 pm to Lsut81
Standard savings making me sad
Posted on 2/1/15 at 10:14 pm to The Easter Bunny
quote:
Standard savings making me sad
I love seeing those .10 and .20 cent interest deposits.
Posted on 2/1/15 at 10:50 pm to Lsut81
Where are you getting 4% on a cd? Was talking to a banker the other day and he said he doubted rates would ever get to 3% anytime soon.
Posted on 2/2/15 at 2:15 am to Lsut81
I have mine in a conservative allocation 66% diverse bonds, 33% large cap value stock in a Roth
I figure the earnings waiting for me to need it will exceed principal enough that it will protect it from the hypothetical situation of needing to withdraw in a fricked up market.
And I keep a grand or so on hand in addition to my monthly budget money to cover immediate pressing needs as a stop gap for the 2-3 days for funds to get transferred to my bank account.
I should have this saved for a cut and paste
I figure the earnings waiting for me to need it will exceed principal enough that it will protect it from the hypothetical situation of needing to withdraw in a fricked up market.
And I keep a grand or so on hand in addition to my monthly budget money to cover immediate pressing needs as a stop gap for the 2-3 days for funds to get transferred to my bank account.
I should have this saved for a cut and paste
Posted on 2/2/15 at 6:11 am to TJG210
quote:
Where are you getting 4% on a cd? Was talking to a banker the other day and he said he doubted rates would ever get to 3% anytime soon.
Yeah, highest I've personally seen is mid 2s, but I have heard of mid 3's from some institutions... I haven't seen it, but still wanted to give the range.
Posted on 2/2/15 at 6:47 am to Lsut81
A rewards checking account earning 2%
Posted on 2/2/15 at 9:28 am to Lsut81
We have it layered all over the place if you will.
We have a CC with only one small purchase that's paid off each month. This is if I ever had an emergency that needed me to pay for something immediately. I could charge it and then pull cash out of savings to pay it off.
Next, we keep a small amount of cash at home locked away.
We then keep about 2 weeks worth of expenses in a savings account at a local bank.
Finally, we keep the rest of it in my wife's credit union. That money isn't always easy to get at - it's for the school board, so they are closed over a lot of the school holidays (they are closed 2 weeks over Christmas, closed for spring break, closed for mardi gras week, etc). They are open during the summer, but only a couple of hours a day.
We have a CC with only one small purchase that's paid off each month. This is if I ever had an emergency that needed me to pay for something immediately. I could charge it and then pull cash out of savings to pay it off.
Next, we keep a small amount of cash at home locked away.
We then keep about 2 weeks worth of expenses in a savings account at a local bank.
Finally, we keep the rest of it in my wife's credit union. That money isn't always easy to get at - it's for the school board, so they are closed over a lot of the school holidays (they are closed 2 weeks over Christmas, closed for spring break, closed for mardi gras week, etc). They are open during the summer, but only a couple of hours a day.
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