Where do you keep your emergency fund? - Page 2

[Ironica]

Our savings (which is mostly dedicated to a remodel we're getting bids on right now) is in a money market that, last I checked, was getting a bit over 4% (but it's north of $85k, which matters). It's set up through the brokerage attached to the accountant who handled my late cousin's finances. It all came from her estate, so we just kept it with the folks who had it, since they seemed to be doing a good job with it!

We've talked about putting a portion into a CD until we're starting construction, but never did get around to it, and we're sending the drawings out for bids right now, so we may need it in less than six months (and that's about the minimum time for a CD).

We had our down payment for our house in a "liquid CD" with CalNational, which was pretty cool. It's a CD, but slightly lower interest than most CDs, and it allows you to deposit or withdraw twice in the seven-month term without penalty. If you find you're using the second time, you can just withdraw it all and start a new one, so you'll never face a penalty.

[e13lorena]

ING Account here as well. Earning around 3% - it used to be up to 4 or 4.5 dang it

We actually have quite a few of them. Here's our huge list:

Christmas Fund

• $50 month = $600 year
• Used to purchase all christmas gifts, goodies, decorations, etc with

Vacation Fund

• $5 week = $260 year
• used for mini vacations and overnighters during summer trips

Non Monthly Bills

• $25 week = $1300 year - used for bills that come a couple times a year, plates & registration, trash, recycle, septic pumping, pest control, etc, etc, etc
• So we don't have to scramble for money when the un-expected bill comes
• This account has been a life-saver.
• We simply took what we pay for each thing, for the entire year and then divide by 12 to see what the monthly payment would be if we had to pay it monthly, then add all the non-monthlies together to get how much you need each month and divide by your paychecks or weeks or whatever and just transfer - we don't even miss this anymore.

Kid's Activity Fund

• $80 month = $960 year
• used for kids to go to camp, and activities like dance, karate, gymnastics throughout the year

Walt Disney World Fund

• $50 month = $600 year
• obviously saving for the trip to Walt Disney World - hopefully by 2010 once the Harry Potter Park is open

Bankruptcy Fund

• $1000 - just sitting there waiting until DH wants to file bankrutpcy
• if for some reason he doesn't have to then we have an automatic emergency fund

Car Maintainance Fund

• $20 month = $240 year
• Used for oil changes, tune ups, small auto repairs and parts that don't qualfiy for use of emeregency fund

Emergency Fund

• I try to have $1000 in this at all times, but it's only got $250 or so now.
• We usually fund this is tax returns in spring
• We sure missed this $$ last year - we had too many emeregencies and some went on Credit Cards
• This is so we don't have to use the credit cards

Savings for Extras

• $3 week = $156
• Used for extras when we need a little boost in one catagory or another

Personal Savings Accounts for Each Child (3 DDs, and DSS)

• 8.33 month on each child's birthday = $100 year for each child
• Hope to save money saved for them for fun money when they're 18
• car, college, trip tp europe - with interest hopefully it will just grow bigger and bigger

Health Savings Fund

• $50 month = $600 year
• I just started this, to pay for prescriptions, and everything up to our $500 person / $1000 family deductible
• Might have to increase it depending on what type of insurance I get when I find a new job

I like the idea of some in the money market account to earn more interest but still be able to get to the $$ at certain times if needed.