1. What investment vehicle do you hold your emergency fund in? Obviously having access when needed is important, but dropping it in a savings accounts could cost you a lot when you consider the opportunity cost of not having it in an investment with a higher return. Thoughts?

    • Our emergency fund is in our savings account. Yes, we could invest it but then it wouldn’t be an easily accessible account. I think that is the price we pay for having some money set aside just for emergencies.

  2. I’ve saved for periods in my life where I knew my income would be limited. I’ve run into situations where I thought it would have been nice to have an emergency fund. But I’ve never been prepared when the unexpected happened. Which is why we’ve started getting serious about this.

    Great giveaway! Thanks!

  3. I don’t think its too fair to say they purposefully ignored the warnings. I think many people just didn’t have anywhere to go. When you’re all alone in the city, where are you supposed to go when you’re not sure of the severity of the storm?

  4. We’ve never had an emergency fund over $1000 and it’s a struggle to keep it at that. Household things like plumbing/electrical problems are generally what we’ve used it for, but we do realize we need a “household upkeep” fund. Wish we had more cash flow to make it happen!

  5. Geez…there is a ton of you posting about emergency funds today and taking part in this giveaway! I’m burnt out on emergency funds now. lol. What a great giveaway though and an opportunity for somebody to win $100!

  6. We’re like you guys and keep our emergency funds as a buffer in our savings accounts. It’s currently at 6 months of expenses, which we feel pretty comfortable with.

  7. We keep 1/2 of our emergency fund in a regular savings account at a local brick and mortar bank. The other half is in an online savings account with a slightly higher interest rate. This does two things for us. First we’re able to take out from the brick and mortar at a moments notice at a slightly lower interest rate.
    The online account gives a slightly higher interest rate, however it also takes a few days to wire the money. So if we need the other half of the money we really need to think it through. It keeps us from using our funds for impulsive reasons.

  8. We use ING for our ER fund. It is accessible and still collects a bit of interest for when we don’t use it. It works pretty good.

  9. Wow another giveaway, that’s awesome! Emergency funds are difficult because I think people quickly get overwhelmed with trying to save a large sum all at once. Breaking it up into a smaller initial goal of 1-3k, as you said, is a much better approach.

  10. Popular opinion used to be to save 3-6 months of living expenses in a emergency savings account. I agree with your opinion of 6-12 months. Things have changed now and getting a new job is not as easy!

    • Yeah. I tend to be on the conservative side of that. I’d rather have more than less, especially with the uncertain job conditions right now.

  11. We have our emergency fund in an HSBC online savings account. The interest rate used to be better than it is currently… I haven’t used it yet, and hopefully I won’t have to!

  12. It’s funny that 1/2 of America has no emergency savings and the other 1/2 has too much. I see very few families with the correct amount in the emergency savings.

  13. Saving Emergency Funds is a very daunting task. It could be because many people live for instant gratification. Instead of even making small savings, they will go buy a coffee with the “spare change”. Luckily, though my bank, everytime I make a transaction, a certain amount of money gets transferred into an emergency account. It’s not much (50 cents), but it adds up quickly.

  14. Interesting I hadn’t thought of comparing storms and financial problems before. If you look at it that way there’s a different perspective and it really makes you evaluate how prepared you are for a financial storm. Thanks for helping me to think about things a little differently.

  15. Awesome issues here. I’m very glad to look your post. Thanks a lot and I am having a look ahead to contact you.
    Will you kindly drop me a mail?


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