Thursday June 12, 2008 Talkback Question:
Do you have an Emergency Fund? If so, how long would your Emergency Fund last if you had no income? Is it kept in savings, investments or home equity?
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Disclaimer: I am not a financial professional. Any decisions you make regarding your finances are based on your own research.
I haev setup more for an emergency such as car problem, not as much for loss of income. It would last maybe a month with loss of income. I keep it in online savings
We have a fund of ~6 month expenses that is just over $10k
It's just in a high yield savings account.
It would last me 8 months but cutting back I could probably make it last longer. Its all in savings - a money market to be exact.
We used to do the ING multiple Savings Accts thing, including an official “Emergency Fund”, but when it registered that I had a "large"K CD at BoA (to get their premium account treatment), AND that interest rates stank, we switched and now pour everything into the HELOC, pulling out only what we need for monthly bills; the net effect is we're slowly paying down the HELOC while still having the option of using it for "emergencies". The BoA CD is one of those no-penalty-for-early-withdrawal ones, so that's #1 source of funds; it has pitiful interest, but I have NO banking fees! The CD would cover a few months, I have a Money Mkt that would last a few months, THEN we would have to start dipping into the HELOC.
I keep 6 months of pay at my current salary tucked away in a simple savings account which will only get touched in case of a dire emergency (read: laid off). It would be able to last me between 9-12 months with no other source of income (and by skimping a bit more than I am used to).