Poll of the Day > Do you have a Rainy Day fund? How about an Emergency fund?

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dental care?!

I have a basic savings, ...

actually what do you guys mean by emegency fund, don't you have 99% of your money in your bank account?

Imagine having the money to save money.

I have a rainy day fund but it almost never rains here so it hardly gets used

My HSA has been one of the best things that's ever happened to me. It reduces my tax rate by quite a bit, so basically the government is putting about a thousand bucks in my account every year, my employer is adding another thousand, and then I'm putting away $2000 of my own money. And it really takes the worries out of healthcare. After my colonoscopy, the hospital billed the insurance company incorrectly and the insurance said I owed a couple thousand. Annoying, but it didn't worry me because I already had more than that in my HSA so I could have plunked down my card and paid it right there with no stress. (Fortunately I was able to get them to redo the billing with the correct code so I owed nothing.)

Right now most of my money is in my checking account, since it gets better interest than my savings account, up to a certain dollar amount, at which point I move the excess to savings. Now I'm trying to move some of the savings account money into CDs, which get WAAAAAAAAY better interest, by an order of magnitude. The downside is you're locked in for 6 months, so I'm trying to set up rolling CDs that are staggered over time. Eventually I hope to have it so one is maturing every month.

Lokarin posted...

I have a basic savings, ...

actually what do you guys mean by emegency fund, don't you have 99% of your money in your bank account?

I have an investment account with stocks and bonds

I keep 5-10% as liquid in my savings/checking account for emergencies/everyday use.

Yes. I keep a minimum of $10k in my chequing account, which would qualify as a rainy day fund, and $10k in a savings account for emergencies.

I have two savings accounts for discretionary funds and a savings account for housing expenses

Emergency fund with 3 months expenses. I don't have a 'rainy day fund', I just take those expenses out of my bank account like everything else.

Hell yeah. They're called Yu-Gi-Oh cards. Gonna be sitting pretty in early retirement, surrounded by tail.

I dont handle the finances, but we are well prepared for any eventuality

Yes, on top of my investment funds like Roth IRA, 401K and (technically) my house which I could take a second mortgage on if I really needed to.

I've been living off my savings for like two years now. Plan is to get a job after the summer's over.

i only have a trust fund

Could you give an example of "unanticipated, essential travel"?

Nichtcrawler-X posted...

Could you give an example of "unanticipated, essential travel"?

Family members sick or dying?

captpackrat posted...

My HSA has been one of the best things that's ever happened to me.

I also have an HSA that I haven't touched yet. I also have money taken out pre-tax (pretty sure) to purchase stock in my company and they match a percentage. So my paycheck is smaller but I am building up other "savings". My current savings were kinda wrecked by buying a house. I am in sell collectables mode and I'm really trying to save and build it back up now.

I see no difference between a rainy day and emergency fund there. I considered that bundled together..

I have a "Retire Tomorrow and Never Work Another Day For the Rest of Your Life" fund.

Short of a catastrophic financial disaster, I'm pretty much covered for almost anything.

GRTooCool posted...

I see no difference between a rainy day and emergency fund there. I considered that bundled together..

ParanoidObsessive posted...

I have a "Retire Tomorrow and Never Work Another Day For the Rest of Your Life" fund.

Short of a catastrophic financial disaster, I'm pretty much covered for almost anything.

Aren't you like 60? Are you really not retired yet?

MightBeOverSoon posted...

Aren't you like 60? Are you really not retired yet?

You can't get Social Security until 62 at the earliest, but you only get 70% of your benefit if you retire that early. "Full" retirement is at 67 (earlier if you were born before 1960), but you can continue to increase your benefits by delaying retirement until 70, which gets you an additional 8% per year that you wait.

thankfully my deceased abusive father did one good thing by getting rich and leaving me a nice trust fund so yes ido have a rainy day fund