Comments on: Twitter Emergency Fund Poll

By: Kevin

Kevin — Thu, 28 Aug 2008 00:17:37 +0000

@Start-up: Thanks for the links. I understand some people are willing to take the risk to get that extra rate — and heck at 7% it would definitely be worth it — but I’m sticking with ING for now. It doesn’t disrupt our current system.

By: the taxguy Â» Passing the week. . .

the taxguy Â» Passing the week. . . — Sun, 24 Aug 2008 11:27:07 +0000

[...] on you. More assurances that you need one. Well Check out the poll done over at No Dept Plan â€œTwitter Emergency Fund Pollâ€ and if that doesnâ€™t help then read the (what I call ) follow up from Ashley at Wide Open [...]

By: 8-17-08 Weekly Roundup and Carnivals | LivingAlmostLarge

8-17-08 Weekly Roundup and Carnivals | LivingAlmostLarge — Fri, 22 Aug 2008 13:01:50 +0000

[...] NoDebtPlan does a Twitter Emergency Fund Poll [...]

By: Start-Up

Start-Up — Fri, 22 Aug 2008 04:43:23 +0000

The random ultra high checking accounts I mentioned can be found through either http://www.checkingfinder.com or http://www.highyieldcheckingdeals.com where you can get between 5 and 7% APY. They’re checking accounts that cap the account at $25,000 for the high rate and you have to have one ACH transaction per month, 10 debits per month and receive paper statements. I’m fairly confident in my ability to meet the requirements so I might check it out, but if I decide to go the safe route I will probably ladder my funds through ING or a comparable account.

By: Kevin

Kevin — Fri, 22 Aug 2008 01:26:16 +0000

@Everyone: Thanks for all of the responses. Very interesting to see!

@Start-Up: Depends on what you mean by high interest rates and random ultra high yield accounts. I prefer stable, safe accounts that still yield well — like ING Direct. They recently introduced CDs in the 3.5-3.7%.

By: Start-Up

Start-Up — Thu, 21 Aug 2008 15:14:26 +0000

I currently have no emergency fund because all of my money is going towards a down payment on a condo that’s scheduled for October 3rd. At that time I will try to save up a 3 month emergency fund, and then re-evaluate to determine if I need more, such as a 6 month emergency fund.

The key is to make sure you find some sort of account with a high interest rate. Those random ultra high yield checking accounts seem like it might be worth checking out.

By: Bruce

Bruce — Wed, 20 Aug 2008 22:26:21 +0000

Now they respond. Where was everyone on Sunday?

By: Stephanie PTY

Stephanie PTY — Wed, 20 Aug 2008 16:31:42 +0000

I have a small, but growing, emergency fund. I think the key for me is to find an erratic source of income that feeds right into it, so I’m not used to receiving that money, and I don’t miss it. For me, it’s my ING referrals.

By: Scott @ The Passive Dad

Scott @ The Passive Dad — Wed, 20 Aug 2008 06:27:03 +0000

Just starting an emergency account is a big step for many people. It took me a long time to get that first $1k saved, as something always seemed to come up unexpectedly. The recommended 3-6 months really let’s you sleep better at night. We have 6 months+ and I feel we need more.

The bigger issue is how does a student or single parent get started on an emergency account? If you are making minimum wage or have large expenses, you probably feel like you’ll never get ahead. Just start somewhere, even if it’s $10 a month.

By: Alison @ This Wasn't In The Plan

Alison @ This Wasn't In The Plan — Wed, 20 Aug 2008 03:39:20 +0000

We have about 2 1/2 months worth saved up. I’d like to have six though. For me it’s worth the peace of mind because life has brought me enough suprises already and I’d like to be as prepared as I can for the future ones!