Comments on: Local Emergency Savings Funds

By: Should I Pay Off Debt With Savings? | Frugal Dad

Should I Pay Off Debt With Savings? | Frugal Dad — Wed, 09 Dec 2009 19:37:21 +0000

[...] on our Orange Savings Account to 2.75 APY. That is still much higher than the rate earned on my local emergency fund, but several percentage points lower than the interest I am paying on revolving debt. However, [...]

By: Best 529 Plans | Frugal Dad

Best 529 Plans | Frugal Dad — Wed, 07 Oct 2009 16:29:37 +0000

[...] futures so that we are not a burden on our children. Once we have paid down debts, built a solid emergency fund, and are contributing to our own retirement plans, then we can turn our attention to college [...]

By: Where To Save Birthday Money For Kids | Frugal Dad

Where To Save Birthday Money For Kids | Frugal Dad — Fri, 31 Jul 2009 10:01:26 +0000

[...] a financial rite of passage for kids. While they don’t offer particularly good rates, local savings accounts do offer a great way to introduce kids to banking. Take them along and let them fill out the [...]

By: The Tri-Level Emergency Fund | Frugal Dad

The Tri-Level Emergency Fund | Frugal Dad — Wed, 22 Jul 2009 13:41:04 +0000

[...] recommend keeping the next $1,000 of your emergency fund in a local emergency fund at a bank or credit union checking account. These funds would cover things like car repairs, broker [...]

By: Rolex Versus Timex | Frugal Dad

Rolex Versus Timex | Frugal Dad — Tue, 07 Jul 2009 01:57:32 +0000

[...] the remaining $27,270.01 for my kids’ college funds, my own retirement fund, and to build an emergency fund. Even if I had an extra $27k I could think of a hundred charities I would rather support, or [...]

By: Emergency Funds For Different Kinds Of Emergencies | Frugal Dad

Emergency Funds For Different Kinds Of Emergencies | Frugal Dad — Mon, 08 Jun 2009 10:01:28 +0000

[...] The inspiration came from a post I read over at Gather Little By Little about creating specialized emergency funds. I liked the idea of dedicating a portion of money to a specific emergency situation, and the idea folded in nicely with an earlier tweak to our financial plan to create a local emergency fund. [...]

By: Brent

Brent — Wed, 04 Feb 2009 19:27:47 +0000

One should keep ~$500 ($10s and $20s) in a safe at home and the rest of one’s emergency savings should be in a fairly quickly accessible high(er) interest savings account. Most allow transfers back to a chequing account within 2-3 business days. Anything big that occurs goes straight on to the credit card.

By: How Much Cash Should I Carry? | Frugal Dad

How Much Cash Should I Carry? | Frugal Dad — Tue, 30 Dec 2008 20:55:53 +0000

[...] with a fully-funded emergency fund, and a smaller local emergency fund, it also makes sense to keep some cash around the house. Home safes and lock boxes are fairly [...]

By: Preparing For A Sudden Change | Frugal Dad

Preparing For A Sudden Change | Frugal Dad — Tue, 09 Dec 2008 13:49:42 +0000

[...] a solid emergency fund in place. I have seen first hand the devastating effects of a major illness on a family’s [...]

By: When it Comes to Emergency Funds, Size Does Matter | Frugal Dad

When it Comes to Emergency Funds, Size Does Matter | Frugal Dad — Tue, 02 Sep 2008 11:00:33 +0000

[...] A solid emergency fund is the foundation of any solid financial plan. Having a little tucked away for rainy days puts some distance between you and the ledge of a financial cliff that could give way at any moment–usually from broken appliances, car repairs or major medical issues. Most financial planners advise people to have about 3-6 months worth of expenses saved in money designated for emergencies only. However, over the years I’ve found this 3-6 month rule to be too arbitrary, because there are a variety of factors to consider when deciding how large to grow your own emergency fund. [...]