The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: panda on February 29, 2016, 11:21:43 AM
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Whatever you feel comfortable with. We have 1,000 over what our monthly bills are in checking, then 2 months in a high yield savings account that takes 2-3 days to access, then the rest is in Roths/IRAs/HSA/CDs/Investment accounts... basically anything else that gets tax advantages or better rates. We have the 'springy debt' to cover most issues that may occur during the 2 months of issues and I'm in an industry that makes finding work easier than most, so I feel comfortable with that. But I can definitely understand why some may want to have a bigger net though.
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Pretty much what we do - small buffer in checking, bulk of emergency fund at an online bank.
I can't even think of a scenario where I'd have to have a large check today that I couldn't write in 3 or 4 days without causing too much of a problem. Maybe an out of town car repair? Of course, we have a couple of credit cards that could be used to float even if something like that does come up.
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I think an emergency money of a few days or a few weeks can be handled by one or two credit cards. I keep my real emergency fund at Capital One 360, currently paying 0.75% as OP's account. With a somehow stable job, I do not actually think I need a serious emergency fund. So that money is also my travel money, and my dry powder money, etc., currently can support 20 months of my living expenses.
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I keep a $1000 bufffer in my checking account, and 1 year's worth of expenses in a "high interest" online savings account.
Since my EF is basically just in case of job loss, I'd just continue charging my expenses to a credit card, and transfer times from account to account wouldn't matter.