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Originally Posted by disneysteve
You already have a $1,000 EF, correct? I think adding another $200 is a good idea as $1,000 is a woefully inadequate EF no matter what Dave Ramsey says. One car repair could wipe that out. Since you got more than you were expecting, putting part toward savings makes sense to me.
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Yes, we already do have the $1000 EF, actually we have around $2500. Just because I thought $1000 was alittle skimpy. I mean it wouldn't even cover ONE house payment. So, still think $200 or so into the EF is a good idea?
Here's a break up of the $2500. $500 into a regular savings account. (I know it should probably not sit in there long) and $2000 in a GMAC Demand Note gaining around 6% interest.
Thoughts?