Newbie here, need some advice

[TTUPharmer]

I just graduted from undergrad, I'm getting married in a month and starting pharmacy school (4 years) in August. She also just graduated. we were given a very generous wedding gift from my parents (10K - and they're school teachers) and I have placed some of that gift in an ING MM(3K). we need about 2500 of it for start up cost (cell phones, rent/deposit, car insurance, etc.) but she will start full time work about 3-4 weeks after the wedding and I'm gonna work part time once I figure out what(if anything) I can handle after school starts. So that hopefully leaves us with about 2000 that is un accounted for (assuming another grand or so goes to move in costs, stocking the fridge etc.). What would be the best thing for two very young married people to do with about $1500 or so? We would want it fairly liquid in case anything comes up or it takes longer to find a job.

Thanks for the advice, also, if there is something remarkably better than ING and is as liquid let me know. ok time to

[Haku]

Hello, Pharmer. First of all... is your parents adopting?

Seriously though, you may want to leave as much money as possible in the ING account for now. The two of you are about to face a lot of changes in the very near future, so it'd probably be best to hang on to it and see what happens.

Besides, the conventional wisdom for an emergency fund is ~6 months of expenses. Even if the two of you are not in transition, I have a funny feeling that 4-5k would still not be enough to cover you guys for 6 months?

Leaving it in the ING account will also give you the liquidity you desire.

Either that, or ladder the $1500 into CDs. That's basically what I think anyway.

[Ima saver]

I agee with haku. I would suggest a mutual fund when you get a bigger amount, but right now you need a good size emergency fund. I would live it in ING or move it to GMAcbank which is paying 4.75.

[PRICEPLUS]

Get the six month emergency fund together. The ING acount is a good place.

[TTUPharmer]

Originally Posted by PRICEPLUS

Get the six month emergency fund together. The ING acount is a good place.

Thanks for the advice everyone, I probably will just add what I can to the ING account, we're planning on living off of 80% of our monthly income once we've secured jobs (10% tithe, 10% savings).

[flash]

You will definitely need the EF.

Does your grad school offer any stipends, TA or RA positions? They tend to be more flexible, as well as help towards your degree. They also help towards any grants/fellowships you may be looking for to assist with your education. (been there - Dr. Flash)

[TTUPharmer]

Originally Posted by flash

You will definitely need the EF.

Does your grad school offer any stipends, TA or RA positions? They tend to be more flexible, as well as help towards your degree. They also help towards any grants/fellowships you may be looking for to assist with your education. (been there - Dr. Flash)

They don't, pharmacy, like med school, is a prefessional school, not technically a grad school. Also, it's part of a specific health science campus, not part of the regular university. Unlike grad schools there are no stipends or fellowships. It's all out of pocket, but because the financial rewards upon graduation are so good it's not generally considered an issue. Most people just take out whatever loans they need knowing that they can pay them off in a few years afterwards. I do not have loans from undergrand, and am trying to avoid them for pharmacy school as well. My wife has some undergrad loans, but we are going to, try anyway, defer them until I"m finished with school.

[cbmeeks]

I didn't read all the responses here so sorry if I am repeating.

My parents are poor. They helped with about $1200 on my wedding. My wife and I knew we couldn't have much. So, we budgeted $5000 for our wedding.

So, I pulled the rest from my 401(k) and regret it ever since. I love my wife, the wedding was fun, but now that it was two years ago I would rather have that money instead of the memories.

If we did it again, we would have had the entire wedding for $200.

All you need.

cbmeeks