How Do You Save For Your Emergency Fund?

[Staceyy]

[QUOTE=disneysteve;135824]What happens to the money that accumulates in the change box? Why not periodically deposit that money into your emergency fund account?

We keep it as a small emergency account. Last year we used it for a small plumbing problem. Its since built back up to about $500. I like to keep this in the house where its handy. I do have to take it to the bank to use the coinstar machine though. The bank does not charge its depositors to use the coinstar machine. As long as this money is in coins I won't be apt to touch it. I'm afraid if I convert it into dollars, I might be tempted to spend it on some sort of foolishness.

[disneysteve]

We keep it as a small emergency account. Last year we used it for a small plumbing problem. Its since built back up to about $500. I like to keep this in the house where its handy.

Just keep contributing to it. When it surpasses $500, put the rest in your bigger EF and keep the $500 on hand. I think you should keep a few hundred on hand in cash for emergencies. The rest can be in a money market.

[Ingtar17]

When my paycheck is automatically deposited into my account, it automatically transfers a set amount to a savings account, which I have labled as my emergency account. It's simple and I don't even have to think about it. It is all automated.

[skydivingchic]

To help me avoid the temptation of spending my EF it is in its own account (and its own envelope in my Mvelopes account). That particular savings account is only to be touched in case of emergency. I have other accounts (and other envelopes) for all my other savings and spendings.

[Ima saver]

I have just always taken 10-15% out of our paychecks and added it to our emergency fund. Now that the ER is 1/2 years pay, I put the money into our money market account.

[Koppur]

Wow, I'm impressed. My EF is funded when I can finda few bucks here and there to add to it.

[GRITSinMS]

In the spirit of Dave Ramsey, I am aiming for the $1,000 in liquid EF by applying any extra available money until it is funded. That fund is a separate liquid savings account, easy to access if needed. Part of my pay goes in every month, anything left from current budget is added and any extra money like rebates or garage sale money funds it.

What many may not consider is an even more liquid EF. Because I am from "hurricane land", it was a lifesaver to have $200 cash sitting in my drawer at home when we needed to evacuate. It doesn't do a lot of good when commications are down and all you have is a debit card - no matter how much money is sitting in your account.

[mariogreymist]

In the spirit of Dave Ramsey, I am aiming for the $1,000 in liquid EF by applying any extra available money until it is funded. That fund is a separate liquid savings account, easy to access if needed. Part of my pay goes in every month, anything left from current budget is added and any extra money like rebates or garage sale money funds it.

What many may not consider is an even more liquid EF. Because I am from "hurricane land", it was a lifesaver to have $200 cash sitting in my drawer at home when we needed to evacuate. It doesn't do a lot of good when commications are down and all you have is a debit card - no matter how much money is sitting in your account.

That's why I have a .45. It beats cash any day

[MonkeyMama]

Save raises. Save spouse's wages. Save windfalls. Earn interest.