Where Do I Keep The Money For My Emergency Fund?

Where Do I Keep The Money For My Emergency Fund?

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[magen-bn]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[ryant]

it's not about how much money you make but how you manage it.

[DJYTonly]

His effective tax rate is likely in the neighborhood of 30% all in (SSI, Federal, State, Local, etc.), so he's netting around 70K and then paying 17K into his 401k and in child support, so the 53K post all of that makes way more sense. I was so confused when she first said that.

[lilkenneth]

Biggest thing to take away is child support is no joke! Be careful of who you have kids with.

[LastSider]

In a Savings Account connected to a Checking Account, where even on a weekend you can move the money in an instant, is the way to go for an Emergency Fund. Doesnt matter if you going to earn 0.04% on it. Is just how fast you can access that fund.

[AthaLO]

I'm old school, it's hidden in my home.

[BrandonMinguez]

A High Yield Savings Account (HYSA) is a great spot for your emergency fund.

[rhall]

It’s not the taxes, it is the child support that is cutting that yearly income in half. 🤦🏽‍♂️

[magicpony]

This guy could *easily* be paying 20k a year in child support, depending on how much his ex makes.

[kuryanthomas]

they probably only take home 53k from 100 gross cause he probably maxes out his 401k (19, 500 pre tax) and then maybe pays for all his various insurances (medical, disability, life, dental etc) for the family through that company paycheck.

[ProtoMaxoid]

I would invest it in a low risk etf like IVV or VOO. Sell whenever it's needed.

[davz]

2200 twice a month is 4400 a month or 52800 in child support per year, that half his pay going to child support, that assuming her husband is only making about 100k per year...the typical child support payment is between 16 to 19% of income so she may want to look in to that...and whoever is doing your taxes, theres a glitch in that matrix

[twocantan]

I really like this new guy. I'm assuming he is Hogan's replacement, but what happened to Anthony? I haven't seen him in at least a couple months

[Marthastewart.]

its odd, just go onto ADP or accountant at work and look at your break down. It will be clear exactly where all the money goes pre tax.

[jenniferw]

I am going to build up a $50k emergency fund over the years. Gonna put $10k per year into I-Bonds since the interest rate is so high right now -- tied to inflation :) Also relative to other savigns accounts, I-Bonds haven't done all that bad in the past 10 years.

[flamingmonferno]

You have to have some money in a savings account that’s easily accessible. Some money to spend, and have a good chunk of change in retirement savings and a few other things that make money. God is the provider of all things and He will provide for all our needs according to His mercies. We just need to figure out how to harness and use what He has given us.

[tomdrummy]

In a DIFFERENT bank that you use for your everyday bills…………..a bank that you don’t pass by everyday…….and forget about it !
Tell yourself you don’t have that $$ ……… because you don’t. It’s only for emergency
PS. There is no such thing as high yield savings account in 2021

[LifeofaLandlord]

All money isn't good money. Its ok to turn down opportunities that don't align with your goals, ethics, and values.

[mrt]

Wait...so under my mattresses is not right?

[jamesstandifer]

There’s high yield savings accounts that are 4% and 5% now