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An emergency fund and a question

December 8th, 2008 at 04:35 pm

Well, I have been figuring out how much I would need for an emergency fund and decided that I should have 8 months of living expenses since the economy is poopy. I think 344$ sounds like a good estimate. I mean, I don't have a house or kids to pay for and I'm mainly adding up what I owe on bills every month plus an extra 100$. Thinking about it, I make 292$ every month...I pay almost in much as bills as I make...No wonder I'm always in debt! Man, that sucks!! I am definately gonna have to get more hours at work. okay, back on subject. 344$ times 8 is 2,752$ for those of you who hate math as much as I do. I need to get that as soon as possible.

I'm gonna start putting 29.56$ of every check into a savings account (I think that should be a dime of every dollar...again, hate math) and, when I get some money in January I'm gonna put some of that towards my savings.

Oh, question. What do ya'll know about interenet banks? I know some of them get a whole lot more interest than regular banks but that's pretty much all I know. How would you deposit money? would my money be safe?

Posted in Savings | 5 Comments »

5 Responses to “An emergency fund and a question”

  1. LuxLiving Says:
    December 8th, 2008 at 04:40 pm 1228754447
    1228754447

    There are lots of internet banks. Two that are popular are INGDirect dot com and EmigrantDirect dot com. You can deposit money thru a regular local checking account. Yes, I believe your money would be safe.

    Good going figuring out an emergency fund plan!

  2. lizajane Says:
    December 8th, 2008 at 05:13 pm 1228756437
    1228756437

    I use INGDirect and I would be happy to send a referral link. I don't even know if there is a bonus associated with it or not. Sometimes there is, but it might only be if you open it with some minimum deposit. Either way, it doesn't really matter. The goal is just to START savings and take it from there.

  3. Petunia Says:
    December 8th, 2008 at 08:03 pm 1228766580
    1228766580

    Good plan to get going on your EF. We are working on that in the onion patch too. Your math seems to be just fine. Smile
    I don't know anything about internet banking though, can't help you there.

  4. baselle Says:
    December 9th, 2008 at 06:04 am 1228802699
    1228802699

    I've been with ING for 4 years. Its FDIC insured, so it has the same insurance as a brick and mortar bank. The only issue with ING is the interest rate. It used to be that you had to have a regular bank with a checking account, and you would link your ING account to it, just like Paypal.

    To deposit money, you would go online to ING, hit Transfer Money, and ING would pull it from your checking.

    ING gives you a $25 bonus if you put in at least $250 with a referral. Might be best if you save the $250 first and then get lizajane's referral. 10% return is nothing to sneeze at.

  5. artbyladyd Says:
    January 31st, 2009 at 12:24 am 1233361445
    1233361445

    okay - easy answer - most of the internet banks get money deposited electronically many employers can do this for you. if you want to find out if your money is safe there.. well this is a really bad economy and nothing is safe anymore - however if it is insured by the federal trade commission you should be okay. by the way - i have over 40k in credit card debt 70k in home loans and 45k in school loans - and two kids and a husband. he works i take care of the new baby - i'm telling you cut those damn things up.. seriously. best reguards
    D

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