Comments on: 6 Neat Ways to Build Your Emergency Fund http://moneyning.com/frugality/6-neat-ways-to-build-your-emergency-fund/ A personal finance blog where we share insights on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Sun, 21 Mar 2010 19:25:36 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Kelly from Almost Frugal http://moneyning.com/frugality/6-neat-ways-to-build-your-emergency-fund/comment-page-1/#comment-9092 Kelly from Almost Frugal Mon, 01 Sep 2008 20:20:53 +0000 http://moneyning.com/?p=1200#comment-9092 This post has been included in the 141st Festival of Frugality, going live at Almost Frugal September 2nd 2008. Don't forget to link back to it when you get a chance. This post has been included in the 141st Festival of Frugality, going live at Almost Frugal September 2nd 2008. Don’t forget to link back to it when you get a chance.

]]> By: Scott @ The Passive Dad http://moneyning.com/frugality/6-neat-ways-to-build-your-emergency-fund/comment-page-1/#comment-9018 Scott @ The Passive Dad Fri, 29 Aug 2008 17:42:52 +0000 http://moneyning.com/?p=1200#comment-9018 I really like your creative ideas and recently canceled my gym membership and plan to put the $30 towards emergency account. Lot's of fun ways to cut costs and put it towards savings. I like the gas idea, but it would be hard for me to consistently move money. Some of the other readers have already suggested it, but auto saving is the way to go. I really like your creative ideas and recently canceled my gym membership and plan to put the $30 towards emergency account. Lot’s of fun ways to cut costs and put it towards savings. I like the gas idea, but it would be hard for me to consistently move money. Some of the other readers have already suggested it, but auto saving is the way to go.

]]> By: Emily http://moneyning.com/frugality/6-neat-ways-to-build-your-emergency-fund/comment-page-1/#comment-8984 Emily Wed, 27 Aug 2008 21:27:17 +0000 http://moneyning.com/?p=1200#comment-8984 I am a big believer in the automatic savings plan at a separate bank. I do most of my banking with Bank of America but set up a travel fund and emergency fund at ING Direct. Every week, $12 goes into travel and $17 goes into emergency (not sure why I picked those numbers -- just seemed like not too much and not too little). I barely even notice them disappearing from my checking account each week, but after a few months I have way more in my savings than I realized. I also try to add extra money to those funds whenever I can or whenever I get a windfall, but I really believe in having small automatic transfers, too. It really helps build a solid fund with you barely even noticing. I am a big believer in the automatic savings plan at a separate bank. I do most of my banking with Bank of America but set up a travel fund and emergency fund at ING Direct. Every week, $12 goes into travel and $17 goes into emergency (not sure why I picked those numbers — just seemed like not too much and not too little). I barely even notice them disappearing from my checking account each week, but after a few months I have way more in my savings than I realized. I also try to add extra money to those funds whenever I can or whenever I get a windfall, but I really believe in having small automatic transfers, too. It really helps build a solid fund with you barely even noticing.

]]> By: marci http://moneyning.com/frugality/6-neat-ways-to-build-your-emergency-fund/comment-page-1/#comment-8980 marci Wed, 27 Aug 2008 17:44:21 +0000 http://moneyning.com/?p=1200#comment-8980 Every 'odd' check goes directly to the savings/investment account. This could be a rebate, a tax refund, an insurance refund, a check from the health insurance to cover something I already paid for, a birthday or Christmas gift check, etc. If it's a gift check (out of state family), I deposit it in the account, and then, if I chose to, I spend up to an equal amount out of my personal checking account for the gift I decide to buy. That way I get the gift and savings :) I also put every third paycheck into savings - I get paid twice a month - altho once in a while it's the fourth paycheck, and not the third. :( Plus I have a property sales check that comes in every month - that check goes directly into the savings/investment account also. Basically, any windfall that comes my way goes directly into savings. Plus all my dividends and interest income are either reinvested automatically, or go into the savings account automatically. Automatic deposits are not available thru my employer, so that idea won't work for me. Every ‘odd’ check goes directly to the savings/investment account. This could be a rebate, a tax refund, an insurance refund, a check from the health insurance to cover something I already paid for, a birthday or Christmas gift check, etc. If it’s a gift check (out of state family), I deposit it in the account, and then, if I chose to, I spend up to an equal amount out of my personal checking account for the gift I decide to buy. That way I get the gift and savings :)

I also put every third paycheck into savings – I get paid twice a month – altho once in a while it’s the fourth paycheck, and not the third. :(

Plus I have a property sales check that comes in every month – that check goes directly into the savings/investment account also.

Basically, any windfall that comes my way goes directly into savings. Plus all my dividends and interest income are either reinvested automatically, or go into the savings account automatically.

Automatic deposits are not available thru my employer, so that idea won’t work for me.

]]> By: Everyday Finance http://moneyning.com/frugality/6-neat-ways-to-build-your-emergency-fund/comment-page-1/#comment-8978 Everyday Finance Wed, 27 Aug 2008 12:47:04 +0000 http://moneyning.com/?p=1200#comment-8978 When balancing my checkbook, I round every payment up to the next full dollar integer in the ledger, capturing 25 cents here 75 cents there. With hundreds of bill payments per year, this adds up to a few hundred bucks each year in the checking account. I just posted on a topic like this for saving tips for college freshmen. Timely and important article MoneyNing, thanks for posting. When balancing my checkbook, I round every payment up to the next full dollar integer in the ledger, capturing 25 cents here 75 cents there. With hundreds of bill payments per year, this adds up to a few hundred bucks each year in the checking account. I just posted on a topic like this for saving tips for college freshmen. Timely and important article MoneyNing, thanks for posting.

]]> By: Sam http://moneyning.com/frugality/6-neat-ways-to-build-your-emergency-fund/comment-page-1/#comment-8977 Sam Wed, 27 Aug 2008 09:59:24 +0000 http://moneyning.com/?p=1200#comment-8977 Or you can try what David Bach suggested from his book. Do it automatically! Simply put, have your income (maybe 5-10% of your income) automatically transfer from your payroll and deposit it into your savings account before you even have access to it. As they say it, you cannot spend what you cannot see. By the time you're 60, you should have more than a million without even knowing it. Sam Fix My Personal Finance http://fixmypersonalfinance.com/ Or you can try what David Bach suggested from his book. Do it automatically!

Simply put, have your income (maybe 5-10% of your income) automatically transfer from your payroll and deposit it into your savings account before you even have access to it. As they say it, you cannot spend what you cannot see.

By the time you’re 60, you should have more than a million without even knowing it.

Sam
Fix My Personal Finance
http://fixmypersonalfinance.com/

]]> By: Steward http://moneyning.com/frugality/6-neat-ways-to-build-your-emergency-fund/comment-page-1/#comment-8973 Steward Tue, 26 Aug 2008 20:08:59 +0000 http://moneyning.com/?p=1200#comment-8973 Recycle! If you live in a state that charges you for buying cans or plastic bottles (like California does) then you are paying a five to ten cent tax on every container that you purchase (a 6-pack costs you an additional 30 cents). Definitely recycle your own bottles and cans and save the money, but if you don't already drink soda or bottled beverages be sure that you benefit from the laziness of others and do recycle their stuff for them. Recycle! If you live in a state that charges you for buying cans or plastic bottles (like California does) then you are paying a five to ten cent tax on every container that you purchase (a 6-pack costs you an additional 30 cents). Definitely recycle your own bottles and cans and save the money, but if you don’t already drink soda or bottled beverages be sure that you benefit from the laziness of others and do recycle their stuff for them.

]]> By: MoneyGrubbingLawyer http://moneyning.com/frugality/6-neat-ways-to-build-your-emergency-fund/comment-page-1/#comment-8968 MoneyGrubbingLawyer Tue, 26 Aug 2008 17:50:04 +0000 http://moneyning.com/?p=1200#comment-8968 I like to practice what I call "dishonest accounting" with my paycheques. I get paid bi-weekly, but all my bills (except my mortgage) are monthly. I plan my budget based on 2 pay periods per month, leaving me with 2 "bonus" paydays every year. I use these extras to pay down my debt, but you could just as easily use them to up your savings funds. It may not be a fast way to build cash, but it works! I like to practice what I call “dishonest accounting” with my paycheques. I get paid bi-weekly, but all my bills (except my mortgage) are monthly. I plan my budget based on 2 pay periods per month, leaving me with 2 “bonus” paydays every year. I use these extras to pay down my debt, but you could just as easily use them to up your savings funds.

It may not be a fast way to build cash, but it works!

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