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An emergency fund is essential to avoid debt. Initially, you may choose to keep your savings at home. You have several options where to keep your savings once you reach a larger amount of money.

Where to Keep Emergency Funds


Sandra Baublitz, Investing/Home Finance Editor
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Do you have an emergency fund? Do you use money market funds?


Sandra Baublitz, Investing/Home Finance Editor
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Sandra - how much interest do your own money-market funds pay? Down here (Cayman, in the Caribbean), banks' MM funds pay less than one per cent, in US Dollars. Not worth the effort, we reckon.

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How about several hundred stashed in a home hiding place ...

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Oooh, Susan - I hope the Dutch burglars aren't reading this!

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we're secure and that idea is for others, not for ourselves ... LOL

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Gordon -

Most money market accounts in the U.S. pay less than one percent. I get what you are saying, but I have to disagree with your thinking.

For many people it is a struggle to save for an emergency fund. They work hard for their money and sacrifice to save. Why let that money just sit there? Money should work just as hard for you as you do to make it.

Sure, it is not a lot now. But, eventually, rates will rise. Not a bad idea to establish the habit of having an account. Besides, every little extra bit is a big deal to many families.


Sandra Baublitz, Investing/Home Finance Editor
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Susan,

I see no problem with money saved in a home safe. Each person must do what suits them.

I like to see as much money go to work for someone as it can. Even if interest is low, at least your money is working for you. But I also see the comfort of having some on hand and close to home.


Sandra Baublitz, Investing/Home Finance Editor
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Great advice in the article and here Sandra. I made a hiding place out of an old book by hallowing out a section in the middle and gluing the outer edges of the pages shut. That's for just a little cash on hand. The larger emergency fund is in savings. I hadn't considered money markets. I will look into this. Thank you.


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Sandra. I hear you, and that's good advice for people living permanently within a single currency area. But not otherwise. I am one of those who suspects there are serious currency problems just down the road, including currency-controls. I am old enough to remember when currency-controls existed in Australia and Britain. Then, it made sense to have money beyond the reach of those nations' authorities. I think the limit was 50 pounds, for British people who travelled outside the country. PARAGRAPH HERE; I DON'T KNOW HOW TO MAKE PARAGRAPHS ON THIS SITE! It also may be prudent - depending on one's plans, and one's situation - to hold money in different currencies. My wife and I are retired, so we're not tied to jobs - and that colours my thinking. But there may be others in this forum who are in the same situation. (I've no idea!)

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