I started thinking about this more and have decided to start diverting any extra cash I earn to my currently non-existant bed fund. So not only babysitting money, but any mystery shops, any odd jobs, any paid surveys, any paid to click/read payouts, etc will go into this bed fund. I have about a year to build it soley on that sporatic extra income. I think I can do it. I will continue to put money regularly into EF savings, anything that I sell will go to my EF savings since it was originally something I spent money on. It's the best way I can think of to differenciate between what should go in as an emergency and what should be saved for a needed big ticket item.
More on the bed fund.
September 8th, 2006 at 09:21 pm
September 8th, 2006 at 10:12 pm 1157753547
September 9th, 2006 at 08:54 pm 1157835271
September 9th, 2006 at 09:57 pm 1157839061
September 9th, 2006 a 13:54:31
You probably regularly search for the banks, s&ls and credit unions with the highest interest rates. If not, you may not maximize the return on your EF savings. Talk about money for nothing Smile
Agreed. I have most of my EF at ING, I know Emigrant's got a higher interest rate but I just don't feel like moving it. The rest of my EF is local and tied directly to my checking as the overdraft account. I need to keep some in there for imediate emergencies since ING takes two business days to transfer.
The Bed Fund will go in a new Emigrant account. Which should also return a nice profit.