I had a thought about my emergency fund:
I’ve been contributing to it regularly and will continue to do so until I reach my goal of 3-6 months of living expenses.
So when I reach that goal, what do I do with it? Do I stop contributing to it? Do I keep going, but with smaller deposits? The same size deposits?
To all my PF blogger friends out there, what did you do, or what are you planning to do? Time to break out your “advice” hats and fill me in!
4 responses to “EF Question”
I stopped and starting putting that cash into investing to max out RRSPs or regular savings for short term goals like travel, new laptop etc..
Fabulously Broke in the City
“Just a girl trying to find a balance between being a Shopaholic and a Saver.“
I plan on doing the same thing FB did, while keeping in mind that should I need to use the money for anything I’ll want to replace it as soon as possible!
I myself would then divert the former EF deposits into a long term savings or retirement fund – ING or something like that with high interest but lots of security.
I would move to something like fixed term investments, rrsps, or investing in something like stocks where the cash doesn't necessarily have to be liquid & immediately available to me.