Wondering where to stash your extra cash? Check out how 13 women manage their emergency funds.

Recently, a member of our community sought advice after her bank reduced its annual percentage rate (APR) again. Our members quickly shared insightful tips on everything from emergency savings to where to find the best annual percentage yield (APY) on high-yield savings accounts (HYSA).

We know the incredible women in our group are eager to share their thoughts on a favorite topic: emergency funds. So, I asked them:

  • Do you maintain an emergency fund? Where do you store it?
  • What do you love about HYSAs if you have one?

Here are their responses:

Emily B.: “We keep a small emergency fund and several sinking funds. Typically, we have around $3k in checking, savings for one to one and a half months, and any excess in a high-yield savings account. I’ve considered CDs, but their rates are similar to HYSAs, and they offer less flexibility. I might explore I-bonds as well!”

Sonja T.: “I maintain about six months of living expenses in my credit union savings and another four months in an American Express HYSA. I’m aiming to reach a year’s worth of expenses in that account. My credit union allows ‘sub-accounts’ for sinking funds for vacations, taxes, insurance, maintenance, etc. The interest isn’t great, but safety is my priority.”

Laura Q.: “Our investments are with Betterment, and we have a HYSA, retirement funds, plus an ‘emergency cushion’ in our checking account. I keep two months of expenses in checking for peace of mind. Ideally, I won’t need to use it, but if necessary, I’d withdraw from the HYSA and rebalance my investments.”

Kimberly G.: “Honestly, I don’t have sufficient emergency savings. It’s tough as a single-income household with four kids. But I’m working on it; I set aside $100 monthly for income loss.”

Megan H.: “I strive to have six months’ worth of income saved. This amount should allow me to leave a toxic job without a lifestyle change. I use YNAB to view my liquid assets collectively. I don’t separate my funds into different accounts, but I chase interest rates and bank bonuses to maximize earnings. I currently earn at least 2% APY and some accounts yield over 6%. Occasionally, I’ll open a CD if the rate beats my liquid accounts, but that’s rare.”

Megan J.: “I have my emergency fund in a savings account with the same bank as my checking, covering around three months of expenses. I also keep a few hundred dollars in cash at home for emergencies. My husband and I maintain a joint savings account for household emergencies and vacations.”

Lisa B.: “I have eight months’ worth of savings in a credit union money market account, earning about 1.2%. I want to switch to a HYSA but haven’t found the time. Unfortunately, I have double that amount in a savings account earning nothing. Frustrating!”

Emily K.: “We maintain a cushion of about one month’s expenses in checking, plus some cash in an envelope for immediate access, while the rest of our emergency fund is in a HYSA.”

Heather S.: “My emergency fund is at the credit union, which I affectionately call my ‘Swiss Bank Account.’ Each month, I transfer $300 into it.”

Julie C.: “We keep a month’s income in our checking account and currently have 1.5 months’ expenses in our regular savings. We also have a separate checking account for sinking funds for home repairs and other savings that we could use if needed.”

April L.: “My emergency fund is in a HYSA – Marcus by Goldman Sachs. Their platform is easy to navigate, and setting up an account doesn’t require immediate funding. Plus, transfers are quick.”

Julie D.: “I have a modest emergency fund of around $1,000. I know it's not much, but my focus has been on reducing other debts.”

Colleen C.: “I maintain an emergency fund covering three months of expenses at Ally. I’m not at a point where I want to move my money around for a percentage or two.”

For more discussions like these, feel free to reach out to us at info@trendiesfind.com. We’re always here to offer support!