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Info Seeker
Posts: 3
Registered: ‎08-05-2009

Re: What's the best way to stash away a rainy day fund?

Message 21 of 23 (179 Views)

I was a single mom with 3 children.  The company I worked for had a savings plan where they matched $.50 to every dollar I put in.  I was only able to save a moderate amount that was deducted from my check.  That way I never saw it and didn't miss it.  When I retired I invested it. Then as I grew older I saved five dollar bills.  When they grew (quite fast) I put them in my savings account.  When I had saved $5000 I started a CD.  I began to have $100 transferred every month into the CD and watched it grow.  I had an Anniuty set up when I had to start drawing from my IRA and I recieved enough every month to pay for a new car.  Now I have a nice retirement, a nice car and I feel secure.

Gold Conversationalist
Posts: 53
Registered: ‎08-27-2013

Re: What's the best way to stash away a rainy day fund?

Message 22 of 23 (144 Views)

We throw all our loose coins in a jar.  It adds up fast!  I had one of those large plasic coke bottles for change and I accumulated a couple hundred dollars!  It was so heavy I had to take the coins in a little at a time!

Gold Conversationalist
Posts: 51
Registered: ‎02-22-2009

Re: What's the best way to stash away a rainy day fund?

Message 23 of 23 (63 Views)

Treat every raise (or bonus) as if it never happened.

If you are not living on the extra money now, why increase your spending (lifestyle) to use it up?  If you can't stomach saving all of it, go half and half...spend half and save the other half.

If you have access to a company supplemental savings plan, keep in mind that the company match can double what you contribute from that raise or bonus.

Since retiring, my Roth IRA has proven to be the best component (rainy day/emergency fund) overall in my retirement portfolio.  

Fey Lady