Comments on: Where to Stash Your Rainy Day Fund http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/ Money issues for college students and 20-somethings, without being boring. Fri, 12 Mar 2010 04:36:08 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Mike http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-85894 Mike Thu, 11 Feb 2010 11:41:15 +0000 http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-85894 There is a good one you missed if you are a homeowner: overpaying your mortgage Depending on you mortgage provider the you will be able to make withdrawals against your overpayments and/or take payment holidays. Any over payments you make will be deducted from the interest you pay on your mortgage, effectively earning you the same amount as if you had invested the cash in a high interest savings account with the same rate. This is even better if you are a higher rate tax payer as you don't pay tax on this money saved. Off-set mortgages are like this - effectively any funds you have in a current account are offset against the balance of your mortgage. You maintain instant access and control but get a decent return on your cash. There is a good one you missed if you are a homeowner:

overpaying your mortgage

Depending on you mortgage provider the you will be able to make withdrawals against your overpayments and/or take payment holidays. Any over payments you make will be deducted from the interest you pay on your mortgage, effectively earning you the same amount as if you had invested the cash in a high interest savings account with the same rate.

This is even better if you are a higher rate tax payer as you don’t pay tax on this money saved.

Off-set mortgages are like this – effectively any funds you have in a current account are offset against the balance of your mortgage. You maintain instant access and control but get a decent return on your cash.

]]> By: Simon http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-83001 Simon Wed, 16 Dec 2009 14:44:50 +0000 http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-83001 I have a jar at home where I put any loose change in, even notes sometimes. I've got such a bad memory I end up forgetting it's in there, this year I saved £800 without even realising. You should try it, when I have savings they burn a hole in my pocket, but if you don't think about it, you will save tonnes! I have a jar at home where I put any loose change in, even notes sometimes. I’ve got such a bad memory I end up forgetting it’s in there, this year I saved £800 without even realising. You should try it, when I have savings they burn a hole in my pocket, but if you don’t think about it, you will save tonnes!

]]> By: investmentplayground http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-54604 investmentplayground Mon, 30 Jun 2008 20:13:13 +0000 http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-54604 I recommend IGOBANKING.com. They are a legitimate bank and a division of Flushing Savings Bank in NYC. I've been with them for almost a year, and they're paying 3.7%. Definitely the highest in the area, modestly higher than ING. They were featured in last month's MONEY magazine as well. I recommend IGOBANKING.com. They are a legitimate bank and a division of Flushing Savings Bank in NYC. I’ve been with them for almost a year, and they’re paying 3.7%. Definitely the highest in the area, modestly higher than ING. They were featured in last month’s MONEY magazine as well.

]]> By: Hanks Weekly Hangouts #36 (June 30, 2008) | My Investing Blog http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-54576 Hanks Weekly Hangouts #36 (June 30, 2008) | My Investing Blog Mon, 30 Jun 2008 08:03:13 +0000 http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-54576 [...] PoorerThanYou finds some good points as to where to stash your rainy day fund.  Everyone should have a little something for that [...] [...] PoorerThanYou finds some good points as to where to stash your rainy day fund.  Everyone should have a little something for that [...]

]]> By: Project Wealthy http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-54271 Project Wealthy Fri, 27 Jun 2008 22:38:10 +0000 http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-54271 I can't have the money in the house; too tempted to spend it. I can’t have the money in the house; too tempted to spend it.

]]> By: Where to Keep Your Emergency Funds? at Curious Cat Investing and Economics Blog http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-54180 Where to Keep Your Emergency Funds? at Curious Cat Investing and Economics Blog Thu, 26 Jun 2008 22:46:55 +0000 http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-54180 [...] Than You posed the question: Where to Stash Your Rainy Day Fund? One of the most popular places for emergency funds right now, online savings accounts offer the [...] [...] Than You posed the question: Where to Stash Your Rainy Day Fund? One of the most popular places for emergency funds right now, online savings accounts offer the [...]

]]> By: John Hunter http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-54178 John Hunter Thu, 26 Jun 2008 22:34:46 +0000 http://poorerthanyou.com/2008/06/26/where-to-stash-your-rainy-day-fund/#comment-54178 A money market fund is where I used to stash it but things have changed. Money market funds are paying less than inflation (especially true inflation - which exceeds reported inflation). Right now high yield savings is where I have the funds. You need to not only pick a good choice but pay attention to see if the marketplace shifts and certain options are not as appealing as before. I agree with your credit card option and the choice of credit card then pay off with funds in high yield savings. But right now high yield savings pay more than money market so just stay with high yield savings. John Hunter's last blog post..<a href="http://investing.curiouscatblog.net/2008/06/25/buying-stuff-to-feel-powerful/">Buying Stuff to Feel Powerful</a> A money market fund is where I used to stash it but things have changed. Money market funds are paying less than inflation (especially true inflation – which exceeds reported inflation). Right now high yield savings is where I have the funds. You need to not only pick a good choice but pay attention to see if the marketplace shifts and certain options are not as appealing as before.

I agree with your credit card option and the choice of credit card then pay off with funds in high yield savings. But right now high yield savings pay more than money market so just stay with high yield savings.

John Hunter’s last blog post..Buying Stuff to Feel Powerful

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