I've recently fixed in my home loan for two years so my offset accounts aren't useful and all other spare cash is currently invested in the share market.
For those of you who keep emergency funds that can be accessed immediately, where do you keep them, aside from a mortgage offset or the share market?
BMW parked in the garage.
And the Merc next to it.
Hint: Leave the Beamer unlocked in the driveway with the cash clearly visible to provide that little extra accessibility. Write a post on OzBargain if it goes missing.
Don't forget to do up some paint diagrams too.
@subywagon: Also, have no dashcam or CCTV to record above investments.
Optional: create a new account when posting.
At a bank.
Where Do You Keep Your Emergency Cash?
In my Emergency Wallet…
Prison wallet?
In liquid assets.
You mean alcohol?
Offers a liquid return too, if you go high yield enough.
If you buy the right stuff it can yield fairly decent returns.
Keep a cap on or the liquid asset could vaporise.
High interest savings is a bit non-existent these days. But probably the most liquid asset you can get. That said, the yield is below inflation :(
And any interest earned is taxed at your marginal tax rate!
In my ATM Card
At ATM.
In my ATM Machine Card
FTFY
F🤬TFY indeed :D
Which I access with my PIN Number
Automated Teller Machine Machine?
Any Time Money Machine
Nice try Xmas burglar.
Try to throw it back at them by replying, 'In your pockets.'
I mean I would, but I am personally not into making threats over the internet.
Makes note about mskeggs home being as impregnable as homealone ala swinging irons and iced stairs. No thanks.
in the computer
XRP or SUSHI ?
VET ;)
Lol XRP is pure normie trash…
I think you missed the jk, both of them are. It nearly hit zero 0.00000001
https://www.tradingview.com/x/7M28zUOX/
in my car.
What emergency cash?
Credit Card if it is a real emergency.
If you don’t have a credit card.
OP, you can cash converters/a pawn broker your laptop/tablet/phone that you use for OzBargain postings…
Come to think of it, we haven’t heard from you…
Ive always thought of emergency cash as being a way to ensure you don't get thrown into debt in an emergency. Yes, you can put it on a credit card, but the emergency cash lets you pay off the credit card before it starts accruing interest.
Nice try thief :P I'm not telling you about my under bed stash
Don't fix your loans, and then put your spare cash in your offset. Or, fix only half the loan.
Seriously. 100% offset against mortgage interest is one of the most effective ways to save money if you don't want to take a gamble with the stock market.
Investing in real estate is just as speculative as any other investment instruments.
Yeah but you can't live in the asx200.
In a tin buried in the back yard.
Undies!
Watch out for the Novichok!
safety deposit box
which do u suggest
What emergency requires cash rather than a credit card?
Bank computer systems failure, or zombie apocalypse.
At which point cash becomes worthless.
gotta get dat gold
@capslock janitor: Going off topic but I'm not sure if precious metals would really have a value in an end of society type scenario either. Really, what can you do with them? If I were so inclined, I'd look at keeping a stock of cigarettes, batteries, alcohol, toilet paper etc as barter items/currency.
@apsilon: spirits make sense, or better yet have a home brew kit…. but ciggies and batteries degrade pretty quickly dont they…. then again i guess it wouldnt matter in an end of society type scenario im sure >_<
@chriskq: Batteries (like AA, AAA etc) should have a shelf life of at least 5 years as long as they're a decent brand. I think Energizer advise a 10 year shelf life. Cigs, no idea but I would assume so. Reality is you couldn't store enough of anything to last all that long anyway.
This is good for Bitcoin
House repairs when they only take cash.
Paying off the credit card you used to pay for an emergency before it starts costing you more?
You guys have emergency funds?
hahahahahahaha-h memer
Under my mattress
Under his mattress too
my offset accounts aren't useful
why not? My loan is fixed and I have all my savings in my offset acct, it makes a big difference.
What bank gives fixed with an offset? Or have you split the loan fixed/variable?
tic toc 100% offset.
Bendigo has fixed with offsets
Thanks, didn't know you could get fixed offsets.
ANZ. When you fix for 12 months.
By buying more debts.
i wish i could remember :\
"Bitcoin" I got there first before the crypto mob arrives with flame torches, pitch forks and placards
In my mailbox
What? That money is spent on Bargains
Bedroom, second bookcase, top shelf, between the Hakushu box and side, can't miss it.
Where do you live ?(Asking for a friend)
Can you be more specific? (ie. address and suburb?)
I read the book "Papillon". It contains some interesting ideas on where to keep emergency money.
Go to it. But I'll give it a miss, also having read the book. ;-)
The Emergency Fund should be kept in a way that cash is easily accessible when the need arises. It is for unforeseen expenses that one might not be able to afford from their regular budget (e.g. big car repair). Having a credit card is not equivalent of emergency fund unless you are able to pay off the credit card fully without having an impact on your budget.
As other people mentioned that the recommended way is to keep it in a (so-called) high interest paying Bank Account or in an offset account if you have mortgage.
Investing emergency fund in share market is NOT a good idea. Imagine the market is down the day you need your money. You will be able to sell the shares and have access to cash but may be at a loss.
any HI bank accs you suggest? and why offset acc??(noob question)
Refer to this sheet that frequently gets updated: https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
Personally, I have my emergency fund in Mystate Savings account.
Keeping the funds in offset account is financially more beneficial. The rate of interest on mortgage is somewhere between 2-3%. Compare it to the 1.35% earned in a Saving accounts. Keeping funds in offset will lower the interest payment depending on the mortgage interest rate (2-3%). So you earn (1-1.5%) more than a savings account interest.
You also have to pay tax on interest paid in Savings account but not on the money in offset account.
Keep mine in Aldi bags until their full then take them to crown casinos
I thought you're meant to take Aldi bags full of cash to your local Labor member.
My wife told me she’d keep it somewhere safe for me…what a darling
Shoes! Your on a winner.
Blesser, serious question. When was the last time your saw your better half?
I usually give it to Pam, she’s sure to get it back
Ideally your emergency funds are not invested in the share market as this could potentially trigger CGT when you have to access it during an 'emergency'.
Or market going down when u want the cash out
CGT is not a bad thing. If you have to pay it then it means you actually made a profit. It's heaps better than keeping money in a normal bank account earning 0.00% pa.
500x$100 notes In a bag, taped to the inner side of a U-bend pipe under the sink in the kitchen and bathroom. Covered in white electrical tape so that it is all white and blends in with the PVC pipe.
sorry mate, you left out your address in those details.
🤫
Hi it's ur plumber coming to fix the leaking sink
not telling you buggas
This has to be the laziest fishing scam I've ever seen.
in high yield investments