facebookWhere should I park my emergency funds? - Seedly

Anonymous

18 Apr 2021

Saving Hacks

Where should I park my emergency funds?

1) I've set aside 7 months of take home income. Should I just leave it in the bank?
2) Do yall continue to save even after accumulating your emergency funds? Where do yall park it? Or is it safe to start investing the rest after emergency funds?

Discussion (5)

What are your thoughts?

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Anyone here considering parking a % of emergency cash in the form of stablecoins @ Centralised Crypto Lending Platform like BlockFi, Celsius or Nexo? Thanks

Chris

18 Apr 2021

Owner and Writer at Tortoisemoney.com

You can either use a:

  1. Cash management account (Syfe Cash+, Stashaway Simple etc.)

  2. Flexible Insurance Savings Plan (Singlife, Dash PET etc.)

Both are decent options with slight differences. Rates are relatively similar too (~1.5%).

If you're saving up for large purchases, then yes, you should continue to save up. Otherwise, I would channel it to investments.

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