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Vent: My brother told me my 'emergency fund' was actually just a slush fund
He pulled me aside after I bragged about having $3,000 saved up and said 'that's not an emergency fund if you dip into it for concert tickets and new tires in the same month.' I got defensive at first but he was right. I had no system - just a pile of cash that I treated like a piggy bank for whatever came up. After that I opened a separate savings account at a different bank and now I only touch it if I'd literally be homeless or without transportation. Has anyone else had to totally rethink what they thought was a solid savings plan?
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ruby_foster933d ago
Read something similar in a finance blog - they called it the "one account trap" where everything blurs together. Separate banks is the only way it works for me too.
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patricia423d agoMost Upvoted
Yeah, @ruby_foster93, that makes sense. I actually tried the one-account thing and ended up paying a late fee on a bill because I lost track of what was for what. Separate accounts just keeps it cleaner.
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