$2.56 in ING interest…

My finally talley of interest that I received for the month of September is $2.56!!!

I am a bit peeved b/c ING keeps lowering their interest rates and I can see how it impacts the money I receive in interest.  For example, My Car Insurance Fund, last month I got $.41 cents in interest but for September, I only got $.38 cents interest.

But the upside is I really, really like how you can set up seperate sub-accounts like my Car Insurance Fund.

Speaking of my Car Insurance Fund, I will be deducting my FINAL car insurance payment from the account.  I have not taken any money out of my ING savings account since I first signed up with ING back in February 09.  It’s kinda bittersweet.

I opened the ING account to specifically save up for yearly expenditures like car insurance, DMV, etc. Now, I am going to finally dip into that money and use it.

Of course, this month my ING interest will be lower.

My goal is to have about $20,000 in my ING account.  Yep, I said $20,000.  I’m thinking it will take me about 4 years to do that.  That’s the amount I would need as a 8 month Emergency Fund. 

I am truly Blessed b/c I do have a super secure job.  But my thinking is I should have at least that amount for an emergency of some sort.  For example, over the next 5 years, I am anticipating that I will need another car.  My little Honda is already 11 years old….and Lord knows, I do not want a car payment. 

Heck, if I saved 12 months worth of my rent that’s almost $10,000 in itself.

So, I think having $20,000 in my ING savings account is very reasonable!

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