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!