Crossed $50k in emergency savings this year and never thought I'd get there in my 30s

Started with just $500 a month after rent back in 2019 and finally hit that number last Tuesday, but now I'm wondering if I should shift some into a higher yield account since CD rates are actually decent again - what are you guys doing with your savings right now?

3 comments

3 Comments

thompson.nathan15d ago

Friend locked 20k in a CD and then his AC died the next week.

nancygrant19d ago

Good for you hitting that number, but honestly I wouldn't mess with it too much. CDs lock your money up and you never know when you'll need quick access for something, like a car repair or medical bill. A high yield savings account is better than a CD in my book because you can pull cash out whenever without a penalty. Those CD rates look tempting but they're just a trap if you don't have a backup plan. Keep that liquid.

parkera2219d ago

Used to think CDs were the smarter play for savings, but your point about needing cash fast, especially after running a business where surprise expenses pop up all the time, makes total sense. You convinced me.