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To Certificate Or Not To Certificate

October 26, 2022 As part of our recent meeting with a Summit Financial Advisor, we discussed the importance of a financial safety net or emergency fund. While Robin and I have funds available in case of an emergency, we never really put pen to paper to objectively determine what the appropriate amount was for our family. Rather, the funds are co-mingled with one of our checking accounts, and the total tended to ebb and flow based on our current financial situation at the time.During our meeting, we discussed a rule of thumb range and then modified based on our financial and familial status. We took into consideration our existing debts, typical routine expenses, security in our employment and other benefits or accounts that may be applicable during an emergency. We ended up at a figure and determined it prudent to move that amount into its own separate account so the ease of opportunity to dip into that account is reduced, and we can keep a more static amount in the account. Another action item for us is looking into a 20-year term life insurance policy. After looking at our finances more objectively and holistically, we are currently reviewing our life insurance we currently have through our employers, seeing how that stacks up and then checking our options if we augment our policies through work, or if we investigate a separate term life policy.The other unanticipated component that came up when discussing an emergency account was an option for putting money sitting in a savings or checking account to work. We determined that the amount we needed for our emergency savings account was less than what we had in the account – which made perfect sense as money set aside for a bathroom and deck remodel project was also included in that total. While we will leave the amount dedicated to the emergency fund in an interest-bearing checking account (so we at least earn a little on the money, the balance would be immediately accessible), we began to investigate certificates. With current rates between 1-3% for certificates in the 9-, 12- or 16-month range, this would give us more bang for our buck than other certificates at perhaps a longer term. We are also looking a little deeper at what combination of options would work best for our situation given our anticipated timeline for the renovations. I anticipate we end up with a mix of at least two certificates so that at any given time, a portion of the funds is available to use. Right now, we are forecasting what amounts we anticipate being due when (i.e., down payment for a contractor, how we schedule the two different projects) and attempting to create a waterfall schedule with the certificates to align. This is a work in progress but we are happy that part of our Project Money experience is pushing (and facilitating) us to maximize our financial situation. You might also be interested in As the year comes to a close, so does Season 14 of Project Money. In preparation for writing our final blog post we reflected over what has occurred over... In the last week we had to take Robin’s car, a 2019 VW Atlas, in for a couple of recall notices we had received. Nothing completely out of the ordinary... One of the topics we had mentioned in our posts from earlier this year was an employee stock purchase plan offered by Robin’s employer. We have never participated... Being part of Project Money has pushed our family to take a more active role in managing our finances, necessitating weekly conversations that have spurred... With Thanksgiving behind us, the countdown to Christmas has “officially” begin. This year, as part of our Project Money journey, we have been planning... I had been putting this off for a few weeks/months now, optimistic that Fall might stretch on a little bit longer – but this past week’s winter weather... Over the last few weeks, we have been working to refocus, and get back to some of the basics as we start to head into the end of year holiday season... Over the past few weeks and months, I had seen several news reports about I Bonds, usually with a corresponding endorsement of their attractiveness as... We have reached the point of the year where we have one foot firmly planted into heating season and thought we would reflect on what energy saving tips...
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