I'm trying to get a emergency fund set up. I recently realized my savings account sucked and had a really low rate so I'm trying to sort out where I save stuff.
I've opened a Fidelity CMA and linked a brokerage for overdraft. I want to use these for emergencies so I put $2,500 into the CMA to use the debit card for smaller emergencies like car repairs etc. And the rest of my 3-6 month emergency fund into the brokerage (SPAXX core position)
Is this an okay set up? Can I leave it like that or should I be doing anything else with the two accounts like buying other investments? I'm at 3 months savings so I'm still depositing into the brokerage fund every month, but can I just leave everything in SPAXX and be good? I also don't want it to be a huge time suck, opinions welcome 😔
original posted by Grouchy_1234 to r/personalfinance on Wed, 06 Mar 2024 16:03:02 GMT.