Over the last week, I moved and made a modification to our emergency fund. First, the magic number everyone throws around it having $1,000 for an emergency fund. Well, I’ve decided to bump it up to $1,500. This decision was made a few weeks ago when I had to use $500 of it. It seemed weird to use $500 and notice that 50% of the emergency fund is gone. I’ve since replenished the fund and brought it up to $1,500.

The other change made was I moved it from our ING savings to our local bank where we have our checking account. It became apparent a few weeks ago when I needed use some of it, that ING wasn’t the best place for it. Had it been a true emergency, I would have been screwed as it took 4 or 5 days to get the money into our checking account.

So to review; I’ve increased our emergency fund to $1,500 and I moved it to a savings account at our local bank fir quicker access.