Where do you keep your savings (if any)?

[toomuch]

I have read where some people are able to put a few bucks back each payday or from time to time for emergencies. Can you have a savings account while in chapter 13 or do you keep it under the mattress??

Thanks,

Toomuch

[chloe0724]

You should have a savings while in a 13 because not all of your expenses happen monthly. You should be saving the extra for things like your car repairs and home repairs that happen throughout the year. I have one with my bank.

[toomuch]

Thanks. I didn't know if the courts look or ask for savings statements or not.......and if so, if they question how much you saved and where did it go. Do you still keep up with all receipts post filing??

Toomuch

[chloe0724]

I keep the reciepts for our medical expenses because they were higher than normal, everything else I only hold onto if I think I will need to return soemthing.

[lrprn]

Thanks. I didn't know if the courts look or ask for savings statements or not.......and if so, if they question how much you saved and where did it go. Do you still keep up with all receipts post filing??

Toomuch

You must list your savings account and the amount in it on the day you file. Some states have a cash exemption, some don't. You need to check with your lawyer to know how much is ok to have on hand in the account on filing day.

After filing Ch 13, scraping together an emergency fund is a top priority. It can be very challenging, but is very important. We've amassed a small fund after 2 years of strict budgeting and very careful spending (mostly by *not* spending ), and we keep it in a savings account in our bank.

[lillaimof2kids]

I have a savings account. Every payday I transfer $ from my checking to my savings. I do this before any bills are paid. Some weeks I can save $50, some weeks I can only save $5. To me, it's the most important bill to be paid weekly...especially with the economy as unstable as it it!!! No one knows how secure their job is right now.

If you do save cash at your house, I would get a fire proof safe. You never know what might happen one day. It's a great place to keep important papers too.

[Flamingo]

We have interest checking and kept the saved funds in our checking account along with our regular funds. If the funds were needed for a repair, all we did was write the check or use the debit card. Our checking account was handled very carefully during our 13 and we kept precision records so we would successfully make it through the plan. It was real tough at times causing many sleepless nights. We also tossed our loose change in a big jar at the end of each day and vowed not to touch it - we used those funds for birthday presents or for Xmas presents - you'd be surprised how it adds up if you are diligent and do not touch it.