Has this happened to anyone else?
You have an offset account, revolving credit account, or both, then lose your job and no longer have regular wage deposits going into your bank account.
You start withdrawing from those accounts to get by, and somehow the bank seems to realise you’ve lost your primary income and freezes both accounts before they even reach zero.
Is this the proper way to handle emergency funds and rainy day funds? My monthly outgoing expenses are $6,900. I’ve set up fixed deposits at 3, 4, 5, 6, 7, and 8 months, which automatically roll over each month. I’m hoping that over the next three months there won’t be any job loss or illness that affects my main source of income, otherwise i will need to figure out how to withdraw the fixed $6,900 or apply for a credit card with a credit limit of $6,900...
I currently have $5,000 in an online savings account that I can access anytime. Do others keep emergency funds and rainy day funds separate?
My definition of a rainy day fund is money set aside for repairs and appliance replacements. I came up with the $5,000 figure by estimating the cost of replacing a fridge, TV, and washing machine all at once, although I understand that actual costs can vary depending on the brand and options chosen.