Money fix: Stash a nest egg for emergency use

Now that many of us are committed to saving an emergency fund, just where should we stash that money?

Such a fund, of course, is a nest egg to take care of the unexpected, such as major car or roof repairs.

Financial experts also say to have six to nine months' worth of living expenses so you won't have to run up credit card debt or dip into your retirement funds if you lose your job. Keep this fund somewhere safe, accessible and earning a little interest, not that there's much out there to be had.

Shop. Many of us look automatically to our present banks, but shop around for the best interest rates. Check sites Bank Rate.com and MoneyRates.com.

Online. Many people look to online savings and money market accounts for rates higher than they might see at a local bank, says Stacy Francis, a financial expert in Manhattan. First check out the organization, especially to make sure it's FDIC-insured (see FDIC.gov), says Richard Barrington, a Money Rates.com consultant.

Social. For support check out SmartyPig.com, an online bank with social networking that lets you share your goals with those close to you. Eleven percent of its users have an emergency fund goal, with an average $8,616 saved, says Jon Gaskel, president.

Temptation. Your stocks and mutual funds may be reviving. but resist the urge to plunk your emergency money into such investments. Instead, Bohemia financial planner Ronald W. Rogé says do the opposite. "If you made some money, take it off the table and put it in the emergency fund," he says.