CNBC's Sharon Epperson joined TODAY for a live web chat Wednesday morning following her Money 911 appearance. Here are two questions from her chat and the complete archive:
Question from Tracy B:
When speaking of an "emergency fund", where is the best place to keep that fund? Standard basic savings? CD? Money market savings? Home safe?
Sharon Epperson's answer:
I think the best place to keep your emergency fund is in a high-yield savings account. You can do this at a traditional bank, but the most competitive rates are usually with an online bank. Check out the best rates at www.bankrate.com
Question from Jennifer R:
What sort of financial milestones would you suggest be met before a couple buys a home?
Sharon Epperson's answer:
Before you buy a home, you have to make sure that you can AFFORD that home. That means having enough money in savings for the downpayment – ideally 20 percent of the purchase price, so that you don't to pay PMI (private mortgage insurance). That also means having enough to pay for home insurance, property taxes, utilities and other household maintenance costs. Ideally, you figure out the monthly total for all of these expenses and save that amount in your "new home fund" for a few months – just to make sure you can truly afford it.
Watch Sharon Epperson on CNBC starting at 9 a.m. ET and follow her on Twitter.
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Watch this week's Money 911 segment: