- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
How much $ do you/should you have in your checking account. Personal Fin Q's
Posted on 3/29/13 at 12:30 am
Posted on 3/29/13 at 12:30 am
Hopefully, I'll have the job I've wanted and we'll both have stable income.
Due to how sporadic my $ has been, it's hard to save/plan.
I'm extremely frugal and like to have a good "cushion." Our mental cushion is 10k in the checking account. Currently we're sitting at $12,500. I'd like to deploy a few thousand to some different accounts for retirement.
Now that may sound like a lot for a checking account only, but that's pretty much all our money. I have 7k in a roth and she has 1k in a roth.
Should gross between 85-90k sometime this year.
My wife will start a new job and her 401k will match 5%, mine will be 6% taken out.
I'd like to match both %'s and max out our roth's each year. That would be saving about 16-17k a year. We also have our first child on the way and that may be tough to stretch that pay with a kid.
I'm frugal and love saving.
Mid 20's for me and wife is late 20's. We have zero debt except for our house ($870 a month w/taxes&insurance.)
Due to how sporadic my $ has been, it's hard to save/plan.
I'm extremely frugal and like to have a good "cushion." Our mental cushion is 10k in the checking account. Currently we're sitting at $12,500. I'd like to deploy a few thousand to some different accounts for retirement.
Now that may sound like a lot for a checking account only, but that's pretty much all our money. I have 7k in a roth and she has 1k in a roth.
Should gross between 85-90k sometime this year.
My wife will start a new job and her 401k will match 5%, mine will be 6% taken out.
I'd like to match both %'s and max out our roth's each year. That would be saving about 16-17k a year. We also have our first child on the way and that may be tough to stretch that pay with a kid.
I'm frugal and love saving.
Mid 20's for me and wife is late 20's. We have zero debt except for our house ($870 a month w/taxes&insurance.)
This post was edited on 3/29/13 at 12:33 am
12
Posted on 3/29/13 at 12:38 am to wegotdatwood
I try to have no more than 1-2 months of expenses in my checking account. It is idle, nonworking capital after all.
Anything more than that goes into tax-advantaged accounts (Roth, 401). If I run short (doesn't happen often) I can borrow against my HELOC - at current rates I'd be a fool not to. I pay it back slowly while continuing heavy Roth/401 contributions.
Anything more than that goes into tax-advantaged accounts (Roth, 401). If I run short (doesn't happen often) I can borrow against my HELOC - at current rates I'd be a fool not to. I pay it back slowly while continuing heavy Roth/401 contributions.
Posted on 3/29/13 at 12:41 am to foshizzle
quote:
I try to have no more than 1-2 months of expenses in my checking account. It is idle, nonworking capital after all.
I plan on maybe cutting it down to 6-8 once I land a job.
quote:
Anything more than that goes into tax-advantaged accounts (Roth, 401). If I run short (doesn't happen often) I can borrow against my HELOC - at current rates I'd be a fool not to. I pay it back slowly while continuing heavy Roth/401 contributions.
How much do you try to save in a year?
Posted on 3/29/13 at 1:33 am to wegotdatwood
I may be completely in the wrong by doing this, but usually I keep no more than what I plan to spend in the next 5-7 days. 6-8 months of necessity bill money is kept in a savings account that is connected, but I will get a text if money is pulled out of the savings.
With online banking the way it is I can always move money from my phone or visiting an ATM.
I have other savings accounts for different reasons and the wife has hers as well.
I do this partly because I have been burned with my account getting a few hits from a hacked account.
With online banking the way it is I can always move money from my phone or visiting an ATM.
I have other savings accounts for different reasons and the wife has hers as well.
I do this partly because I have been burned with my account getting a few hits from a hacked account.
Posted on 3/29/13 at 1:41 am to fightin tigers
Just found learnvest.com I like it, covers a lot of financial topics.
Posted on 3/29/13 at 7:44 am to wegotdatwood
I keep around $3000 in Checking and don't like to go under $10000 in Savings. Approximately 6 months of expenses. I occasionally dip below those numbers for big purchases but I consider my job pretty secure (work for a Major Oil Company) so 2-3 months of expenses saved is enough for me. Since I am in Louisiana, I always try to have my Hurricane deductible plus 2-3 months of expenses during Hurricane season.
I put 2% and my company matches it with 8% into my 401k. I then contribute another 8% into the 401k. I would normally take that 8% and max my Roth IRA but a portion of the 401k is in Company which has been on fire and will continue to be through 2014 at least.
I put 2% and my company matches it with 8% into my 401k. I then contribute another 8% into the 401k. I would normally take that 8% and max my Roth IRA but a portion of the 401k is in Company which has been on fire and will continue to be through 2014 at least.
Posted on 3/29/13 at 8:35 am to foshizzle
quote:
I try to have no more than 1-2 months of expenses in my checking account. It is idle, nonworking capital after all.
I do the same. I keep 1-2 months expenses and move everything else immediately out. I have a direct deposit set up to put my entire check into savings, where I manually allocate it elsewhere.
Posted on 3/29/13 at 8:41 am to wegotdatwood
quote:
We also have our first child on the way and that may be tough to stretch that pay with a kid.
It might be an incentive to reduce your checking account to help with your first child budgeting. I know for me, if I see the money there, I don't think twice about spending it. If it is considerably less than what I am used to, I treat my day to day as money strapped until the next check comes through.
Posted on 3/29/13 at 10:57 am to wegotdatwood
I have $23K in my checking right now. That's about normal for me. It's not wise. It's just that I have no other ideas right now.
Not buying more stock because the market is too high. CDs are worthless. I have no debts to pay off. My cars are new. Wife won't take a vacation because she misses the dogs.
I think I'm gonna go with home improvements. Exterior paint is 18 years old and starting to look ratty. Gonna hire someone to clean, sand and repaint. Will probably cost me 7K.
Not buying more stock because the market is too high. CDs are worthless. I have no debts to pay off. My cars are new. Wife won't take a vacation because she misses the dogs.
I think I'm gonna go with home improvements. Exterior paint is 18 years old and starting to look ratty. Gonna hire someone to clean, sand and repaint. Will probably cost me 7K.
Posted on 3/29/13 at 11:01 am to wegotdatwood
This thread makes me sad. I got about $200 in mine.
At least bills are paid
At least bills are paid
Posted on 3/29/13 at 11:32 am to wegotdatwood
quote:
except for our house ($870 a month w/taxes&insurance.)
That's like a little more than half of what I pay in rent for a crappy one bedroom.
I question why I live here when I read that.
Posted on 3/29/13 at 11:40 am to wegotdatwood
We keep a minimal amount in checking. It's just an account for bill paying. The rest of our cash is in savings and short term and longer term growth accounts.
Posted on 3/29/13 at 12:10 pm to VABuckeye
quote:
The rest of our cash is in savings
I don't know where you bank but here in Shreveport the interest rates for savings are the same as checking. Zero.
Posted on 3/29/13 at 12:32 pm to Zach
It's more to keep the money separate as it is used for different expenses. The "savings" goes into the account for longer term household projects, vacations, etc. The checking account is for normal monthly bills. We even have an account that gets the biweekly spending money. My wife is an accountant and likes everything separated. I could honestly care less as long as what I have planned gets done.
This money has nothing to do with investing and retirement accounts. It's just working capital.
This money has nothing to do with investing and retirement accounts. It's just working capital.
Posted on 3/29/13 at 4:39 pm to MStant1
quote:
except for our house ($870 a month w/taxes&insurance.)
That's like a little more than half of what I pay in rent for a crappy one bedroom.
I question why I live here when I read that.
Where do you live? D.C?
It's pretty nice, 2100sq ft, 3br, everything updated since it was built in mid 80's.
Posted on 3/29/13 at 5:51 pm to wegotdatwood
quote:
Where do you live? D.C?
NYC. In Queens.
I'm told my rent is pretty good for up here as well.
Posted on 3/29/13 at 6:07 pm to VABuckeye
quote:
This money has nothing to do with investing and retirement accounts. It's just working capital.
I do the same thing. Checking pays the bills with a few extra hundred in there to pull out cash for cabs and stuff like that.
I then have 3 savings accounts that hold money towards savings goals linked to Mint. As of now, one is saving for an engagement ring, the other towards my vacation anticipated daily expenses (hotel, airfare, already paid for), and 3rd one for my deposit on new apartment.
Once those go I rotate new goals in as needed. These also sort of work as extra liquid emergency funds in case I need it faster than I can get it from my ROTH, ie if I calculate my cash flow wrong or something. Everything else is in investment accounts.
This post was edited on 3/29/13 at 6:09 pm
Posted on 3/29/13 at 8:09 pm to wegotdatwood
Damn, after reading this thread I realize I have far too much in y checking account.
Posted on 3/29/13 at 8:58 pm to wegotdatwood
quote:
How much do you try to save in a year?
I max the 401, a Roth IRA and an HSA. So about $27K.
Having a house with substantial equity makes things much easier, if I run short I just tap the HELOC and cut back until all is well again. If I have extra cash I plan a vacation.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News