How much of a "cushion" do you leave in your checking account after paying bills - Page 2 - TigerDroppings.com

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Zach
LSU Fan
Member since May 2005
62853 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


quote:

If you don't mind my asking.....why so high? Do you have unpredictable expenses or lack a monthly budget?

Since I'm higher than Motorboat I'll answer your question.
Because a savings account or a CD is not worth the gas to drive to the bank. The interest rates are .000000000001%.
I have no debt to pay off. I've got stocks out of the wazoo and I'm not buying more till the communist leaves the White House.






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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
67384 posts
 Online 

re: How much of a "cushion" do you leave in your checking account after paying bills


Zero it out every month, I can move money around in seconds from anywhere using my phone so I don't see a reason to keep a cushion





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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
11785 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


quote:

I keep as little as possible so if my card gets stolen they can't spend all of my money. I move it to my savings or inactive checking and transfer as needed. Once that gets too big, I move it to my brokerage for investing. My wife's friend in BR got her wallet stolen at La madeline and they rang up $6k in gift cards. I will not let that happen to me.


This is me too. With mobile banking I can access extra cash if I need to, I keep maybe $100 in checking.







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LSUtigerME
LSU Fan
Walker, LA
Member since Oct 2012
528 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


Damn. I try to keep just over $5k in my interest checking. I usually get nervous if it dips too low, below $2k. I also have a separate savings, investments, etc.





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Camp Randall
Wisconsin Fan
The Shadow of the Valley of Death
Member since Nov 2005
13304 posts
 Online 

re: How much of a "cushion" do you leave in your checking account after paying bills


I start sweating it when the cushion goes below 5 grand.





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LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
10217 posts
 Online 

re: How much of a "cushion" do you leave in your checking account after paying bills


quote:

I keep as little as possible so if my card gets stolen they can't spend all of my money. I move it to my savings or inactive checking and transfer as needed. Once that gets too big, I move it to my brokerage for investing. My wife's friend in BR got her wallet stolen at La madeline and they rang up $6k in gift cards. I will not let that happen to me.

You do realize your money is protected from unauthorized usage? Report the card missing/stolen within 2 days and you're only liable for $50.

I left mine on a convenience store counter several years ago and the cashier decided to go to NOLA for the night. Spent about $1k in NOLA and filling up their homeboys cars before I realized it was gone and cancelled it in the morning. I paid nothing out of pocket, and the money was back in my account within a couple of days.






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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6129 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


Way more than anybody so far, but I'm getting 1.5% on it at least through my local bank.

I have a $1500 daily limit as well, so worst case I would be out $1500, and I'm pretty sure bank would reimburse asap

Edit: when I first opened account I was getting almost 6%. The good old days



This post was edited on 6/19 at 1:32 pm


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Motorboat
LSU Fan
At the camp
Member since Oct 2007
9563 posts
 Online 

re: How much of a "cushion" do you leave in your checking account after paying bills


quote:

why so high? Do you have unpredictable expenses or lack a monthly budget?


Lack of a monthly budget and I am commissioned so my monthly income fluctuates. I guess I could transfer between a money market account and checking, but I'd rather have the money in the most accessible place possible in case I need it.






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Catman88
LSU Fan
Baton Rouge, LA
Member since Dec 2004
39345 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


quote:

You do realize your money is protected from unauthorized usage? Report the card missing/stolen within 2 days and you're only liable for $50.


And thats only if your card is physically taken in which its easy to know about. If someone gets access to your card number you are not liable for anything if reported in 60 days.






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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18075 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


quote:

IF you're housing your emergency fund in your checking account (which I don't recommend), you need $1200 to $1300.


Since I have a Chase Freedom to go along with my Chase Sapphire Preferred, I have been thinking of opening a Chase checking account to stash $1,500 into.

Why?

Because if you have a Chase Freedom and a Chase Checking account, you get a 10% bonus on your points every year. $1,500 is the minimum you need to avoid fees on the account. Kinda wondering if its worth it for the money to just sit there being a portion of my emergency fund.






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kennypowers816
LSU Fan
Houston
Member since Jan 2010
1682 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


2 checking accounts...

one is pretty much for rent but i leave about a $500 cushion in it just in case i get in a jam and need some cash -- sometimes the craps table isn't nice to me....

the other is to pay my credit card bill... which i have pretty well estimated so that my direct deposit for that month typically equals my credit card bill within in a few hundred, so not much cushion there either

everything else to savings






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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
33627 posts
 Online 

re: How much of a "cushion" do you leave in your checking account after paying bills


I could care less about my savings account that is linked to my checking because it only earns around 1% interest. My savings are through IRA/401k/investment accounts, but that shitty interest my savings earns is pretty meaningless to me. I'll blow more than it earns all year on a good night out drinking or more in vegas or somewhere like that.

Not even worth the trouble of a few mouse clicks to move money out of checking (which gets some shitty slightly worse interest rate) for me.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80158 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


$2,500-5,000





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AUtigerNOLA
Auburn Fan
New Orleans, LA
Member since Apr 2011
9610 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


quote:

Zero it out every month, I can move money around in seconds from anywhere using my phone so I don't see a reason to keep a cushion


Its less of a headache unless it auto drafts if you dont have enough funds to cover normal bills(gotta watch fees tho here) then to constantly think about transferring money over.






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Catman88
LSU Fan
Baton Rouge, LA
Member since Dec 2004
39345 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


With neighbors FCU after you go over 10k in checking it pays out the same as the savings rate. Not sure why they even offer a savings account.





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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
11785 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


quote:

$2,500-5,000



No Russian, not the money in between your sofa cushions, in your checking account






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Venelar
LSU Fan
The AP
Member since Oct 2010
309 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


1k in checking. Anything over at the end of the month goes to savings (also move set amount into savings monthly).





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TheWiz
LSU Fan
NOLA
Member since Aug 2007
7162 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


+/- $5k





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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
67384 posts
 Online 

re: How much of a "cushion" do you leave in your checking account after paying bills


quote:

Its less of a headache unless it auto drafts if you dont have enough funds to cover normal bills(gotta watch fees tho here) then to constantly think about transferring money over.


I would only need to transfer if an unexpected expense came up

When I get paid on the first I just move everything that was in the account the day before into savings.






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fishfighter
LSU Fan
Baton Rouge
Member since Apr 2008
17883 posts

re: How much of a "cushion" do you leave in your checking account after paying bills


Above 5K. And yes, I do need this amount in it at all times. In a second, I could be heading into a hospital and need said cash in the middle of the night. The wife doesn't know how to transfer moneys around on line even after I showed her a few times. I do get a little interest on it, but no biggie.





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