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re: How much of a "cushion" do you leave in your checking account after paying bills
Posted on 6/19/13 at 11:32 am to dewster
Posted on 6/19/13 at 11:32 am to dewster
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.
1
Posted on 6/19/13 at 11:42 am to TDsngumbo
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
Posted on 6/19/13 at 12:04 pm to Janky
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.
Posted on 6/19/13 at 12:44 pm to Vols&Shaft83
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.
Posted on 6/19/13 at 12:45 pm to TDsngumbo
I start sweating it when the cushion goes below 5 grand.
Posted on 6/19/13 at 12:56 pm to Janky
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.
Posted on 6/19/13 at 1:30 pm to LSUAfro
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
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 6/19/13 at 1:32 pm
Posted on 6/19/13 at 2:55 pm to dewster
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.
Posted on 6/19/13 at 3:03 pm to LSUAfro
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.
Posted on 6/19/13 at 3:15 pm to Ace Midnight
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.
Posted on 6/19/13 at 3:24 pm to TDsngumbo
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
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
Posted on 6/19/13 at 3:31 pm to kennypowers816
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.
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.
Posted on 6/19/13 at 3:53 pm to TDsngumbo
$2,500-5,000
Posted on 6/19/13 at 3:53 pm to yellowfin
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.
Posted on 6/19/13 at 3:53 pm to Tiger n Miami AU83
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.
Posted on 6/19/13 at 3:57 pm to LSURussian
quote:
$2,500-5,000
No Russian, not the money in between your sofa cushions, in your checking account
Posted on 6/19/13 at 4:01 pm to jmtigers
1k in checking. Anything over at the end of the month goes to savings (also move set amount into savings monthly).
Posted on 6/19/13 at 4:16 pm to Venelar
+/- $5k
Posted on 6/19/13 at 4:18 pm to AUtigerNOLA
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.
Posted on 6/19/13 at 4:23 pm to TheWiz
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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