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Checking account balance question:
Posted on 12/5/16 at 1:06 pm
Posted on 12/5/16 at 1:06 pm
How much "cushion" do you normally keep in your checking account? I'm trying to figure out if I'm keeping too much in my checking after bills go out. How much is too much? $1K, $5K, $8K, $10K? Or, should I keep just enough to cover my bills and then put the rest in savings?
Posted on 12/5/16 at 1:32 pm to btnetigers
Keeping a large amount of cash in a checking account seems like a liability IMO.
Posted on 12/5/16 at 1:36 pm to btnetigers
I never keep enough and end up having to transfer money from savings. I transfer money into my savings and try and keep a title in checking but I always have to transfer some back.
Posted on 12/5/16 at 1:40 pm to Rize
I transfer all the $$ for my bills/savings/investments to another account and keep a little in checking for groceries/gas/spending. Not really a whole lot.
Posted on 12/5/16 at 1:42 pm to Brian Wilson
I may keep $1-2K in checking and more in savings. Then I just transfer as needed. I have had my checking account hacked too many times to keep much in there.
Posted on 12/5/16 at 2:05 pm to btnetigers
Every paycheck, we pay our bills (including a set amount to savings). We then project what our "spending" will be for the pay period. Total that up, add $250 to that. Everything else gets swept into savings. The money in savings can be brought back instantly online if needed.
Posted on 12/5/16 at 2:24 pm to btnetigers
Get 3% on $10K so that's generally what I keep in there.
Posted on 12/5/16 at 2:41 pm to btnetigers
quote:
How much "cushion" do you normally keep in your checking account? I'm trying to figure out if I'm keeping too much in my checking after bills go out. How much is too much? $1K, $5K, $8K, $10K? Or, should I keep just enough to cover my bills and then put the rest in savings?
i keep $2500 min in checking so I can get all the perks they throw at me.
you need to know the delta in interest between checkings and savings to really do this right.
The delta for me is .05%, so its only a few dollars a year that I would make.
eta: I have a pretty strict budget, so I just deposit what I am allowed to spend and then ride it out. occasionally transfering money in and out of savings to cover expenses.
This post was edited on 12/5/16 at 2:42 pm
Posted on 12/5/16 at 3:04 pm to btnetigers
Wife manages checking account. She tries to keep 1500.00. We are pretty much cash only, now. Use of credit tends to be online only. Can always move $$$ from savings to checking.
Her pay, my retirement and 1/3rd of what I earn goes to checking, bills and the likes. 1/3rd goes to savings. 1/3rd I use for fuel, personal care items, date nights, spending money as I see fit to give (children, grandchildren, etc).
Her pay, my retirement and 1/3rd of what I earn goes to checking, bills and the likes. 1/3rd goes to savings. 1/3rd I use for fuel, personal care items, date nights, spending money as I see fit to give (children, grandchildren, etc).
Posted on 12/5/16 at 3:31 pm to wfallstiger
Start each month with $1,000
+Income
-Expenses
Whatever amount is left at the end of the month over $1,000 goes into savings/investments. If that amount is under $1,000 ( ) then we transfer back from savings.
Repeat.
+Income
-Expenses
Whatever amount is left at the end of the month over $1,000 goes into savings/investments. If that amount is under $1,000 ( ) then we transfer back from savings.
Repeat.
Posted on 12/5/16 at 3:42 pm to btnetigers
3 accounts
1. "Operating" account with 2 months of living expenses (2 months of living expenses available at the start of each month)
2. "Emergency" account with 3-12+ months (or whatever is deemed appropriate for your situation/savings plan)
3. "Prepaid" account for large items such as car insurance /homeowners insurance/property taxes etc. (should be the monthly accrual deposited in this for those large balance items); balances in this account build over time until payment is required;
1. "Operating" account with 2 months of living expenses (2 months of living expenses available at the start of each month)
2. "Emergency" account with 3-12+ months (or whatever is deemed appropriate for your situation/savings plan)
3. "Prepaid" account for large items such as car insurance /homeowners insurance/property taxes etc. (should be the monthly accrual deposited in this for those large balance items); balances in this account build over time until payment is required;
Posted on 12/5/16 at 3:58 pm to Hand
PrePaid is the savings account in my name.
Emergency is one of two savings accounts in our names...if all goes South.
Operating is our joint checking, which the bride manages.
Fun is our joint savings account that funds things we put off while tending to other matters...used to update home, weekend trips, etc.
Emergency is one of two savings accounts in our names...if all goes South.
Operating is our joint checking, which the bride manages.
Fun is our joint savings account that funds things we put off while tending to other matters...used to update home, weekend trips, etc.
Posted on 12/5/16 at 7:30 pm to Hawkeye95
I hate my life
This post was edited on 12/5/16 at 7:45 pm
Posted on 12/5/16 at 9:39 pm to btnetigers
I have several accounts. My main checking receives the direct deposits, where I transfer amounts into my emergency fund account, house fund account, and a "budget" account. The emergency account is building up to 6 months of living expenses. The "budget" account is for insurances, rent, and other items we are saving for (for example, new tires or car maintenance, Christmas presents and such).
Bills then get paid and whatever is left over goes towards investments. I generally like to keep at least $100 until the night before another direct deposit as a just-in-case-need-to-run-to-ATM sort of amount. Never have to make transfers out of savings accounts with this method.
My advice is to not hold that much in a checking account unless you have some amazing account. The interest rate you're sitting on probably isn't worth it compared to at the very least a savings account, which isn't really that great either at about 1%, but it's better than virtually nothing.
Bills then get paid and whatever is left over goes towards investments. I generally like to keep at least $100 until the night before another direct deposit as a just-in-case-need-to-run-to-ATM sort of amount. Never have to make transfers out of savings accounts with this method.
My advice is to not hold that much in a checking account unless you have some amazing account. The interest rate you're sitting on probably isn't worth it compared to at the very least a savings account, which isn't really that great either at about 1%, but it's better than virtually nothing.
Posted on 12/5/16 at 11:50 pm to btnetigers
I would be bouncing checks left and right if I kept than $2K in my checkings.
Posted on 12/6/16 at 8:33 am to btnetigers
We keep at least $5K in checking at all times.
Posted on 12/6/16 at 8:38 am to btnetigers
I usually try to leave at least 100. I don't get any perks just no penalties there. But leaves room to breathe
Posted on 12/6/16 at 8:44 am to Hawkeye95
I think it is important to find out what your banking needs are (versus banking desires). If those needs come with a fee that is waived if you keep a certain amount in your account (with Chase you need a certain amount in savings and checking combined), then it could be worth it.
Posted on 12/6/16 at 9:01 am to NewIberiaHaircut
quote:
Get 3% on $10K
Which bank?
I'm at 1.93 with Campus Federal.
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