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After your bills are paid.....
Posted on 7/17/18 at 9:26 am
Posted on 7/17/18 at 9:26 am
After your bills are paid, how much should you still have left in your checking account? I understand the need for an emergency fund, but just sitting in your checking account - how much should be there? $1K, $5K? More?
Should anything over a certain amount be put into savings? What's your thoughts?
Should anything over a certain amount be put into savings? What's your thoughts?
23
Posted on 7/17/18 at 9:34 am to btnetigers
i keep only enough in checking to pay monthly bills.
too attractive a target for potential lawsuits, imo.
for business...we pay out profit each month....all the way to zero.
puts pressure on us to produce.... (but so what?)
(there is credit if needed)
too attractive a target for potential lawsuits, imo.
for business...we pay out profit each month....all the way to zero.
puts pressure on us to produce.... (but so what?)
(there is credit if needed)
Posted on 7/17/18 at 9:40 am to btnetigers
About $200....everything else is squirreled away in various other accounts. Why leave money sitting around? It is tempting to spend it. I stash it all away where I would have to work harder to get at it.
Posted on 7/17/18 at 9:53 am to btnetigers
Personally, I look at my checking and savings account as the same thing. And I generally keep enough to where my total cash on hand minus credit card debt for the month is between $0 and $5k. I don’t really subscribe to the large emergency fund idea..
I may have between $5k-$10k at most if I am saving up for something.. Any more than $10k and I’m finding somewhere else to put the cash.
I may have between $5k-$10k at most if I am saving up for something.. Any more than $10k and I’m finding somewhere else to put the cash.
Posted on 7/17/18 at 10:11 am to btnetigers
I only keep $500 in my checking account. Just enough incase, but Ive never run into anything where I can use my credit card or whatever. I could do like $100, i just don't want to get an overdraft charge in case something came out of my account without me really knowing b
Posted on 7/17/18 at 10:19 am to mrgreenpants
quote:
too attractive a target for potential lawsuits, imo.
What do you mean by this?
Posted on 7/17/18 at 10:21 am to PhiTiger1764
quote:
I don’t really subscribe to the large emergency fund idea..
I agree with this. I have credit cards for large emergencies and money that is liquid enough that I could pay these off within 30 days.
Posted on 7/17/18 at 10:26 am to hottub
i'm in involved in real estate...and health care.
both highly litigious industries.
if someone wants to potentially sue me i'm definitely not gonna make it easy (by...keeping a bunch of cash in a local checking account)
both highly litigious industries.
if someone wants to potentially sue me i'm definitely not gonna make it easy (by...keeping a bunch of cash in a local checking account)
Posted on 7/17/18 at 10:36 am to mrgreenpants
quote:
i'm in involved in real estate...and health care. both highly litigious industries. if someone wants to potentially sue me i'm definitely not gonna make it easy (by...keeping a bunch of cash in a local checking account)
That’s not how that works.....
Posted on 7/17/18 at 10:41 am to mrgreenpants
If that is a serious concern, I would suggest looking at your insurance policies.
Your personal assets, ie cash on hand, will be almost untouchable with the right policies in place.
Your personal assets, ie cash on hand, will be almost untouchable with the right policies in place.
Posted on 7/17/18 at 10:43 am to southernelite
If he buries extra cash in the yard, it is immune to legal judgments. This is risk management 101. Only dopes keep cash in the bank.
Posted on 7/17/18 at 10:44 am to hottub
quote:
I agree with this. I have credit cards for large emergencies and money that is liquid enough that I could pay these off within 30 days.
Yep. Another thing Iike to do is maintain constant access to interest free money should I need it.
I’ll open a no fee credit card with 12-18 months of 0% interest, and just keep it in the sock drawer until needed. A lot of these cards will also give $100 or more bonus for spending $500, so I’ll take advantage of that, then repeat the process when the interest period ends. I’ve done this 4 times.
This post was edited on 7/17/18 at 10:46 am
Posted on 7/17/18 at 10:48 am to PhiTiger1764
quote:
I’ll open a no fee credit card with 12-18 months of 0% interest, and just keep it in the sock drawer until needed. A lot of these cards will also give $100 or more bonus for spending $500, so I’ll take advantage of that, then repeat the process when the interest period ends. I’ve done this 4 times.
Once the interest free period ends, do you cancel the card? Any impact on credit score?
Posted on 7/17/18 at 11:06 am to btnetigers
quote:
? I understand the need for an emergency fund, but just sitting in your checking account - how much should be there? $1K, $5K? More?
I think the answer depends on how much you will spend on a monthly basis, ability to spend on a cc.
Slight hijack.
I've been looking into ways to automate transfers between my checking-savings based on the checking account balance. Does anyone currently have any tips or experience with transfer automation?
Posted on 7/17/18 at 11:07 am to hottub
quote:
Your personal assets, ie cash on hand, will be almost untouchable with the right policies in place.
in the state of texas i'm pretty sure personal bank accounts get almost immediately garnished in a judgement.
Posted on 7/17/18 at 11:15 am to mrgreenpants
quote:
in the state of texas i'm pretty sure personal bank accounts get almost immediately garnished in a judgement.
Judgements don’t happen overnight and rarely happen with the right insurance protection.
Posted on 7/17/18 at 11:16 am to btnetigers
quote:
I understand the need for an emergency fund, but just sitting in your checking account - how much should be there? $1K, $5K? More?
This varies tremendously by person. I would say it's more of a percentage thing. It depends on your income and expenses. Seems like 10% is reasonable. If you spend $10,000 a month then maybe $1000.
Posted on 7/17/18 at 12:06 pm to hottub
I have actually kept them all open. One I still find useful for category spending or promotions from time to time. The others I just use for recurring monthly expenses to keep them active.
But I have closed cards in the past. The credit score hit is temporary and recovers quick. But opening and closing cards is not something I’d do within a year of a big purchase like a vehicle or especially a house.
But I have closed cards in the past. The credit score hit is temporary and recovers quick. But opening and closing cards is not something I’d do within a year of a big purchase like a vehicle or especially a house.
Posted on 7/17/18 at 12:45 pm to btnetigers
I try to keep as little as possible but the actual figure is probably proportional to your income/expenses.
Someone making 400k a year with 10k a month in expenses is going to want to have a wider berth in checking than someone with less IMO.
Someone making 400k a year with 10k a month in expenses is going to want to have a wider berth in checking than someone with less IMO.
Posted on 7/17/18 at 12:46 pm to btnetigers
I can't sleep if my checking gets under $1000.
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