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re: After your bills are paid.....
Posted on 7/19/18 at 7:21 am to btnetigers
Posted on 7/19/18 at 7:21 am to btnetigers
quote:
After your bills are paid
Does this include the grocery bill and entertainment bill and those other budget things?
What I do is transfer money into retirement and savings funds after pay day. That leaves around $4000 in my account.
I pay rent, utilities, childcare, Internet, and car insurance as soon as possible.
That leaves ~$1600 in my account.
That $1600 will sit in my account until the end of the month.
I put all of my extra expenses (food, dates, fun, etc) on a credit card with points.
On the last day of the month, I pay off the credit card, which will often be a little less than $1600.
1
Posted on 7/19/18 at 10:20 pm to StringedInstruments
Just relax. When your checking account balance hits $100k, put about $80k into a savings account. Keep it simple is my advice.
Posted on 7/20/18 at 7:48 pm to btnetigers
quote:
After your bills are paid
Pay yourself first always, 10%.
Posted on 7/20/18 at 11:58 pm to mrgreenpants
quote:
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
Damn you must be a huge slime ball to be this worried.
Posted on 7/21/18 at 7:49 am to mrgreenpants
quote:
if someone wants to potentially sue me i'm definitely not gonna make it easy
You'll be required to disclose all assets, not just what you have in your checking account.
Posted on 7/21/18 at 7:57 am to btnetigers
quote:
I understand the need for an emergency fund
The concept is usually poorly presented. The point is to be able to get access to cash quickly and inexpensively. Having money sitting in a savings account is one way to do this, but at a cost of missed opportunities using it elsewhere.
For example, I have credit cards (with large credit lines), a HELOC, a Roth, a standard brokerage account and a checking account. No savings account at all. If I lost my job tomorrow I could use my cards each month and pay them off by drawing on the HELOC and/or the Roth if I exhaust my checking and brokerage accounts.
Getting access to cash is not a problem, so no savings account is needed.
Posted on 7/21/18 at 7:58 am to btnetigers
6 months of expenses. Basically a reserve fund if there's an interruption in your income.
Posted on 7/21/18 at 2:22 pm to flash
Yes, always pay yourself first, automatic withdrawals are best and max them out if possible. This is the best insurance against lifestyle creep over the years, and for wealth building over time. So, "After your bills are paid" is second to savings, unless you want to be the typical american living check to check and no retirement/second occupation plan.
Posted on 7/22/18 at 10:18 am to btnetigers
Get the book The Total Money Makeover by Dave Ramsey. A lot of these questions are answered there and he gives a lot of good advice for getting debt free and becoming a millionaire. A good investment for so much info.
Posted on 7/23/18 at 8:17 am to mule74
quote:
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.
I keep about 1 1/2 of monthly bills in checking. Things can happen with work and where I live hurricanes. I have rental income that I am expecting but I have to be prepared if it doesn’t. I have plenty of available credit on the cards but there are things you can’t use them for at times.
Last hurricane my wife and I missed 1 month of work. My company paid me but my wife missed a little more than a full paycheck.
Posted on 7/23/18 at 8:30 am to btnetigers
Right now I have more than what I'd prefer in a checking. I like to keep around 5-10k in checking/savings and the rest goes into various investments. Right now it's a little higher because I was about to buy another property but it fell through. May wait a little longer now. Everyone will have different comfort levels for different reasons.
Posted on 7/23/18 at 10:46 am to MrJimBeam
Checking in...true to my word. I’m down to $24 in my account just a few days before I get paid.
It’s just the way I do it.
Bills paid, savings account just a bit fatter, beer and food on hand plus a half tank a gas. Over $60k in available credit, and a healthy HSA account...
What more does a man need?!
(this will change once I start a family, but for now, I like it).
It’s just the way I do it.
Bills paid, savings account just a bit fatter, beer and food on hand plus a half tank a gas. Over $60k in available credit, and a healthy HSA account...
What more does a man need?!
(this will change once I start a family, but for now, I like it).
Posted on 7/23/18 at 11:22 am to bayoubengals88
quote:
I’m down to $24 in my account
HA! Same.
$177.92 in checking account, BUT I have 2 $80 payments yet to clear. Filled up both vehicles yesterday. Meals planned out for the week. Payroll hits Thursday and then Tuesday.
Posted on 7/23/18 at 12:05 pm to btnetigers
I like to keep around 900 - 1000 after expenditures in case of a critical emergency where I need cash, but with today's technology and instant transfers on a mobile device possible, it doesn't really matter any more.
Posted on 7/23/18 at 12:27 pm to TheBoo
I normally like to keep about 5k in my checking account. If it gets up to 10k or so I'll transfer 5-7k into my investments account for investments. I hate the idea of having a low checking account balance. Even though I do almost all purchases on credit car and pay off monthly so I'm not really at risk of overdrawing, I would rather not transfer money back and forth if something big comes up.
Posted on 7/23/18 at 9:13 pm to SouthOfSouth
Mine fluctuates from $800-$4000 pretty quickly because I’m a salesman and I put all my expenses on one credit card. I pay that card off entirely every month. I have a $500 car note and $380 in student loans. Plus a few other things financed at around $100 each with 0% financing.
I get one Big commission check at the end of each month and have a draw that I get every week.
I get one Big commission check at the end of each month and have a draw that I get every week.
Posted on 7/23/18 at 9:20 pm to bayoubengals88
quote:
I’m down to $24 in my account just a few days before I get paid.
It’s just the way I do it.
I just down see the point in changing a $35 charge if you're putting money in your savings anyway. But if it works for you goon on you.
This post was edited on 7/23/18 at 9:21 pm
Posted on 7/23/18 at 9:36 pm to Mingo Was His NameO
Are you referring to an overdraft?
Posted on 7/23/18 at 9:36 pm to bayoubengals88
Yes should say chancing an overdraft charge.
Posted on 7/23/18 at 9:49 pm to Mingo Was His NameO
Gotta go below zero to get an overdraft! Have protection with savings anyway!
I know, it’s not for everyone!
I know, it’s not for everyone!
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