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re: Amount of cash in checking account?
Posted on 6/17/24 at 7:28 pm to BigApple
Posted on 6/17/24 at 7:28 pm to BigApple
I keep 10k to 15k in my checking and savings to pay bills. The rest I have in a money market and a couple of High yield savings accounts.
It took me a while to get on board with opening new accounts but it’s really dumb not to have your money making money. I still have access to everything it just may take a couple days to get it.
It took me a while to get on board with opening new accounts but it’s really dumb not to have your money making money. I still have access to everything it just may take a couple days to get it.
0
Posted on 6/17/24 at 7:29 pm to BigApple
I keep 0 unless there is a check out there, need to withdraw some cash, or it's time to pay bills.
Sofi does 4.6% on savings and doesn't charge for overdraft as long as you have overdraft protection turned on and enough in savings to cover it. So really I don't even have to transfer for what does come out of there.. but I still worry if I don't.
I keep enough to cover monthly expenses, etc in there. Extra emergency fund and other saving in a fidelity brokerage account earning about 5.36 right now.
Sofi does 4.6% on savings and doesn't charge for overdraft as long as you have overdraft protection turned on and enough in savings to cover it. So really I don't even have to transfer for what does come out of there.. but I still worry if I don't.
I keep enough to cover monthly expenses, etc in there. Extra emergency fund and other saving in a fidelity brokerage account earning about 5.36 right now.
This post was edited on 6/17/24 at 8:49 pm
Posted on 6/17/24 at 8:21 pm to BigApple
I carry the minimum I need to cover monthly autodraft bills. The rest goes into investments if my 6 month emergency savings that gets 5% interest is topped off
Posted on 6/17/24 at 8:40 pm to TigerTatorTots
We carry $20K or so. Average monthly CC is in the $10K range and there are some direct ACH as well.
Excess cash flow into taxable brokerage every week to keep balance around $20k.
Excess cash flow into taxable brokerage every week to keep balance around $20k.
Posted on 6/17/24 at 11:05 pm to BigApple
quote:
Amount of cash in checking account?
Never more than $10k
Posted on 6/18/24 at 5:42 am to BigApple
I like to keep around $5k in mine. Anything else needs to be in savings or investments.
Posted on 6/18/24 at 6:23 am to BigApple
I used to have savings, then times got tough and I had barely any savings. From that challenging time I learned that you have to have cash that you have no idea what it will be for, but it will be for something. My biggest cash account is the business, and it can run several months without any revenue. You don't want to search for a loan when your business is strapped for cash and you have employees to pay.
I have a big chunk of it in a Fidelity MM account generating between 4.5% to 5% return. I am going to keep that parked unless rates drastically decrease. I hope I never touch that money. The remainder I have in my bank savings which is a combo of emergency expenses to short term big purchase needs within the next 6 months.
I dollar cost average stock investments. If a stock(s) takes a dip I am not sounding the alarm and rush to cash out. You can do that if you have a savings as a safety net.
From so many challenges experienced throughout my life, having peace of mind is now one of my main priorities.
I have a big chunk of it in a Fidelity MM account generating between 4.5% to 5% return. I am going to keep that parked unless rates drastically decrease. I hope I never touch that money. The remainder I have in my bank savings which is a combo of emergency expenses to short term big purchase needs within the next 6 months.
I dollar cost average stock investments. If a stock(s) takes a dip I am not sounding the alarm and rush to cash out. You can do that if you have a savings as a safety net.
From so many challenges experienced throughout my life, having peace of mind is now one of my main priorities.
This post was edited on 6/18/24 at 6:27 am
Posted on 6/18/24 at 6:33 am to BigApple
I get over $2k I am moving some to hysa
Posted on 6/18/24 at 6:42 am to BigApple
1st of every month I pay all the bills and cut the checking down to $1,000 just in case there is any crap that comes up before I get paid next
No reason to have any more in checking
75k in checking is wild
No reason to have any more in checking
75k in checking is wild
Posted on 6/18/24 at 6:42 am to lynxcat
quote:Goodness what are you buying every month
Average monthly CC is in the $10K range
Posted on 6/18/24 at 6:59 am to Pelican fan99
quote:
1st of every month I pay all the bills and cut the checking down to $1,000 just in case there is any crap that comes up before I get paid next No reason to have any more in checking 75k in checking is wild
I would lose my mind if I only had $1000. I can’t cut it that close.
Posted on 6/18/24 at 7:06 am to Rize
Very few things would come up where I have to have more than $1,000 cash that couldn't wait until I get paid 1-2 weeks later
Posted on 6/18/24 at 7:10 am to Pelican fan99
$10K may be a bit overstated for CC alone on second thought. It’s more like $6-8K for CC and then Mortgage and Daycare on top of that.
Posted on 6/18/24 at 8:03 am to BigApple
depends on the volatility of each situation but $5k is mine.
Posted on 6/18/24 at 8:09 am to BigApple
This is just a silly brag thread, right?
Anyone keeping more than a month's worth of expenses in their checking account is just burning money. Plus, if you happen to carry around an ATM card linked to that account, the risk to your life if you ever get frogmarched to an ATM at gunpoint just skyrocketed when the perp sees the balance.
Anyone keeping more than a month's worth of expenses in their checking account is just burning money. Plus, if you happen to carry around an ATM card linked to that account, the risk to your life if you ever get frogmarched to an ATM at gunpoint just skyrocketed when the perp sees the balance.
Posted on 6/18/24 at 9:03 am to Joshjrn
quote:
Anyone keeping more than a month's worth of expenses in their checking account is just burning money.
Theoretically, yes, but in practice I don't want to ever have to worry about an auto draft bouncing because I'm trying to manage a checking balance to the dollar.
Posted on 6/18/24 at 11:12 am to lynxcat
quote:
Theoretically, yes, but in practice I don't want to ever have to worry about an auto draft bouncing because I'm trying to manage a checking balance to the dollar.
That’s an odd false binary… I said no need to keep more than a month’s worth of expenses at any given time. I didn’t intend to imply that that only applied to the first day of the month and that you would run it down to zero before replenishing
Posted on 6/18/24 at 11:20 am to Joshjrn
quote:
That’s an odd false binary… I said no need to keep more than a month’s worth of expenses at any given time. I didn’t intend to imply that that only applied to the first day of the month and that you would run it down to zero before replenishing
The cash flow doesn't line up exactly for paychecks vs expenditures (at least for my HH), so I effectively have ~two months of coverage as an average and that "2x" coverage flexes up and down based on any given day (e.g., lower 'coverage' the day after CC bill is paid).
Posted on 6/18/24 at 11:46 am to Pelican fan99
quote:
Very few things would come up where I have to have more than $1,000 cash that couldn't wait until I get paid 1-2 weeks later
I get paid every Friday and I have stuff come up all the time that would be a pain in the arse if I only had $1000 in checking. Credit card bill, car notes, car insurance, and a few other things.
I guess I’m not that anal about getting the interest on the extra money in checking to give me a cushion. I have Bank of America that my direct deposit goes into with a checking and savings account that I’ve had for 22 years. I then transfer the excess to a Capital HYS but that can take a couple of days to move money back and forth.
This post was edited on 6/18/24 at 11:50 am
Posted on 6/18/24 at 12:11 pm to lynxcat
quote:
The cash flow doesn't line up exactly for paychecks vs expenditures (at least for my HH), so I effectively have ~two months of coverage as an average and that "2x" coverage flexes up and down based on any given day (e.g., lower 'coverage' the day after CC bill is paid).
Even with irregular cash flow, I'm still not sure how this shakes out, but I'll take your word for it. With that said, it seems like you could easily compensate for this by having paychecks go into a savings account and set up, say, a bi-weekly auto transfer into your checking account, or transfers that hit a few days before major credit card payments, etc.
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