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How much of a "cushion" do you leave in your checking account after paying bills
Posted on 6/19/13 at 9:40 am
Posted on 6/19/13 at 9:40 am
What amount of money do you leave in your checking account and pretend is not there for those just-in-case moments where you might need to get cash immediately?
I've always done $1,000 but I'm thinking about lowering it to $750.
I've always done $1,000 but I'm thinking about lowering it to $750.
18
Posted on 6/19/13 at 9:44 am to TDsngumbo
Maybe $200, but that's just in case my math is fricked up somewhere. 
Plus, I have various savings accounts for goal tracking, and since my phone can instantly transfer the money into checking, there is no need for it to be in checking. Its a technicality though.
Plus, I have various savings accounts for goal tracking, and since my phone can instantly transfer the money into checking, there is no need for it to be in checking. Its a technicality though.
Posted on 6/19/13 at 9:45 am to Teddy Ruxpin
Around $1,000 in case I screwed something up.
Posted on 6/19/13 at 9:47 am to TDsngumbo
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.
Posted on 6/19/13 at 9:48 am to eng08
Around $100-150. I run mine down at the end of the month by emptying extra's into Savings, Emergency/Vacation, etc.
My wife keeps about $1,500-2,000 however.
My wife keeps about $1,500-2,000 however.
Posted on 6/19/13 at 9:54 am to TDsngumbo
I think this question is answered differently by people from various generations. I've found the late 40 somethings and older believe you have to keep at least enough money in savings/checking to live off of for 6 months should you lose your job.
I generally keep very little money in checking and savings for that matter. Having a surplus of cash is not maximizing your investments in my mind. Liquidity is important, but most savings accounts arent even keeping up with the rate of inflation. You are losing money by putting your reserves there. If I'm building cash then I increase my contributions to my tax sheltered retirment accounts or invest it.
I laugh a bit when I see guys talking about the $50K they have in savings thats earning less than 1% interest and the $30K they have in their IRA/401K. In my mind theres something terribly wrong with that picture...
I generally keep very little money in checking and savings for that matter. Having a surplus of cash is not maximizing your investments in my mind. Liquidity is important, but most savings accounts arent even keeping up with the rate of inflation. You are losing money by putting your reserves there. If I'm building cash then I increase my contributions to my tax sheltered retirment accounts or invest it.
I laugh a bit when I see guys talking about the $50K they have in savings thats earning less than 1% interest and the $30K they have in their IRA/401K. In my mind theres something terribly wrong with that picture...
This post was edited on 6/19/13 at 9:56 am
Posted on 6/19/13 at 10:08 am to TDsngumbo
quote:
What amount of money do you leave in your checking account and pretend is not there for those just-in-case moments where you might need to get cash immediately?
In actual checking. I try not too leave too much. I move extra into my money market account. If an unexpected expense or big bill comes in I go online and transfer money into the checking account. I set up automatic transfers to my checking account the day before I have a bill scheduled to be paid.
Posted on 6/19/13 at 10:10 am to TDsngumbo
5 k
Posted on 6/19/13 at 10:16 am to TDsngumbo
All of my college money is in a checking account. Personal is in savings account.
Posted on 6/19/13 at 10:25 am to TDsngumbo
$300
My budget is predicable though. I can estimate it within $100. I dump whatever difference I have after bills are paid into savings and investments.
Money in checking is not earning me anything and I have theft concerns.
My budget is predicable though. I can estimate it within $100. I dump whatever difference I have after bills are paid into savings and investments.
Money in checking is not earning me anything and I have theft concerns.
This post was edited on 6/19/13 at 10:29 am
Posted on 6/19/13 at 10:28 am to TDsngumbo
Right now it's $18K. Average is $22K. Had to pay the house painters two weeks ago.
Posted on 6/19/13 at 10:30 am to TDsngumbo
Min of 10k just to get the max of my 3% reward checking and all ATM fees returned.
Posted on 6/19/13 at 10:36 am to Catman88
quote:
Min of 10k just to get the max of my 3% reward checking
What bank do you get 3% from?
Posted on 6/19/13 at 10:37 am to TDsngumbo
About $15K
Posted on 6/19/13 at 10:45 am to AUtigerNOLA
Neighbors FCU
Posted on 6/19/13 at 10:46 am to Motorboat
If you don't mind my asking.....why so high? Do you have unpredictable expenses or lack a monthly budget?
This post was edited on 6/19/13 at 10:50 am
Posted on 6/19/13 at 10:54 am to TDsngumbo
quote:
I've always done $1,000 but I'm thinking about lowering it to $750.
If your emergency fund is in another account, $200 to $300 is a good cushion. More than that you'll just spend it on stuff you don't need and is a sign you're not saving enough.
IF you're housing your emergency fund in your checking account (which I don't recommend), you need $1200 to $1300.
This post was edited on 6/19/13 at 10:56 am
Posted on 6/19/13 at 10:59 am to TDsngumbo
I try to keep 5k in my account. I get 2% intrrest through a local bank so it's not that bad. Any more than that goes in investments or paying off te wife's student loans.
Posted on 6/19/13 at 11:12 am to KG6
I live pay check to pay check... after investments and automatic savings transfers out to other accounts. So, at the moment the balance is under $200. 
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