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re: How much money do you keep in your checking account?
Posted on 12/2/23 at 1:14 am to WG_Dawg
Posted on 12/2/23 at 1:14 am to WG_Dawg
quote:
Some of these people must be rich as hell I keep roughly $200 in my checking at all times if not less. Every payday Friday I sit down wiht pen and paper and write the balance as my starting point. I subtract all known recurring bills that will occur over the next 2 weeks to give me a remainder. I then subtract about $200 since that's what I want to be leftover at the end, and the number remaining is free to do whatever with. Typically I'll move that to a high yield savings, buy crypto, put some towards one of our existing investment vehicles, etc. The way I look at it, money sitting there in my checking account earning nothing is essentially pointless. I would much rather move money to somewhere productive. The only reason I keep $200 left in there is if there is some kind of emergency that I need to venmo someone something quickly or something else unforseen.
I couldn’t imagine being that smart with my money. I have 3 to 4 years living expenses in my checking and savings making nothing. After reading this thread I finally opened a capital one savings account to get 4.3%. I’ll be moving most of it to that account but will still keep 30k in my checking and savings to pay bills.
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