What’s the minimum amount that should be kept in your checking account at all times?

[Sad Bunny]

nikkas got that bail money on deck. lol realistically why would u need more than 3-4 thousand sitting in a checking account for?

I spend a lot sometimes and want to be able to payoff my credit card expeditiously

Example:

In the past week or two

My dog had surgery
Car needed tires and brakes and my AC serviced
Wife copped Usher tickets and Roots picnic tickets
I booked a flight for July
I might cop the ultra watch
And I might cop a MacBook

You’re paying for that with a debit card??

I thought the Coli was financially literate.

I usually keep a few hundred dollars in my checking. I have 3 months worth of expenses in my HYSA. I only use credit and I pay off the whole balance at the end of each statement.

i use a credit card. I just like to pay it off daily or weekly not monthly because I was bad with my credit card in my 20s so I don’t trust myself

I pay mine off the same day sometimes when I buy shyt. I made four payments today alone

I’m a little OCD

 

[International Playa]

Enough for my bills & expenses for the month.

The rest I put in the highest savings account & invest.

 

[Sir Richard Spirit]

Man they say the average American doesn't have $500 saved up. So that should be the start, or really, the answer to this question is based on what someone currently earns and what they currently have in the hole...

$10,000 is absolutely unrealistic for most people...

c/s


I know everyone likes to say they owe taxes but I got about $2300 back and it allowed me to pay some shyt without touching my last check or my savings. I got some cash on hand to.. that’s not savings.. that’s bail/weed/emergency fund.

I don’t think $10,000 is unrealistic but if you put 1000 people in a room right now I don’t think 7 people have it. I would say 99% of the adults I know have credit cards for major emergencies.

 

[Tres Leches]

as little as possible that shyt losing purchasing power every second .. but you do need an emergency fund so the article makes sense 1-3 months expenses sounds right

 

[Arcavian]

Im working on it....

 

[DJ Paul's Arm]

fukk a bank account my dough is under the mattress and buried in backyards where I track where ya at bytch.

 

[Shadow King]

I have a $4200 in my savings account and $1831.78 in my checking. I get paid tomorrow.

$10,000 is not a realistic number for the average American IMO. My $4200 will be down to $1800 once I figure out where I want to fly to this summer.

Man they say the average American doesn't have $500 saved up. So that should be the start, or really, the answer to this question is based on what someone currently earns and what they currently have in the hole...

$10,000 is absolutely unrealistic for most people...

2 summers ago I got up to 24K, but
1) I was (and still am) at home
2) I was working stupid hours
3) It was specifically for an SUV

 

[ConPHIdential]

$100-$1000. Anything more is going towards where it can grow.

 

[Skooby]

I keep cash in SWVXX (money market). Completely liquid and earning 5%.

It's for Schwab customers. You have to open a bank account with Charles Schwab to access the fund.

I have a Schwab brokerage. I'm going to have to look into this. Thanks for posting the info.

 

[Roger king]

This is for rich brothers living large, us nikkas in the trenches, working paycheck to paycheck, dont have such options, we are grateful for each meal and food on the table. What you know about winter time no heat, cereal no milk, noodes only, yall wouldnt get it

 

[Da Jungles]

Enough to pay bills.

The rest is in a high yield savings account, investments and a PLI

 

[MegaTronBomb!]

I've always felt that the specific number doesn't exactly matter... but the amount you readily have access to does.

I do feel that you should have primary/secondary checking accounts... one for general banking, and one for autopayment items that can't be placed on CC's.

And then just multiple savings across different banking institutions as a safeguard.....with a decent amount of cash on hand.

 

[MegaTronBomb!]

10K seems to be the average so I need to make some moves and move some money around.

I have had a lot of random expenses recently and 5K is not enough

P, you should keep in mind that the 10k is just something that we've anchored on cause it gives a tangible number for people to get to.... But 10k sitting doesn't exactly mean that you're in the green.

Do you have pet insurance?

 

[DrunkenNovice]

Checking - monthly expenses
Savings - 6-12 months expenses

 

[OperationNumbNutts]

Do you agree with this below?

———————————————-

“A common rule of thumb for how much to keep in checking is one to two months' worth of expenses. If your monthly expenses are $4,000, for instance, you'd want to keep $8,000 in checking. Keeping one to two months' of expenses in checking can help you to stay ahead of monthly bills.”

How Much Cash to Keep in Your Checking Account (vs. Savings)

Checking and savings accounts can help you reach different goals. It's important to know how much money you should keep in each one.

time.com

Note: In 2020 the Federal Reserve reportedthat only 64% of Americans had enough money on hand to cover a $400 emergency.

If a person can eventually save enough...............yes.