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

[Sir Richard Spirit]

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

You being at home removes you from the “average American” part I was speaking about.

 

[Sad Bunny]

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.

I want to create a bills account and just put everything on auto pay and let it go out of there

Like a separate bill account from my regular checking but I’ve just been lazy lol

 

[Sad Bunny]

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?

No, and I wish we would have gotten it.

We have spent so much over the past three or four months I don’t even want to look at the bill lol

 

[UpNext]

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

You never been hit with back to back to back gut punches? You keep 5k in a checking account, your water heater breaks, two weeks later your brake lights come on, oh shyt it looks like you somehow owe 850 in taxes, and those auto pay bills are still coming?


If you got a credit card giving you 0% interest for a year or can quickly get one with a nice spend bonus that's cool, but if you don't you're either putting situations you can't cover in cash into a high interest credit card or you're dipping into money that probably should only be touched when you're unemployed and should be compounding 4-5% on itself as much as possible.


Yeah...I'd rather just keep my 10k and focus on having that number set then try to min/max my savings/checkings balance or play with putting emergencies into a credit card (because that's definitely something that can too easily go left).

That gives me enough to cover those gut punches, I'm not tripping about autopay not going through and it gives me time to rebuild while protecting me from another big hit that's definitely coming because that's how rainy days work. And I don't have to touch compounding money or play unnecessary credit card games.

 

[jaydawg08]

I got 18k in my checking account now, never dip below 10k and never get higher than 20k

Just put the rest in savings.

 

[Rev Leon Lonnie Love]

$100....on average I keep $250. I dont see the point of keeping a large sum on a checking account when I use a credit card to buy stuff and got a savings account to keep the rest of the money coming in.

 

[MegaTronBomb!]

I want to create a bills account and just put everything on auto pay and let it go out of there

Like a separate bill account from my regular checking but I’ve just been lazy lol

Breh, with most financial institutions you can do it via their app


But the pet insurance is something that really doesn't get pushed enough, cause a lot of folks pets ain't here anymore simply cause they never thought to get insurance and couldn't afford a procedure for them.

 

[DJ Paul's Arm]

Average American only has $500 because they spending their money trying to floss on the next person and going on expensive vacation destinations just for showing off on social media.

 

[BaldingSoHard]

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

Can't go wrong with SWVXX. One point of clarification though.... it's not completely liquid like I said. It actually trades like a mutual fund, so if you sell it, it will settle on the next business day. Still, very highly liquid.

 

[kevin arnold]

Average American only has $500 because they spending their money trying to floss on the next person and going on expensive vacation destinations just for showing off on social media.

Average American only has $500 because they have bills to pay, kids to feed, and unexpected emergencies with stagnant wages, and a higher cost of living.

 

[HabitualChiller]

I only keep the needed amount to pay bills that I can't put on my credit card.

Any other disposable income either goes to credit card payments, my money-market savings account, my 401k or investments. Maybe $400 goes to personal pleasures.

 

[The Prince of All Saiyans]

I know the coli full of posters that own homes and haven't seen a mortgage due ever in their lives

but

least try to be able to cover yrself in a 'worst case scenario' situation

 

[HabitualChiller]

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

Put me on, bro.

 

[RiffRaff]

15K in checking. No reason to have more than that.

vast majority of your excess money after that point should be in investments

 

[Peruvian Connect]

I keep whatever i need to keep from paying extra fees. if its a dollar, then thats what it is.