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How much do you keep in your checking?
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amother
OP


 

Post Tue, May 14 2024, 3:57 pm
Just curious what most people do
Do you have most of your money in savings and just what you need in checking or do you leave a cushion? If so, how much?
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amother
Midnight


 

Post Tue, May 14 2024, 4:02 pm
We like to aggressively save so we can IYH buy a house one day so we keep our checking at $1500 and once we get over that we move money to savings. I also have my paycheck to automatically put 30% of it in savings so that never even touches our checking account. For reference since I think context is important when discussing financials we are a kollel family with one 18 month old DC. We are on snap/ WIC/ Medicaid (hopefully not for long though since I just finished school!) DH tutors in addition to Kollel and I worked part time while in school. We live very happily within our means.
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amother
Feverfew


 

Post Tue, May 14 2024, 4:03 pm
We can transfer from savings to checking with click of a button

Most is in investments
Some in savings
Paycheck to paycheck in checking. Maybe 3k maximum. Often less.
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amother
Canary


 

Post Tue, May 14 2024, 4:04 pm
We keep around $20K-$30K in checking, the rest goes in to investments.
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amother
Kiwi


 

Post Tue, May 14 2024, 4:32 pm
amother Canary wrote:
We keep around $20K-$30K in checking, the rest goes in to investments.


Ooc why so much in checking? Even a simple savings account would yield some interest, which checking doesn’t


I keep 3-5k in checking. Only enough to cover my bills
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amother
DarkPurple


 

Post Tue, May 14 2024, 4:38 pm
$0
the money is spent by the time it hits the account
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amother
Feverfew


 

Post Tue, May 14 2024, 4:40 pm
amother Kiwi wrote:
Ooc why so much in checking? Even a simple savings account would yield some interest, which checking doesn’t


I keep 3-5k in checking. Only enough to cover my bills


I’m guessing she makes so much income that she doesn’t need that interest.
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amother
DarkPurple


 

Post Tue, May 14 2024, 4:40 pm
amother Feverfew wrote:
I’m guessing she makes so much income that she doesn’t need that interest.

FWIW there are interest-bearing checking accounts also.
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amother
Daffodil


 

Post Tue, May 14 2024, 4:42 pm
amother Kiwi wrote:
Ooc why so much in checking? Even a simple savings account would yield some interest, which checking doesn’t


I keep 3-5k in checking. Only enough to cover my bills

Who cares why she does that? It's her money, her choice.
I also keep 3-5 in checking for bills and petty cash.
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amother
OP


 

Post Tue, May 14 2024, 4:44 pm
Wow such a big range!
I wonder if we’re unusual in the way we do it.
There’s usually a couple of hundred in our checking account lol at any given moment
The rest goes to savings.
But we do have a big emergency fund that we can transfer out of if needed
For reference I’m not even married a year. I guess that’s how it’s been working.
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amother
Peru


 

Post Tue, May 14 2024, 4:44 pm
We keep around 5k in checking at all times, 15k in savings and the rest in investments. We also keep 1k on hand in petty cash.
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amother
Feverfew


 

Post Tue, May 14 2024, 4:45 pm
amother OP wrote:
Wow such a big range!
I wonder if we’re unusual in the way we do it.
There’s usually a couple of hundred in our checking account lol at any given moment
The rest goes to savings.
But we do have a big emergency fund that we can transfer out of if needed
For reference I’m not even married a year. I guess that’s how it’s been working.


If it works for you that’s all that counts.
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amother
OP


 

Post Tue, May 14 2024, 4:46 pm
For everyone saying they keep most of their savings in investments, is this before or after you saved for a house?
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amother
Seablue


 

Post Tue, May 14 2024, 5:04 pm
Any money in our checking at any given time is just there because we haven’t yet paid the mortgage or another bill. So it may look like we have $4k today, but it’s actually $0 bc we live month to month and generally go over.
For reference- 4 kids with an income of about $180k. Not even close to enough
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amother
Forestgreen


 

Post Tue, May 14 2024, 5:11 pm
amother Seablue wrote:
Any money in our checking at any given time is just there because we haven’t yet paid the mortgage or another bill. So it may look like we have $4k today, but it’s actually $0 bc we live month to month and generally go over.
For reference- 4 kids with an income of about $180k. Not even close to enough


Ouch that's tough. I hope things get easier. How old are your kids
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amother
Peru


 

Post Tue, May 14 2024, 5:16 pm
amother OP wrote:
For everyone saying they keep most of their savings in investments, is this before or after you saved for a house?


After. When we first bought, we only had 10% to put down and had PMI. We had saved a reno budget of 50k and that was spent right away. We financed the rest of the renovations. Stayed there for 5 years, sold for a big profit and leveled up. 5 years later, did it again. Now, 20 years later, we are bh mortgage free and have a few properties as part of our investments. A home is a huge investment and if done right, can very profitable.
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amother
Sienna


 

Post Tue, May 14 2024, 5:18 pm
amother Seablue wrote:
Any money in our checking at any given time is just there because we haven’t yet paid the mortgage or another bill. So it may look like we have $4k today, but it’s actually $0 bc we live month to month and generally go over.
For reference- 4 kids with an income of about $180k. Not even close to enough


This is us. We have $5k in our checking account at the moment. Because 4.8k is paying the credit card bill tomorrow, leaving us $200 till next payday. (before you comment on irresponsible spending for such a high cc bill, that includes over 3k in tuition/childcare)
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amother
Magnolia


 

Post Tue, May 14 2024, 5:37 pm
It’s empty by the end of the month. We put in just what we need for the month. The rest is in investments. I always laugh- if people wld see our bank accounts they would thinks we are so poor lol. I have to ask my husband if there’s money in the account before I pay the sitter.
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amother
Aubergine


 

Post Tue, May 14 2024, 5:40 pm
Just checked
500k in one
45k in another
And there are more accounts I don’t know of
I’m not in charge so don’t ask me why
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amother
Whitewash


 

Post Tue, May 14 2024, 5:43 pm
Abt 40k give or take.
That's the amount we spend a month. All our paycheck goes into checking, I hv a budget spreadsheet & whatever we didn't spend each month gets transferred out to savings, so it's usually around there that stays.
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