How much do you keep in your checking account? (taxes, range, investments)
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I live paycheck to paycheck. There is 0% interest on checking. What I do is with any left over money, I transfer to savings. That help me pay our annual car insurance.
Here is a problem, if I gas up our car at costco, if you have just under $100, costco won't allow you to pay with your debit card, even though you have the funds to pay!
I don’t know what is the point of having thousands in checkin. Why not move it savings?
Well ..semi fair question. My savings account penalizes if I do two withdraws a month from it. This includes when a check was overdrawn and is linked to the savings for protection .
In the mist of a stop payment on a check, the bank still funded it since they said I had check protection. It was a fiasco to get the fees and funds restored. Lesson learned that a bank doesn't have to honor the stop check despite paying the fee and giving notice.
I have two nickels and a dime in it at any given time ...that's my story and I'm sticking to it!
I don’t know what is the point of having thousands in checkin. Why not move it savings?
A better question is: Why bother moving it to savings?
I think some people waste a lot of time and energy managing relatively small amounts of money. All you have to do is read this forum to see examples of that every day.
I think we "make" (i.e. save) much more money by skipping meals on a regular basis than we would frantically searching for the next good place to put cash.
In my world checking is where you put money that you plan to spend. Savings is where you put money for the future
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