Financial Challenges Support Group

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Checking accounts

Messenger2010
Messenger2010
Interesting thoughts on how much money to have in a checking account. I have more then the suggested and want to add to it. yes, I know I'm losing money on interest but having a piece of mind more then makes up for it.

After my recent medical issues, knowing that money was there really helped me concentrate on my health more then worry about how close I was to over-drafting.

http://www.businessinsider.com/heres-how-much-money-should-be-in-your-checking-account-2014-11
billwfriend
billwfriend
thanks I will post the link to solvency list....DA group online...hugs bill
Desigol1979
Desigol1979
My 'checking account' is the same as my savings, however I have a grand tucked away in a bond that will mature next July.

It's getting to the stage that, no matter how much I reduce expenses, I would need a job to stand on my own two feet.

I talked to my complementary therapist yesterday about my money worries and she'll get someone to contact me about advice. The main issue is my codependency on Gran. Last week I officially applied for accommodation at a residence in town for those with Mental Health issues. At the moment they're fully booked, but there may well be a space soon.

I have to surrender the outcome to God and do any required footwork.
Messenger2010
Messenger2010
In the past I also had a checking account that was also my savings. The sad part was that it was always pretty close to zero. I'd get paid and money would fly out just as fast.

I pray, I never go back to that accounting system.

Today, one bank has my main checking account. This I pay my monthly bills with, as well as groceries, gas, etc. This account is the one I round up my checks and round down my deposits and every Friday I charge myself $25 for the "luxury" of having this account. Right now it has over $2,200 hidden in it by doing these simple things.

Another bank, that is a bit more difficult to get to has my emergency funds in a savings account and it also has a separate checking account. This checking account pays my "important" bills. I've used it to pay taxes and recently all my medical bills.

Then I have an on-line savings account that is my long term savings... and through work a 401-K account.

By having these separate accounts... dealing with my medical issues was a lot less stressful just knowing that any cost I incurred could be met...
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