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Are YOU Keeping Too Much Money in Your Checking Account?

Social Symone ♡ 120 views

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What do you think is the appropriate amount of money to be in your checking account? Also, what percent is your phone🔋on? I'm on 65😭
Comment from : @SocialSymone

Depending on her situation, she may have a high balance to stay one month ahead
Comment from : @kld1068

I started living frugally in my early 20s and it really helped me saved so much money In my early 30s, I was able to build my own business, I bought few properties and now putting my money on stocks ( it's doing great!) and high yield savings account for interest I cook my own food, I don't drink anymore (I used to drink a lot when I was younger)I dont shop anymore brI still work for now and I'm planning on retiring early so I can travel around the world
Comment from : @kschapmanj4688

I don’t keep money in my checking unless it’s for my discretionary spending which is $80 every two weeks…
Comment from : @MeiKasai

Yeah, I feel this
Comment from : @kaylablack2012

This is my sister! If her savings, or checking account as you guys call it, is less than £10,000 she thinks she has no money or savings haha
Comment from : @rubyshah4543

I watched this and immediately moved my money into savings Thank you!
Comment from : @NN-fz4pd

I keep one months of expenses in my checking account typically (about $2200) The rest is either being invested or stashed in a high yield savings (emergency fund)
Comment from : @peterwilder752

I can’t keep more than 200 in my checking because I WILL blow it on stupidness 😂😂😂
Comment from : @islandpersuasion4690

Re the last commenter, it does matter because some banks dick around with transfer times It does not take 3-5 days to transfer funds Those banks are just sitting on your money for a few days to make some interest off your money Look for high-yield savings accounts that do same-day or next-day transfers -- without any additional fees
Comment from : @greg_216

If it's not FDIC-insured, it's not emergency savings, it's an investment Yes, you will lose out on some interest, but that's the price to be paid for that security Think of it like insurance Insurance is something you pay for So, no, don't be piling your emergency savings into investments because it may not be there when you need it That said, if your emergency savings can cover more than a year of your expenses, you're probably being too conservative and should be putting more into investments
Comment from : @greg_216

We keep $10k in checking and my husband is an army man He makes $110k after taxes as a major with 16 yrs in We do have 4 kids and I stay home to take care of them But we also max out our TSP, Roth IRA and put whatever other liquid savings we have in a money market account Our monthly expenses are only $4k (rent, utilities, food, gas, etc) because we have 0 debt It’s very possible
Comment from : @reviewsbygen5591

Mine was br13,000
Comment from : @lotusflower3154

Omg this is so me The amount I have is way too much but it’s my “cushion”
Comment from : @hilarytan9561

I usually only keep about 3-5 of my money in my checking I thankfully have no bills and only “need” (I’m using “need” loosely, I don’t really “need” 90 of what I buy usually) a few hundred dollars between pay periods If I kept any more than that, I would just go and spend it The rest is all kept in my high-yield savings account!
Comment from : @vanessavarela01

You’re totally right, most Americans live paycheck to paycheck and have little financial literacy It’s so so easy to fall into consumer culture and it gets out of control so fast… read the Richest Man in Babylon and the Millionaire Next Door Wealth is built slowly and carefully- anyone telling you otherwise is likely selling a course, don’t fall for it y’all!
Comment from : @boopdoop2251

PayPal savings is a high yield and you don’t have to pay for it It’s great She’s right, don’t just let your money sit around
Comment from : @boopdoop2251

Savings accounts are for a reason
Comment from : @lorettaknoelk3475

High yields account doesn't allow for liquidity I want to access my money whenever I need to
Comment from : @jkairi4

The most i've had was 2 years salary in a checking account This was when the interest in a savings account was 05-1 💁🏻
Comment from : @Jojo-vv9ue

For people who only have checking and saving and try to keep their checking low aside from bills What are you buying food/clothes/gas with? I assume you put it on a credit card and pay that off on payday?
Comment from : @KingJobber

OMG, these people need to put that money in an hysa!!!!!
Comment from : @rowan3902

Uh, i guess having a high minimum balance can be good in terms of "forcing" you to save money because at a place called Scotiobank, I had to have $3000 before they start charging, and I have been adamemt on never letting it drop to below that out of spite because these cocksuckers will not be charging me for no damn service charge 😡🤬 Fuck you Scotiabank!
Comment from : @Billy-yj2kn

Right now I have 21,465 dollars in my checking account
Comment from : @ZoeiiZiZZles

My bank expects me to keep $6k in my checking account to qualify for whatever bs they tried to upsell me on I can't remember what exactly I absolutely do not because I have a high yield savings account and an investment account so I am not leaving that just sitting there I have enough money for expenses and that's it
Comment from : @rochie4865

My checking account looks like I’m scraping by My savings looks like I’m comfortable But that’s like 1/10 of what’s in my retirement accounts
Comment from : @DarkWingChuck2-jh5mv

4K and 10k for me I’m in the boat of trying keep 200 in my account
Comment from : @OliveRefined2Oil

The banker has a good point Fraud is rampant At this point I believe someone could make a trend asking “what’s your mom’s maiden name? 😊🤪” and people would still respond
Comment from : @howoriginal1986

So I just ignore the first $1,000 Like in general if I have $1,200 I think oh I have $200 to spend However once it’s starts to creep up in the next few thousand ie 3,4,5 it varies, I move a few k into the savings account Keep doing this over and over
Comment from : @Jazzatic2011

I need to have $1000 in my account at all times or i feel broke I have felt broke for 2 years 😂😂😂😂😂
Comment from : @SmellMyKnee15

I spend $5-6K a month so I need to have at least 6K to be comfortable in my checking I wouldn’t keep more than 12K on a regular, which is 2 months of expenses
Comment from : @brittanyedwards8862

Who spending 4k, 10k in their checking account, what you buying every week If you want to have it on hand for emergency put your 10k in the savings and keep 200-400 in checking You get like 40-50 bucks a month minus tax You can always dip in there if you want but if someone steal your card they wont beable to spend the 10k in your savings
Comment from : @charlotte2048

ALL HUMANS are living paycheck to paycheck, rich, middle , poor, employee, entrepreneureven if you're getting money daily or weekly, without the money coming in we ass out 😟!brThat's just my theory 🤷🏽‍♂️
Comment from : @newdiffrentbetter

Ladies if you already have 3-6 months of living expenses saved, or even 12 months of living expenses, saving any more is not letting your money work for you! Start putting the money into a 401k, Roth IRA, brokerage account to buy stocks, etc It is a fact that women need to save more than men for retirement because women live longer Start doing your research on how to let your money work for YOU
Comment from : @KateRipley

I only keep a max of $500 in my checking I don’t have a mortgage/rent, car loan nor credit card debt so my monthly expenses are extremely low Thank god I learned about financial literacy in high school by taking the work/study program my senior year I never wanted to be like my parents They were terrible with money and I did everything to not be like them!
Comment from : @hawasada77

After I got a bunch of money stolen bc I got my card skimmed at a gas station I always keep a very low amount in my checking 10k is insane
Comment from : @spacechaser6369

Fun money comes out of checking Savings, investments and bills are sent to other accounts every paycheck brbrI try to make sure the checking stays above 50$ in case of an automatic withdrawal or whatever and the bill checking always has 1 month of expenses
Comment from : @Unhinged_Crafts

Anything less than $5 is when i feel broke Lol brbr🎵 Living on the edge
Comment from : @AlysaAlysaBolissaBananaFannaFe

Yo, people out here lying to seem flush with the cash Bury that stuff in a mayo jar in the back yard like a reasonable person
Comment from : @felicianomiko5659

Wait so should I put money in a high yield saving account even if I only make about 3k a month? Like I have a savings account linked to my checking that has some money in it rn but I don’t make nearly enough to be able to just put 10k in an account at least for a while
Comment from : @anyichibuogwu9086

I keep 500 And just in case something comes through as a autopay bill
Comment from : @nicholeknight1893

Financial literacy and wealth do not necessarily have anything to do with each other You have him out here who have existential wealth because of generational wealth, that are completely financially illiterate Likewise, you have people who are completely financially responsible and intelligible, but unfortunately DC new life and circumstances, have a little bit of funds to work with But all their bills are paid, and they are careful to budget what they have left after they've taken care of their business I feel like she wanted to stop pursuing that because someone's wealthy, that means they somehow earned it, or are just more deserving of it, and that someone who is financially struggling or not currently well off somehow did it to themselves Those are oftentimes inaccurate assumptions to make
Comment from : @jlcii

I've had $10 and less in checking and survived It isn't GREAT but
Comment from : @QueenZsWorld

People who follow Fave Ramsey probably have $1,000 emergency fund because they be baby steppin'
Comment from : @WalkInFreedom

We used to keep a $1000 "buffer" but since buying a house, we don't like going below 1 month of expenses
Comment from : @kateribarry

You are one accident away from being in debt if you don’t have any sort of savings I don’t want any less than $10k in my account My next goal is $100k well 50k
Comment from : @kimdotnet8151

Big mistake to put a lot of money in your checking account I learned the hard way, had like $19,000 in there and someone was cleaning me out
Comment from : @Teffy2105

I have $600 a week on my debit card, a zero interest account that I get paid into with $5k and a HYSA with $15k The reason I have the "middle" account is because there's a punishment on your interest rate if you withdraw from your HYSA So I have the middle account for big purchases outside of my weekly expenses Besides that I have $100k in a brokerage "Making money" on 10k makes less than the money you could save from being able to pay for a surprise expense like losing your job Having to suddenly break lease, pay for motels/hotels, buying a new car will be way more expensive than any kind of money you can be making on your 10k "sitting there"
Comment from : @oblivion_2852

Every pay check, I put 10 into investment, 20 into HY savings, 50 into my normal savings and the rest stays in my checking
Comment from : @missylks1239

I’m in the negatives every end of the month It’s paycheck to paycheck over herejust waiting til the 1st every month 🤦🏾‍♀️
Comment from : @love_reka_8877

I keep two months expenses in checking The rest is in savings
Comment from : @shortstraw4

If i have less than $500 in my checking im broke
Comment from : @candycoatedreams

A cool $100 probably in my checking 😂 Robbers will be practicing on me if they tried it lol
Comment from : @ItsJustSimpleAsThat_Ang

I'm the idiot who has all their money in checking I can't express the frusteration in having never been taught any of this I'm going to look into a high yeild savings account
Comment from : @puffball4484

This is so hard for people who dont participate in interest culture How can we protect our money without getting involved in interest? 😭
Comment from : @queenofluna

👀 i need to get a savings account 😅
Comment from : @aaunyea4799

I only keep what I need Everything stays in savings so I don’t overspend and my money can grow 6 transfers a month If credit is not paid in those transfers I need to reevaluate my spending I’m also paranoid about debit getting stolen and spent so the lower the better
Comment from : @Grace-jb7me

70 of working Americans are living check to check so who are these people with 4 or 10k in their checking? People are either lying or just coincidentally a lot of people with money saw that tiktok
Comment from : @seizetheghost6616

My rent (I live in a high COL area BTW), utilities, and credit cards all come out of checking so I aim to keep it at around 5k That is basically what needs to go out each month, times 15 just in casebrbrLuckily I have a great income so I'm significantly over this each month, and the excess goes into investments Right now that's saving up for a down payment so I can stop renting
Comment from : @Quantris

I think folks is missing the point The people with 10K in their checking account, have WAY MORE MONEY so why would they care about chump change interest growing on 10K That amount of money, 10K is like $100 dollars in normal people's eyes So all of these thoughts and analysis don't make sense People also have MULTIPLE checking accounts / savings Don't believe everything you hear off the internet
Comment from : @Who12342

I feel like some one who had 10 k in their checking account isn't someone who is worried about making more money 10 k is probably pocket change for them
Comment from : @nickorange4881

23y/o - I barely keep anything in checking only the monthly bills/payments that cannot be put on a credit card (student loan payments and in case of emergency ATM withdrawals) Keeping more is not only missing out on interest but also missing out on rewards on spending Treat credit like debt and pay it off in full every month Only a good method if you can trust yourself to not overspend
Comment from : @lizs8374

I would never keep that much in a checking account These fraudsters are real and always come up with fresh tactics to steal your money/financial information $500 at the MOST is a good spot
Comment from : @maisade

I keep next to nothing in my checking account 😂 just what I’ve budgeted for the pay period Some cash is in savings that doesn’t earn much, but the most goes to HYSA, Roth and brokerage! I still consider myself paycheck to paycheck because I gotta stay disciplined! I’m also a CFP so I gotta walk the walk haha
Comment from : @kellybelly01

Money Markets, HYSA, and saving certificates of deposits are your friend Notice how banks pay like 3 dividends while those loans want like 20 interest 👀
Comment from : @BruhWhy5

The main takeaway is to put it into a high yield savings account at least I have made almost $3k from Ally in my savings account this year even while unemployed for most of the year I’m gonna have to pay income tax on this money lol It’s a meaningful amount if you have close to 100k
Comment from : @ampersignia

Only 30 seconds in but the goal for most people should be at least $10k Life can change so quickly, the more money you have saved the better
Comment from : @missrosierenee

I reset my checking account to $2,000 USD every payday and transfer the rest into my savings account I need to move my savings into a HYSA though, just nervous about not really understanding the potential risks associated with some of the online-only HYSA bank with the highest returns
Comment from : @GeorgiaMostly

My bank’s reg savings acct has SUPER low yield Checking is way higher there Got money in checking and in investment accounts and very little in reg savings
Comment from : @reidleblanc3140

10k was my emergency fund savings goal, and I ended up using it all right after I finally managed to save it on an urgently needed surgery I think it's a good amount of cash to have on hand for emergencies, medical surprises, funeral costs, moving expenses, new car if the old one breaks down, etc You never know what life is going to throw at you so it's best to be prepared
Comment from : @MexicanTeTe

I just saved 250 and made it feel like a spree, I am so proud of being able to save $15 a month for the last few months, and your channel has me inspired Thank You!!br🖤💜💙💚💙💜🖤brMuch Love!!
Comment from : @endTHEhegemony_Today

Webull has a 5 apy
Comment from : @bobbobson3999

Lol nowadays my minimum that I'm icomfortable/i with is $50 (doesn't mean it doesn't go lower) When I was younger, I really toed that overdraft line 😭 Lord I really need a salaried job and not a damn part time job 🫠
Comment from : @Sleipnirseight

Call me privileged, but my favourite time of the month is when I’m about 1 week away form a paycheck and I my account is in the low double digits Life feels like a game in those times!!
Comment from : @gosh3482

I think keeping a small buffer in your checking account is smart in case you make a mistake, but yeah, there’s a reason I charge all of my stuff to credit cards Much easier to cancel potential fraud
Comment from : @veronicashields4405