Money Matters
citylife20
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
savings & checking account $
Hey to all ! I'm very new to this board and I had a question for all of you about savings and checking accounts.
1. do you have a seperate account for savings & emergencies or is it all in one account?
2. how much liquid cash do you feel confortable with in case of an emergency?
3. how much do you keep in a checking account?
4. at the emd of the the month, what do you do with any surplus that you have? roll it over, spend it, or save it?
Re: savings & checking account $
2. At this point, we would be comfortable with only $1,000 earmarked for emergencies. Once we have children, we will likely move toward keeping six months of expenses held aside.
3. As long as we have $100 buffer, I'm totally fine.
4. We are full steam on paying off our student loans, so that's where we put any extra.
1. do you have a seperate account for savings & emergencies or is it all in one account?
We keep 1 month savings in a savings account attached to our checking. This way we can move it instantly if we need it. The rest is in a capital one 360 account that take 3-4 days to move, but it gets a higher interest rate.
2. how much liquid cash do you feel confortable with in case of an emergency? Our goal is 6 months between the two savings above, then I'd like to focus on our mutual funds to get more potential bang for our buck. But we can still tap into it if need be.
3. how much do you keep in a checking account? I like $2000 (equals our biggest bill, Mtg)
4. at the emd of the the month, what do you do with any surplus that you have? roll it over, spend it, or save it? If it's consistently over $2000 after mtg goes out on the 1st, I move it into the savings attached to the checking. If we still don't need it, I move it to the capital one 360 account.
2. We currently have $3,000 in our e-fund, but I won't be comfortable until we have $10,000. I'm risk-averse.
3. I keep no buffer in my checking account. I would spend it. I'm an obsessive enough budgeter, however, that I've never had an overdraft. I also don't do auto pays unless they are required (as for our car and life insurance).
4. The way we budget we rarely have anything left over. Big savings and debt payments happen on payday. If there's $20 leftover, honestly, we're probably gonna go out for apps and a beer with it.
Welcome
1. do you have a seperate account for savings & emergencies or is it all in one account? Separate Account
2. how much liquid cash do you feel confortable with in case of an emergency? We keep about $5000.
3. how much do you keep in a checking account? I have a $1000 buffer, just in case something goes wrong.
4. at the emd of the the month, what do you do with any surplus that you have? roll it over, spend it, or save it? Depends on the month and what is going on. But we usually save most of it.
1. do you have a seperate account for savings & emergencies or is it all in one account? I have a separate savings accounts for emergencies which is only $1K right now, plus the $1K checking account buffer.
2. how much liquid cash do you feel confortable with in case of an emergency? I would like $5-$10K but we are focused on paying off debt now.
3. how much do you keep in a checking account? I keep a $1K buffer
4. at the emd of the the month, what do you do with any surplus that you have? roll it over, spend it, or save it? It gets swept to pay down the CC.
Welcome to the board!
1. We keep our big savings account online at Capital One 360. We have 3 sub-accounts for each thing we are saving for (house DP, e-fund, vacation)
2. We keep $10K in our e-fund
3. We usually keep a $200-$250 buffer in our checking account (usually for gas/eating out or anything not planned for that comes up)
4. If we have a surplus, we just keep it in our checking account until we get paid again
1. Two separate accounts. E-fund is available to liquidate same day and longterm savings takes a few days but gets a higher return.
2. Right now we keep at least $8k.
3. We try to maintain a $1k buffer after our monthly expenses.
4. If we hit that $1k buffer at the end of the month then any excess goes to savings. We let ourselves spend some extra from checking for any major purchases so sometimes our buffer is less and it takes a couple months to make it up.
1. do you have a seperate account for savings & emergencies or is it all in one account? We have savings & checking. If we have a large amount that needs to be put away for something special, it's easier for me to put it into the savings account and pretend it doesn't exist. For example, I got a tax refund, my husband owes & more then I got back on my refund. So my refund is sitting in our savings account so it won't be touched until we have the rest of the money needed to pay for my husbands taxes & then we'll pull it out & pay the taxes. We still have 45+ days to deal with that.
2. how much liquid cash do you feel confortable with in case of an emergency? I'll let you know when I've figured that out
3. how much do you keep in a checking account? What I need to pay my bills
4. at the emd of the the month, what do you do with any surplus that you have? roll it over, spend it, or save it? Put it towards paying down debts.
1. do you have a separate account for savings & emergencies or is it all in one account?We have separate online savings accounts for various purposes.
2. how much liquid cash do you feel comfortable with in case of an emergency? We have about 6 months of a bare bones budget saved.
3. how much do you keep in a checking account? We have enough of a surplus to cover our mortgage payment.
4. at the end of the month, what do you do with any surplus that you have? roll it over, spend it, or save it? At the end of the month, we transfer the extra money to savings.
1. do you have a seperate account for savings & emergencies or is it all in one account?
We have three savings accounts. One for E-fund and the other two are for short term goals. Right now they are labeled Car Fund and Fall Semester.
2. how much liquid cash do you feel comfortable with in case of an emergency?
We live a very cheap lifestyle so I wanted 5k which is one year of living expenses and H wanted 10k which is two. H won on this one.
3. how much do you keep in a checking account?
We try to have a $50 cushion in there at all times. As well as whatever money we have budgeted for the month.
4. At the end of the month, what do you do with any surplus that you have? roll it over, spend it, or save it?
Depends on how we are feeling but usually we save it towards our current short term goal.
Love: March 2010 Marriage: July 2013 Debt Free: October 2014 TTC: May 2015
1. do you have a seperate account for savings & emergencies or is it all in one account? I think my situation is the most complex. MW has her own savings account, I have my own savings account, we have two joint accounts one for home improvement, emergency fund, and semi-annual/ annual expenses. The second joint savings account is for vacations and gifts.
2. how much liquid cash do you feel confortable with in case of an emergency? Currently, I like to keep at least $3000 at the beginning of the year since most of our annual expenses hits at the end of the year. I also have two young children. I would like to get our emergency fund closer to 3 to 6 months of expenses.
3. how much do you keep in a checking account? Which one? MW keeps $100 cushion in hers, my main one I keep between $200 and $500 and our joint one, since I have extra going into this for gifts, and other misc. expenses doesn't get below $100.
4. at the emd of the the month, what do you do with any surplus that you have? roll it over, spend it, or save it? MW puts her surplus towards her debts, I put my surplus towards my debts and needed things for the house. I just did a BJs run that was $175 to get some necessary items than also some bulk items that cost less at BJs.
As you can see, we have a lot of accounts. It works for us, but not for everyone.
We each also have individual accounts for our own personal use
Also have a joint savings and checking for all house related expenses (mortgage paid off)
An online joint savings for emergencies, car replacement, vacations and other larger purchases
Investments with Fidelity
and Retirement accounts
1. do you have a separate account for savings & emergencies or is it all in one account?
Our set up is one joint savings account and then separate banking accounts (we just haven't got around to combining them). Our joint savings account (which doubles as our emergency account) is through Sallie Mae online because it has a higher interest rate and takes a few days to get funds (therefore not tempted to dip into it).
2. how much liquid cash do you feel comfortable with in case of an emergency?
At the moment, we have about 3 months of expenses in savings for emergencies. We will keep building it up until we get to 6 months of expenses.
3. how much do you keep in a checking account?
DH keeps about $1,000 minimum cushion each month in his checking, I keep about $250 minimum cushion. I am more active in managing my account, so I am comfortable with less funds in it.
4. at the end of the the month, what do you do with any surplus that you have? roll it over, spend it, or save it?
We generally roll it over or transfer it to savings. We don't usually have very much though because we have auto draft for our savings and stay pretty close to the same expenses each month.
1. do you have a seperate account for savings & emergencies or is it all in one account?
We have a lot of separate accounts-H and I each have separate checking accounts. I have a second checking account that I put any extra money in after savings, and then I use that account for gifts/shopping, etc. I have two savings accounts--one for home improvements and one for travel. Our emergency funds are in a 5-year CD. That way, I know I won't ever take it out unless it's a true emergency because I would have to pay a penalty. Note: Even though most of the accounts are in my name, we consider all of the savings accounts 'our' accounts. Always make sure to list each other as beneficiaries if using separate accounts!
2. how much liquid cash do you feel confortable with in case of an emergency?
We are comfortable with having $1000 in the CD as our emergency fund. We don't have children and we feel capable of weathering the storm should an emergency arise.
3. how much do you keep in a checking account?
I don't keep a buffer in my checking account because I don't feel that it's necessary. I can move funds from any savings account instantly since they are all at the same bank. I work at the bank where we have all of our accounts, so I do have a little bit of a unique situation in regards to accessing my accounts
. H likes to keep about a $100-$200 buffer in his account.
4. at the emd of the the month, what do you do with any surplus that you have? roll it over, spend it, or save it?
I will either save it or roll it over, depending on if the next month is looking a little lean. Right now most extra is going to our home improvement fund because we are planning to get a front porch built this summer.
we have 1 savings account and i eergency account. we also have a joint cecking account as well as an account for bills only.
we feel comfortable with 5k liquid
we keep no more than 100 in checking otherwise we will swipe away.
if we do have money left over at the end of the month we transfer i to savings