How Much Money Should You Keep In Your Checking Account?

How much money should you keep in your checking account?
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

[@seekingjoynow1722]

I only keep what is needed to cover monthly expenses in checking. If I need more I just access my savings. I get high interest on savings and some interest on checking.

[@CarlosLocke]

Outstanding information,with world crisis,rising inflation and economic instability due to poor governance, consider digital assets as a means to attain financial freedom.

[@Pato-rl2iz]

Building wealth involves good habits and risks like putting money into solid investments like digital currencies,having a good financial manager is what people tend to shy away from,and it keeps hunting them in the near future after many losses, be disciplined and get certified manager, I pray that anyone reading this will be successful!!!

[@Janejones-hz6sj]

Thank so much for the advice been seeking means of being successful in the digital market,do you recommend any professional ?

[@Pato-rl2iz]

I don’t really do but luckily Anna Dorris Arthur is the best I can recommend so far..

[@Janejones-hz6sj]

I'm curious to know more about the expert broker you're considering. Could you share some details about their experience and why you believe they might be a good fit for people’s trading.

[@Pato-rl2iz]

good reputation don’t lie makes me 17k weekly I’m so happy and I support the work of God now, the ability to manage risks is what makes me believe.

[@b.coxemba6799]

I keep a minimum balance of 2k - emergency fund savings account of 8 month income and another savings for vacation - I savings bonds for backup

[@TimothyB-ib2sf]

I agree with your "Float" idea. My "Float" in the past was always the minimum balance requirement to avoid a monthly service charge. With now wanting to maximize interest return, I have a new strategy. Most checking accounts will waive the minimum balance requirement if you have a direct deposit (Payroll, SSA). This has taken the stress away of going below the minimum but managing the funds. Still have the "Float", but don't worry about fees if you go below.

[@manie3232]

The last couple years I'd keep 15 to 17k in checking. Now that I just paid the mortgage of I'll probably back that down to around 10k. I do get some interest on it.

[@Joe-wc7wl]

Checking accounts are not for savings, because they’re called CHECKING. If not, they’d be called SAViNGS. Duh.

[@stevemlejnek7073]

Appreciate this content.

[@telepolo]

You keep what you have and NOT what you want !!!!!!!

[@steves3234]

I keep a months worth of expenses and have a larger brokerage account. Money Market with was better interest.

[@richardbudzic6289]

You can build a ladder of 6 6-month CD's , where every month one of those CD's finishes its term. In this situation you can decide whether to renew this CD or pull that money to pay for something, ie. your credit card bill.

[@ingriddavis4538]

Great that’s just what do I have Two months in each of my checking accounts for bills only . I have four checking account Then in savings when needed pay bills on checking accounts and some are withdrawn. From my savings I transfer to checking for bills when needed. I have a vacation account with one credit unit that pays interest I have $ 5000.00 in that account. and I still add to it.Then I have money on the side for spending once a month and yearly expenses, and personal spending. You are right about less money in savings and more in checking , in savings at the end of that month you get your interest with the two months ahead. So every month I have some spending and saving on hand also. if I chose to use when I want to spend or hold until it build up an amount that I want. Glad to hear some talk like I think I like to I enjoy myself now I have plenty of insurance for my daughter, I ‘m 77 years old CD’s are good

[@MC-bm3cy]

Enough to pay monthly bills X2....Savings should have X3 to X4. Invest the rest.

[@markresch2898]

I currently am using two $ 2,500 4 wk T Bills, 2 wks apart set for automatic renewal for my "float" . I can turn off the automatic renewal if I need to pay off an unexpected expense on my credit card.

[@rkw2917]

Enough to support me for more than 3 years Nothing you say will convince me to change