How Much Should You Have in Your Checking Account?

We use checking accounts to spend money and pay bills, but how much money should you have in your checking account? Let's go over checking account balances and how to keep it in check.

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[codyscorner]

You can have 2 checking accounts if you want. I have one for all my autopay bills and then the other is my debit accout for cash, gas, grocies and misc. store runs that I take.
In the main accout keep 4 months of expenses for priority bill like house payment, water, electric and phone. So if you are unemployed you have a good cash pad for bills with out having to go to your savings.

[GardeningInCanada]

i keep mine around $2, 000 and that is about it. It took me a while to find my happy spot.

[SYDAirlineEnthusiast]

I keep most of my funds in certificates of deposits for high yield returns. You should have as much money as possible saved up.

[Captainsaucebuckle]

Dumb question. When do you count your account balance? Depending on the week, or the day of the week even, the balance will be different depending on which bill just got paid. Do you go based on the amount right after you get paid, or the amount you have right before you get paid?

[daveg]

My mortgage is paid, my car note is paid, my chequing account is $1500 to $3000, my savings account is $100, 000, I also have two RSPs and a TFSA. My net worth is getting up to $750k.

[hc]

your 1.5-2x sounds good at first i was having even up to 5k but i can do something better with that money ill keep like 2.8k-3k

[JVHarberden]

We try keep 4k I our account to avoid monthly fees. If our balance is below that our bank charges $11/month which is way more than we would earn in interest on that money. And yes, we are looking to change banks.

So thats a 4k buffer plus whatever amount we need to cover our bills for the pay period.

[Native]

I've been doing it all wrong, I have a lot in one of my checking account.

[paulgrice]

I put 2k into my account but did not write it in my check register so i will always have 2k more than my check register

[cheyennecastillo]

My question if ever pay my taxes $789 for my cheque account my savings lower almost $289 I'm waiting for my paycheck on Friday

[chillyfrost]

I like to keep around 1800, month to month

[ccb]

Definitely disagree about not having more than one account. I have one for bills/essential spend and a smaller one for fun spend. I keep a buffer in both and literally can't accidentally overspend on nonessential purchases and cause my bills to overdraft.

[cheyennecastillo]

I confused 😢😢😢 because my first time used cheque my mom rush me to pay my taxe $789im im waiting for my paycheck to pay my taxes $789

[stephaniefythm]

No doubts, A good way of growing and saving your money is through investing . You don't need to have much before you can invest. "That little money you have now can make you millions if you invest it wisely". I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made

[rtothec]

I just keep enough to stave off the bank and credit card fees.

[antikzgg]

Great advice I normally just keep my $ in my checking accounts, but now I am looking into a high yield savings acc that provides a better interest % rate. Liked and subbed and Happy New Year 2023

[AverysMoneyMoves]

My checking account cushion has definitely changed over the years. When I was a broke college student, I always wanted to have at least $100 in my checking account. My first job after college (in 2020) I was shooting for more like $300 as my checking account balance minimum. Now that I’m slightly older and more financially stable, I definitely feel a lot more comfort by maintaining a larger amount in my checking account and living on last months income. It’s way more comfortable for me because it never feels like I’m waiting to get paid. I always have at least enough money to cover the month!

I like to keep around the amount my monthly expenses are ($1000 or so), with the exception that my rent money always comes automatically out my saving account each month, which I’ve always done since I started renting 4 years ago.

Great video Justine! Really enjoyed this one 😊

[greenlantern]

My checking account pays 3% on the first 15k. Way better than my savings account. Anything beyond that goes into my investments.

[mariej]

Im not there yet but I will be comfortable with 3 to 5k

[samuelburton]

I just keep enough I’m my checking account for bills.