Topic: How much $$ do you like to keep in your checking account? (approximately)
Topic Posted by: DiscoDiva
Date Posted: Tue Jun 16 9:28:26 2009
Additional Comments: I got wondering this because my husband who is a hairdresser has this one customer who has been coming to him for years. She is probably in her 40's, has a job, is married to a working man, and yet EVERYTIME she gave him a check she said "now please hold this until ___________." (usually about 4-6 days.) So he would come home and tell me "don't cash her check yet." (I handle all the money in our home.) Anyhow, a few times over the years, I screwed up and accidently cashed her check too early and of course, they always bounced. We are talking a $25.00 amount here. The last time it happened, I was soooooooo mad and said to hubby "how can she hold her head up around town--she obviously is bouncing more checks than just yours, yet she marches around like the mayor's wife!!" I can not imagine kiting checks like that. Her account has to be down to nothing all the time. I like to keep at least $4000.00 or so in our account, do I spent it all each month? Heaven's no but it is in there so there is not even a CHANCE of a bounced check. I realize not everyone has a few thousand to keep in an account but it got me to wondering..... anyone care to dish on this? (it's not like you're telling a relative!)
Posted by: BessBeau Date posted: Wed Jun 17 11:43:29 2009
Message: We usually keep about $10,000 extra in the checking account just in case there's an emergency. I don't record but about $2,000 extra in my record book. Also, when I write a check for, let's say, $11.23, I record $12.00 in my record book. You'll be suprised how those *few cents* per check mount up at the end of the month !
Posted by: JEM Date posted: Tue Jun 16 17:20:06 2009
Message:
Sadly, I have to say "ditto" to Louise's post below. I do live cheque to cheque (yes CDN too!) and just barely make it, but for advice, I'd say, let the woman grow hairy and disheveled and definitely make her pay cash! LOL
No need for you and your hubby pay fees for her (evidently unaffordable) extravagances.
Posted by: Louise Date posted: Tue Jun 16 14:31:00 2009
Message: I live Pay by Pay so the money in my account is to pay bills. The rest is to enjoy which is not much.
Posted by: VegasHank Date posted: Tue Jun 16 11:50:47 2009
Message:
$4000 seems like a lot to me to keep in checking, but then your bills may be more than mine. I prefer to stay around at least $1000 and keep a few more thousand in a linked savings account so I can easily transfer the money into checking if it gets low. (The money in savings gets a higher interest rate.) If my account gets below $500 for even a day I have a panic attack and transfer money over. I have an linked credit card overdraft account so if I DO go over it doesn't hurt my credit, but there IS a fee, so I don't like to use it. That's my backup.
I can understand living paycheck to paycheck with the economy the way it is, but asking someone to hold a check of any amount (especially for just $25!) I think is simply poor money management. I wouldn't dream of doing that and hope that I never have. I don't make a lot of money, but I DO live within my means, and it brings me a lot of peace of mind.
Posted by: Ashley Date posted: Tue Jun 16 9:58:11 2009
Message:
My chequing (CDN spelling!) account is my primary account that I use for everything, so I have many thousands in it.
Personally, I'd stop taking her cheques if she wanted them "held". If she wants extra time to pay her bill, have her put it on a credit card. Otherwise, tell her it will be cashed immediately or have her pay cash. That's ridiculous.
Posted by: Donna7888 Date posted: Tue Jun 16 9:33:52 2009
Message:
I keep a couple of thousand in my checking in case I need something and don't have the money coming in my next paycheck. I replenish it when I get an extra check (every 6 months).
Tell that lady you want cash - rather, have your husband tell her, "We will only take cash or credit cards - no more checks." That will fix her problem.
