I am so not good at living on a tight budget. I like to have me a little cushion, ya' know? And not just the savings that's there for emergencies. That's for emergencies. I like a little cushion on the day to day stuff, a little cushion that says if I have to have a $500 repair on my car it won't make me skimp on groceries or make the payment for utilities late.
So as I was thinking about this, I wondered about other people. How much do you have to have in checking (meaning totally accessible money to you without dipping into some special stash or fund) to not have that panicky OMG feeling? There's a poll in my sidebar where you may leave an anonymous answer. Or you can cop to it and leave a longer answer in the comments. Your choice, or do both. We're pretty flexible 'round these parts.
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My checking account requires a $2000 balance to earn interest, so I stick with that.
I keep $1,000 in my savings account as a buffer and average around the same in my checking. But when it drops to zero, I don't panic because I have two paydays a month plus a sizible rent check from my tentants at the first of the month. Knowing that is coming always makes me feel better if I start to worry.
Oh, and were you thinking of the Abba song when you titled this post?
At first I answered $500 - $1000 [since that is what I typically run the checking acct down to each month] but then I RFI** & realized that for me "not to panic", I like that $1000+ cushion!
[**Read the F**king Instructions]
I would get very uncomfortable if my checking account balance dropped below $2,000. Typically it's $10,000 to $20,000. Please don't hate me.
I don't think I've had a cushion of more than $250 since I left hubby in 1996. I plan to have a real cushion some day though. There have been times I've had as little as $20 until payday. But I've always considered that to be the way of things when you are raising 2 kids on an admin asst's salary without child support.
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