How Low Do You Let Your Checking Account Get? - Page 4

[Imakcerka]

Originally Posted by mnnice 

Well I am pretty sure we have never had $25K to put in the bank at anyone time as a lump sum we generally keep that much in the bank.  We drive old cars, we have a house with a twenty year old roof, furnace, and water heater, and we have a pretty high deductible on our health insurance.  I just think it's prudent. 

The interest rate in on deposites from $0 to $25,000.  While I agree with the rich get rich aspect of you shared with lots of things, I do think this account is not an example of this the perks exist if you follow the other requirements for account.  It does not have any fees or minimium balances you just don't get your interest.

While I am going to refrain from negative judgement about why people don't have emergency funds.  I would say that everyone should have one and that I think lots of people live far more paycheck to paycheck than really need to.

Eh, I think you're absolutely correct.  I'll be the first one to say I'm shyte at keeping things in order.  At this point I should have money in the bank.  However I donate a lot.  And if for some reason I need money and do not have the funds.  I'll sell DH's kidneys.  He'll be cool with that.

[Satori]

Originally Posted by mnnice 

While I am going to refrain from negative judgement about why people don't have emergency funds.  I would say that everyone should have one and that I think lots of people live far more paycheck to paycheck than really need to.

I'm sure thats true for some people but its a simple fact that most places do not pay a living wage these days and its a struggle to pay for even the basics for many people.

[kitchensqueen]

Originally Posted by Satori 

I'm sure thats true for some people but its a simple fact that most places do not pay a living wage these days and its a struggle to pay for even the basics for many people.

Exactly right! We don't have a large emergency savings fund because we don't have enough money for it, period. We're struggling to pay rent and put food on the table. Not because we haven't thought about it, or know how much we need, or blow our money on useless crap. We have a limited amount of dollars and there's only so far they can go. I'm not going to build up a giant savings account and let the money sit there "just in case" while my kid goes without clothes, or we don't eat dinner three times a week. 

[AbbyGrant]

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Edited by AbbyGrant - 6/23/12 at 10:06am

[purslaine]

We have overdraft protection.  It is -1000, but if I go into overdraft more than say 300 or 400 dollars, I start to get a little upset, because I know the next paycheck won't get us  as high into the positives as I would like.

We actually do have acceptable savings and some debt, and if the account goes above 1000 we move money into savings or debt (usually debt)

[youngspiritmom]

I'm awarding lmakcerka the award for keeping the mdc boards lively and fiesty....love your posts, seriously it makes all this mom talk WAY more fun

Originally Posted by Imakcerka 

Eh, I think you're absolutely correct.  I'll be the first one to say I'm shyte at keeping things in order.  At this point I should have money in the bank.  However I donate a lot.  And if for some reason I need money and do not have the funds.  I'll sell DH's kidneys.  He'll be cool with that.

[Chicky2]

Right now we don't have squat in savings.  And our checking is often barely above negative, if that much.  My dh makes what used to be a great living, esp. with the frugal way we live.  Now, however, it ain't goin' as far.  If you look at the charts in the ER, we are in poverty, but my dh has more than tripled his income since we met.  He lost a sweet deal doing work for a guy for cash, and just hasn't had much side work this last year.  It is what it is and we do the best we can.  We are fed well (partly because we are not afraid to get our hands dirty for our food) and bills are mostly always paid. 

I don't know about his kidneys, but my dh's sperm is up for grabs, lol.  Does that pay much?

[~Amy~]

I don't like it when it's under $1000, but sometimes it dips down to $300-$400 if there's a large expense one month.

[Mulvah]

Originally Posted by Satori 

I'm sure thats true for some people but its a simple fact that most places do not pay a living wage these days and its a struggle to pay for even the basics for many people.

I recognize and understand that many people legitimately struggle, especially in this economy.  I also think many people struggle with the understanding of wants vs. needs.  I see it all the time on this forum - people justifying why they need something that many, many, many people simply do without. 

[mitchfammom]

We have overdraft and use it regularly.  I HATE it but that's the way it is right now. 

[Youngfrankenstein]

Originally Posted by Satori 

ditto, I was thrilled today to find I still have $4.37 in the bank so I can buy a gallon of gas to go to the food bank Monday, my car is on E and I don't get paid for another week. This thread is rather depressing to read, I can't imagine having more then $5 at the end of the month much less $500+. Seems most peoples safety buffer is more then I make in a month!:(

Late to this thread but I wanted to second this.  I have $25 in the bank now until Friday but most of that paycheck is already alloted to go somewhere.  I will be counting $ so I don't have to use the credit card for food.  We've been great about not using them to pay them off.  I will be doing a lot of pantry shopping next week and we'll be eating a lot of beef because we have a half-cow in the freezer.