A little cushion

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anonymous user
Registered: 12-31-1969
A little cushion
5
Sat, 09-29-2012 - 8:42am

Hey everyone.  I have one last question about setting up a budget.  Knock on wood, praise God, etc. I haven't had any bounced checks, overdraft issues or missed payments on anything in longer than I can remember.  However, the idea of having no cushion in my checking account makes me so nervous, just in case.  I'm not even sure why because I am not on automatic withdraw of anything and I don't even have checks for the checking account so nothing can be forgotten about (you know what I mean, like oops, I wrote a check at the store and forgot to account for it and now it comes out of my account and I'm short money).  lol  My question is do you leave a little money unaccounted for just in case in checking when you are putting your money into savings or do you account for every single dollar in your budget.  Right now I trying to see about 13 bucks in my hubby's account and I don't know if I should just leave it there for the time being or try to find a place for to fit it into savings.  Thanks!

Have a great day.

Michele

iVillage Member
Registered: 05-08-2006
In reply to:
Sat, 09-29-2012 - 12:23pm
Does your checking account pay interest? What is the rate compared to a savings account? There is no reason you can't build your efund in your checking account and just mentally always subtract that amount from the balance before evaluating how much money you have. I have always kept a check register and balanced my checkbook each month, never relied on what the bank said was in my account when determining how much I can spend, but I am old fashioned and had a check book long before we even imagined online banking. I am so old that the one time I almost bounced a check..because I wrote the wrong amount on the check...the bank called and asked me if I had made a mistake and gave me 24 hours to come in and correct it...that would never happen today..never. SJ
iVillage Member
Registered: 11-14-2008
In reply to:
Sat, 09-29-2012 - 1:55pm

I always have a little cushion in my checking account. I just don't count it really. Its a couple hundred dollars.  I just like it like that. You never know what can happen. Plus if you want to keep a couple hundred in there maybe your efund only has to be $700. You can do it however you want. Its your money.

iVillage Member
Registered: 07-24-2001
Mon, 10-01-2012 - 3:30pm

I use $350 as a cushion in my checking account.

This is equal to the largest auto deduct I have set up.  I keep it there just in case I forget to account for these withdrawal.  

 

Community Leader
Registered: 08-25-2006
Mon, 10-01-2012 - 4:41pm
What ever you are comfortable with. You could even write it out of your register and write it in on one of the little extra pages they have in the register.

I am totally with you on this one. Even if you don't write checks off of it and not ED's, it is still possible to forget to write something down.

Also, one time I forgot to pay the phone bill. Could have sworn I had, and ignored the phone call and sure enough, one day we could not receive incoming phone calls.

So yea, I think it is a good idea to keep a little bit stashed for a cusion.
Serenity