How Much Money Should I Keep In My Checking Account?
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- Опубліковано 10 лип 2024
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It's so easy to have too much or too little money in your bank account and many people are eager to find out exactly what is the right amount to have!
On one side, people with a low balance feel like they're living paycheck-to-paycheck. But then there's people who put too much of their money in the bank and end up spend it accidentally!
In this video I talk about what I do to keep my accounts balanced.
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’Til next time… PEACE!
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 3 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
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
@@eadad4371generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (Regina Louise Collaro) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance.She is quite popular for her services so you might have heard of her.
She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy... So I’ll advise you do get a good Investment advisor for yourself.
great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@@skoopqueenlook her up on the internet and leave her a message she is quite popular for her services as she was recently featured on cnn, she can work with anyone irrespective of where their located
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@@stephaniefythmpersonally, I'm blessed and realizing I'm not the only one working with Regina Louise Collaro. I will consider myself lucky. I've been able to feed and make a living through her advice and great work. For such a person as Regina, I owe her gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn't just wise but has all it takes to handle an investment and is good at what she does.😊
Good and Helpful content.
Love you’re contend and info BTW your flawless👍🏻👍🏻😍
hi, im from nepal.im coming to america for 7 month.i m planning to open a/c in wells fargo.which account should i open
Great Topic!
Great advice, another good video.
Thanks! I appreciate the comment :)
i have only 20 dollars in my saving account, i need to change it to checking account, i think is more usefull as a college students
Hi love, what camera do you use? You're my fav channel now, I will be watching often =) I'm gonna go through each video super helpful and applicable to my life!
Glad to hear it! I use my iphone!
I cut up my credit cards AND my debit card. I make withdrawals at the bank for the money I need until the next check, and I withdraw my savings and put it in a jar I painted with black paint so I don't really notice it ._. its been working
dont mean to come at you, but that doesnt seem so smart.. if a fire happened or a thief broke in all your savings would be gone.. at least at a bank its insured up to 250,000. you should consider putting it into a bank account
Which bank do you use?
Yes the account in a seperate bank is something i do. Very good idea. Another great video, learning with every one.
Thanks James! Appreciate it!
Finally I found a great video on this topic! Thanks! Subbed :)
How are u saving if u are paying off your credit cards every month
What's the best trust fund account for a kid? My son just turn six.. And I open him a CD 36 months plan.. Do you have any advice for his next account I'm trying to open another CD and do the 12 months so every December I can put money in it but I want to know are there any more for long term??? That I can't touch.. For college.
I've heard it's bad to transfer alot of money from your checking to savings account in one transaction. Can somebody let me know if this is true?
Test me on my whatsapp for more info +12818106366
Love your videos!!
Thanks Juan!
RIGHT JUST LOVE this young lady and her videos are always excellent job
Gracias!
THIS video is awesome. I feel like your advice was so good here and I'm gonna try to stay off Amazon and follow it!!
wait can you touch the money that’s in your savings account?
My name is Mark i am from palatka Florida i am 19 year old?How To save All my money How much money do i need To get out of my saving account
Thank for the helpful tips How to save Money in checking and savings accounts This video help me and gives me great tips to Understand how to save money the right way So thank for the tips.
You're welcome!
Thank you sooo much !!! Omg, I just discovered your channel yesterday and have been binge watching all your videos. You have helped me learn and understand so much about credit and finances! I was so lost and didn’t understand a lot and had no one to explain it to me but now after watching I feel like I have so much more knowledge to revamp/start my budgeting, improving my credit and saving up for the things I wanna do in life. Subscribed in a heart beat !😂❤️ Thank you!
Ahhh! This just made me sooo happy! Thanks so much for the support!
You have a great way of explaining complex topics! Keep up the great work girl!
Ah! Thanks so much Kelly! :)
The biggest 'aha' moment I got from this video was when you mentioned online brokerage/ robo advisors. Looking them up RN! Girl, you deserve to get sponsored by these companies.
Thanks Sophie!! Glad you got something helpful from this! I posted a video all about Betterment - the robo-advisor that I use - check it out from last week! XOXO
Agree
How much money should I invest with betterment?
What do you think about Ally bank or Goldman Sachs' saving account with 2.25% APY?
I have a high yield savings account with Barclays Online bank. The interest is about 2.20% APY and it's amazing. However the only downside is that its online only so you cant make transactions at a brick and mortar and if you need to withdraw then you'll need to transfer to another account.
Gambit2483 indeed! Actually mine in GS has given me more interest return than all years combined in a regular savings account.
how would you change your approach if your checking account actually pays out 2.25% APY on up to 10k?
I'd put more there than in my savings account. Thanks for watching and commenting!
Hi Janely! 😊
Love your video! I have a checking and emergency fund with the same bank (BOA) but then I have another "vacation" savings account in Ally (high interest rate, online only/ not easily accessible).
Good strategy!
I have at least 2 months in my checking account to avoid fees, I got an Ally savings account with 2.2% interest waiting to be invested again, I have 10-11 times more invested then I have cash but I have enough cash for several months.
Thank you for making very helpful videos!! I'm still in the progress of searching the best bank to put money in savings.
Jayy89 most savings account with banks offer a joke for interest. But online bank called tangerine which use to be called ing direct they offer the best interest for your savings. But Tangerine in an online bank so they don't have a whole bunch of branches like Rbc bank where you can go up to teller. Tangerine they help you over the phone and they give you a bank card for when you need or want money from atm machine. Second option could be one of the credit unions some of them offer more interest on your savings.
Extra money.. what is that? Haha jk jk
Love your videos!
thanks😘
Great video! Can you do one on investment accounts?
Sure! Have you checked out my video on Betterment/Robo-Advisors?
Hey Yanely, i just started watching your vids love the information! Quick question.. i have a Bank of America checking account but pay a monthly fee of 5$ . I know you said if i put money in a Savings account (which i don't have) i could make interest but don't they charge fees for that as well? Thank you!
Great videos! Please make a video on the different high yield savings accounts.
Good suggestion! There's so many options! Will do soon :) Thanks for watching and commenting!
I travel a lot what type of bank account should I make
You want a bigger bank. That is everywhere. Like Chase Bank or Bank of America. That is if you are in North America.
How exactly do you save up 6 months of expenses when things are constantly due now?
Try downsizing expenses if you're working on paying off your debt. Then use the Dave Ramsey 7 baby steps. Specifically 1-3 then you'll be able to save for your emergency fund 3-6 months. I hope this helps
Kristina Marie get some side hussle start investing
Thank you so much. God bless you. This is very helpful
Very helpful and beautiful love your personality
Can you please make a video on Betterment vs WealthFront? I LOVE Wealthfront, but wow, that 20% return on Betterment, tell me more!
What about factoring in a credit card
So I make all my bills automatic pay on my credit cards and then I set up automatic pay on my credit cards to pull the money from my checking account right before the due date. My maintenance of my 5 cards is pretty low. Thanks for watching!
Do recall that a debit card doesn't have as much security as a credit card or the savings account that's jointed to it.
I use cash back CCs for all purchases but if I can't pay for an item or service in full based on my checking balance, I don't do it.
Smart!
This is by far the best youtube video that I have seen giving a basic explanation of checking, savings and investment accounts. I really appreciate your genuineness around the struggles of saving. Thank you for being helpful
MissBeHelpful have you read the book Automatic Millionaire?
Not yet!! On my list for sure!
Love the advice!. I got my credit up to the early 700s cause of you just by doing the divide by 10 and then spend over time.. so thank u!..now I'm wondering what route should I take to step it up a notch to improve my score ?
Once that step is out of the way the next big chunks of your score are keeping your record clean - so no late payments ever, and then the other one is waiting for your age of credit to increase and not applying for any new credit for a while. That is the hardest part because it's just waiting for time to pass and your average age of credit to slowly increase. Hope this helps!!
smart lady!
This girl is so fire.
i am such a fan of your videos, thanks for doing a kick ass job and creating accessibility around these topics! i am gobbling up your videos as i go into the new year determined to make some smart choices and begin investing in retirement for basically the first time in my life. great work, thanks!
Yasss NICOLE! Go off!! I'm pumped to hear that you're fired up for the new year! Come back and tell me how it goes as you hit your goals!!! Thanks for the support!
This video is great for me. Thank you.
Omg this video is for me
hope it helped
I personally use cash for my everyday expense. I only use my credit card for online purchases through PayPal.
Retired and Can't get Fired......
Nice, I'm doing pretty good. Other then this student loan. That's taking forever to pay off.
How much do you have in your bank account?
Prob somewhere around 150k
🤣🤣🤣
Thank you but i want to know ,Does bank updates credit score belongs to current account balance ?
Are you talking about 1 month of Gross or Net income ?
If you want to be aggressive - gross. If you want to be a bit less conservative - net. Thanks for watching and commenting!
Great video! I think if someone owns their house condo ect they should have even more saved for home maintenance ect. Some people do is they put 10% of their net income towards investing and 10% towards Rainy Day Fund. Because things are becoming more and more expensive people eventually should be putting more than 10% of your net income towards investments if possible.
Only have what u need for ur needed monthly expenses in ur checking and put the rest in the savings even if u have like $3 left over, put that in ur savings as well it may not seem like a lot of after a while the left over change really adds up
mutual funds can also go down tho, you should also tell people the risks of it.
Start Investing Today !!!!!
Why am I just discovering your channel? This is amazing.
Glad you found it!
Would love if you could do a video about those investments you mentioned in the video. I'm interested in earning more on my savings and making my money work for me instead of just sitting there in my savings account .
Hope you got to check out my video from last week about Betterment - that's the robo-advisor that I use! Thanks for watching!
How many checking account should we open? Especially for celebrities I know if you're in the movie you make a buttload of money , same goes for singers , is there an actual limit on how much money you could put in your checking account or savings account not sure if that's the same thing but let's say you could only hold 50k ?
"Zero balance budget"
I pay for all retail purchases including groceries on my cash back credit card. I pay the full credit card balance each month to avoid interest. Then, I get a nice $400 cash back check from the credit card company each year.
This is great information because it’s so true! I had TERRIBLE credit Sept. ‘17 due to my student loans :( Through the process of recovering, I opened a savings account at a different bank from my checking account. If you don’t trust yourself from spending, that is a great tip to do! It has helped me from spending and my credit score SO much! I have 4 months of income in my checking and 9+ months in my savings. My score went up by +200 because in separate accounts I don’t have easy access (purposely).
In this video now I am learning to look into investing! Thank you for sharing, I always wanted to know what I can do with my savings rather than have it sit there. I’ve been working so hard to be where I am financially today, I want to step it up a notch and try investing.
Love your videos! :) ❤️
I have 100k in my Checking account , how can I invest ?. I am Debt free
Abdulaziz Feda That’s amazing! You’re very fortunate! I would say split that up between your retirement and taxable investment accounts. If you’re into bitcoin maybe but half a bitcoin! :)
Look into Robo Advisor Apps such as Betterment or Wealthfront, they will place your money into low cost mutual funds that can give you great returns. Also look @ high yield online saving accounts such as Marcus, synchrony, American Express, Barclay's. Open a Roth IRA and you can contribute up to $5.5k a year into tax free money that can be compounded to huge savings down the line.
A little off topic from this video, but I opened a Roth IRA account today thanks to you! :) However, it is with a local credit union. Does a Roth IRA with a credit union differ from that of one with Betterment or Vanguard, etc??
Cameron Gainer I'm curious too. Hopefully she replies soon.
CHASE saving 19k and they pay me 18-20 cents a month.
That's a yearly return of 0.0001263157895% - NOT even 1%. In an investment account that 19k would bring you at least $1,900 a year or 10%!
That's why we're looking at switching our savings account too.
Waste of time
I would love for you to explain saving for 401k.
Father God loves You ❤
I could watch you talk about screwdrivers all day
Bi-weekly doesnt equal semi-monthly
Therefore yous should have a buffer - cause you would have 2 paychecks spread across 12months
I need your email
OK do you so subscribe if you explain me in Spanish plz
You can email me and I'll respond in Spanish! Thanks for watching!
I'm doing it wrong...I have over 4 months of income on my checking. Its because I'm very cautious about needing a large amount of emergency money that is easily accessible
$150 every month
so much for a financial advisor multiplying the 2 weekly income by 2 to get monthly income
I made one penny in my savings account, I don’t prefer using them. Investments are a better way for me.
Agreed
That means you had no money in it then
Hi Miss Be Helpful. What is your real name? My name is Robert. Nice to meet you.
#frikkenout 😉
LOL
Soo fine. I'm sorry. I'm just a man. I did listen to the video though.
Zero balance budgeting.
cute.
I want to build up my savings to more than 3-6 months because I know I want to purchase a home and I'll probably be funding my own wedding. I want to invest but I don't think I'm ready for that. I do have a retirement plan with my job.
MissBeBeautiful 🤔😅
I collect cans and bottles from my coworkers and make $15-20 a month after recycle. $180 a year and it's tax free.
Smart and Gorgeous I hope God sends you a Wonderful partner.
Rude !
Send a $1 wtf Chuck? Delete
You are soooo fn cute... I have money can you please be my financial planner... Please!!
I wish you was my real sweet wife
No you don't. Don't simp
I know what it's like to need to learn yourself. I'm doing that now. My mom was terrible with money. I've never had any debts but, I'm realizing the past few months that I need to get things in order so I'm doing something about it, and it's like a whole of new things I never knew.
You making money out of UA-cam Videos, subscribers, you have IRA, saving etc and asking for $1 to support chanell? Cmon. Is it not enough for just watching this video, that’s how you guys actually make money out of UA-cam. Don’t get me wrong, you bring so much value to people with your videos and I like your videos, but asking for a $ I think it’s stupid.
UA-cam is a labor of love for me the same way educating children is. It does not bring a lot of money from subs and views unless you have hundreds of thousands or millions following your channel. I'm still a very small channel so I'm not there yet, but I devote a LOT of time to planning, setting up, filming, editing and posting videos and then going through responding to emails and comments - the patreon support helps make time spent worth it. I will do it with or without the $ because like I said I love it, but if I want to put more time into it, I need to bring in funds. That's just the reality of spending lots of time on any passion projects really. I appreciate your comment though and happy you like my videos and find them valuable!
MissBeHelpful that’s true, you’re right. Good luck on everything
Thanks!
Missbehelpful: checking accounts dont have interest
My .15% interest checking account: LIAR