Since I created two new accounts (bills and travel) the dashboard on my internet banking is starting to look a little unwieldy.
Visa (plus a true rewards card, on which I accumulate points – it shows up as its own account)
Savings (high interest)
Every Wednesday I make sure there’s enough in checking to cover rent and other autopayments which go out Thursday (I’m paid alternate Fridays, so this could possibly be streamlined when we move, and if our rent day changes. This used to work well enough when I got paid on Tuesdays). I work one paycheck ahead, so I pull 400 from savings into checking for the week, and sweep my full pay back into savings when it’s deposited – that then comes out later on to cover the next two weeks’ worth. It makes sense to me in my head, though it might not quite come across that way…
I put a set amount into the bills account every week, and my travel account is funded solely by my side job. If that ended, well, I guess that fund would too (or at the very least, go on hold).
I’m happy with how my system’s working, BUT I want to move the majority of my money to Rabo, as the interest rate is slightly higher (3.5% vs 3.15). I need to strike a balance, though – once I figure out how much I’m comfortable having tied up (no instant access) versus on-call in case of emergency, then I can make the transfer. I’m thinking $2000-3000 would be a suitable amount to keep on hand. All up, I currently have enough to cover three months of living expenses. Woohoo!
Thoughts? How much would you want to keep easily accessible just in case? (Bear in mind I don’t keep a cushion in my cheque account).