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During the days of our financial chaos, my husband and I kept all our money in our checking account. We felt safer doing that because we rarely knew exactly how much money we really had in the account, and we wanted to make sure our checks and automatic payments were covered. This didn’t always work, of course, because we were so sloppy with our financial records. We also earned minimal interest on the money while it was in the account. Straightening up our finances allowed us to move money out of our checking account and into accounts that earned more interest.
When you know how much money you’ll need for your bills, you know how much money you need to have in your checking account. One of our big mistakes was not keeping track of our monthly bills. We more or less put our money in the checking account and hoped that there was enough to make all the payments that came through. What a difference it made when we sat down and figured out how much money we needed to pay the monthly bills! We knew how much money we needed and when we needed it.
Instead of letting our money sit in a low interest checking account all month, we were able to transfer some of the money to a higher interest money market fund savings account. We knew what we could transfer to the savings account because we finally had a written financial plan and knew the amount of all our bills. Our money was working harder for us, and all it took was a little planning.
Transferring money to a savings account also helps you control spending. When you move money that is not needed for bills out of your checking account, you’ll be less likely to spend it on unnecessary things.
My suggestion for you:
Determine how much money you need to cover bill payments and other regular expenses. Transfer money that is not needed immediately to a higher interest savings account to earn more interest and help restrain you from spending money.
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