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A percentage is probably not the way to look at it. Instead X months of expenses
Fair, was thinking more just an emergency fund in general. In OPs specific case maybe 1-2 months in chequing.
Sorry "checking" - my Canadian is showing
Just keep what I need for the month for expenses. Probably can’t just pick a $ since monthly expenses will vary greatly
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I’m about $400k NW and keep around 10k in my checking account at any given tome. I’m also single and not responsible for anybody else
I keep about 35-45k in my savings (and husband probably has even more). That would support our entire rent on our 2BR apartment (NYC), utilities, dog and our current, very lax spending approach for 5-6 months. We think this is plenty - we can easily support our lifestyle on one income and we'd cut back on a lot of eating out and stupid gimmicky purchases if one of us got laid off and not have to use the cash. The cash is there in case something happens to both of us.
I’ve heard numbers from 1.5-2.5x your monthly expenses should be in your checking account.
Me personally, 6.5k at the start of every month in my checking only. Have about 25 more in a high yield savings account, and the rest is STONKS baby
2x monthly expenses in checking, 6x in saving, rest in the market.
Same except I do 12k in emergency in my HYSA. (I know I'm paying a big premium keeping that much out of the market but have some life experiences that make it feel worth it, plus it helps me stay the course investing rather than paying off low-interest but 6-figure student loans.) If you track your expenses closely and time fixed payments wisely compared to paychecks, it's easier to keep more in HYSA and less in checking.
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Just reached 400k net worth across everything (investments, retirement, etc.)
less than 10% (37k) of that is in checking and savings accounts
I keep only 0.5%
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One month’s expenses, so much less than 1%
A lot. Not good at investong. Not going to be bankrupt by leaving money in checking and savings