I don't want to be perfect, just better...

Tuesday, March 17, 2009

Tough Issue Tuesday: Do you have a cushion in your checking account?

I thought of this when I was double billed by a company last month. Of course everything that came out in the next three days bounced.

I had several NSF charges. I had being meaning to begin leaving a cushion in my account to for just such a moment.

My account has no minimum balance, so I have never had to keep one. I am now thinking that I need to begin holding a minimum. Thinking back a minimum balance or a cushion would have saved me a lot of money.

I had ten insufficient funds charges last year. That is $350 for the year. If I had a cushion of even $100 I would have saved at least $250. I had been too busy trying to transfer money to a high interest savings account and out of my spending range.

Even the years before I had even more NSF's than last years ten. Maybe three or four years ago I had ten in one day.

Do you have a minimum? How much? What is the best way to determine a minimum balance?

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