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Home > Scared of a Transfer??

Scared of a Transfer??

March 2nd, 2010 at 05:07 am

So I finally setup a transfer from our checking to our savings account that I've been putting off for months. When I started the PhD program and we settled into "adult life" (snicker) I decided that I would never have less than one months expenses in our checking account. Liberally this is about $4000. For our wedding, we received a ton of cash and after returning half of the gifts we had even more money. This lead to a ballooning of our checking account. Since then we have been even more frugal with our money in anticipation of the many large savings goals we have set for the next several years.

For some reason through all of this, I could not bring myself to transfer the money out of our 0% interest checking account into our savings. I could not get over that it was such a large transfer, that we will need the money in August for H's tuition, and who knows what else.

On Sunday I took the plunge and set a transfer order to move the rest of the balance into our savings account. I am ready to have only $4000 in our checking again. This will keep us honest about how much we are saving each month and will keep us earning interest. It took me 4 months, but that mental block was overcome.

Posted in Personal Finance | 3 Comments »

3 Responses to “Scared of a Transfer??”

  1. Homebody Says:
    March 2nd, 2010 at 05:21 am 1267507313
    1267507313

    Now it should be smooth sailing on the transfers then right?

  2. snshijuptr Says:
    March 2nd, 2010 at 05:29 am 1267507749
    1267507749

    I think it should be. I've been thrown by the move from saving $500 a month to saving $1000 a month. We paid off our car with some of the wedding money and now it's all just going into savings. I'm excited but also a bit scared of our own saving power...Just a part of growing up I guess. Smile

  3. yisave Says:
    March 6th, 2010 at 03:44 pm 1267890278
    1267890278

    Like you we have a months worth of expenses into our regular checking account that handles most expenses except for larger ones. We deposit all of our money into the Money Market account which earns interest and at the end or beginning of the next month - transfer money into the regular checking account to replace what went out. Sometimes we have about $200 to $300 left. That is a nice little cushion for something extra that could come in. Meanwhile, you're earning interest on your deposits.

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