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There are plenty of explanations that don't involve living paycheck-to-paycheck. 1. You keep money in several accounts (checking, savings, money market, paypal
by fr0sty 15y ago
There are plenty of explanations that don't involve living paycheck-to-paycheck.
1. You keep money in several accounts (checking, savings, money market, paypal, etc.)
2. You are a contract worker being paid in large installments and you need to know whether your deposit has cleared before paying bills.
3. You have difficulty with fiscal discipline and only leave money for essentials in your account to prevent over-spending.
and so forth.
- philwelch 15y agoMy general plan is to put everything I'm not going to spend in the current month in my savings and then gradually draw my checking account down to 0. (I have ING Direct and a credit line attached to my checking account in case of overdraft, so overshooting isn't a problem.) I usually keep track of my balance less my bills for the month and divide it by the number of days left in the pay period. Once that balance goes above a certain level I save more. I've been doing this since college, where I would stash away my student loans into savings and transfer monthly installments into my checking. The video wasn't working for me when I went to the page, but if that's how the feature works, it might be neat to have that kind of thing better automated.
- ganley 15y ago4. You barely make enough to live on and have no choice but to live paycheck to paycheck. Presumably not true of most people here, and questionably true of the likely customer demographic of BankSimple, but this is the fact of life for many people.