Hello,
My wife and I have about 75k sitting in a checking account. We take home about 11-17k a month, I’m in sales in a very feast or famine environment right now so that’s what accounts for the fluctuation.
Our mortgage is 6k a month, and our other expenses are about 2500k a month. The mortgage is new for us, we live in a VHCOL area and we have a 6.625 7/5 ARM.
The reason I’m keeping so much in a checking account is because I like the security that I feel knowing the mortgage is always paid, even though I don’t think it’s necessary we keep that much in there.
My idea is that we move a large percentage of the checking account into a HYSA at Sofi or somewhere similar. Just want other perspectives or any ideas/criticisms would be appreciated.
original posted by Signal-Confection-68 to r/personalfinance on Sat, 16 Mar 2024 23:56:58 GMT.