Reply to Family of 5, appx $300K HHI - would you do anything different?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP again - everyone is being very helpful. What is a normal amount of cash to have in your bank checking? I probably have a higher amount (but dwindling). For example would you balk at $50K. What do you all have? [/quote]

If you are averaging 50k in checking month in and month out, the whole premise of your initial post [b]" I feel like we are hemorrhaging cash"[/b] is completely false.

That is not to say that you might not be able to better manage and track your expenses but with that amount on hand, you're not hemorrhaging - not even close.

[/quote]

Well that’s what I meant by dwindling - it used to be more than that, fwiw.  I meant  hemorrhaging by flying out and not stopping and I’m trying to stop that. Everyone is helping me though !!! Thanks again [/quote]

I third the recommendation for YNAB.  If your husband isn't comfortable with it for security reasons, set up a spreadsheet and track your spending that way.  I've found it really, really helpful to be able to make better decisions about where I spend my money.  For example, I'm also spending lot of money this year on kid activities, but since I am hitting my retirement and college savings targets, have a solid emergency fund, have home maintenance savings and savings for a new car in a couple of years, etc., I am comfortable doing it.

If your checking account balance is dropping (and you haven't just shifted the money to another savings account, etc.), then you are likely spending more than you are bringing in, so it's a great time to get more knowledgeable about your finances.[/quote]

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