How much money do you have in your bank account?

[Bignate603]

Well, someone with a wife and kids could always say the same thing about you.... Living on your own isn't always to the benefit of everyone excluding one's self. You are right to an extent but your last post made it seem like the money the kid had wasn't even theirs at all which is why I was so appalled at it.

I have a wife, no kids yet but my wife doesn't work (she's doing grad school right now). So what exactly is your point? I still pay all our bills. I chose to get married and chose to take on all the responsibilities that went with that, financial or otherwise. Out on my own I'm free to control how I live my life and need to fully support the choices I make. If I chose to get married, have kids, buy a house, a car, or any other thing that affects me financially it's completely within my control. Any other adult on their own is in the same boat. They can chose what they want to do with their lives and need to pay (literally) for their choices.

While it's commendable that a kid goes out and gets a job to save up some cash it's still no where near comparable to someone supporting themselves. They can chose to save up for years without paying a dime for anything because they have no expenses when mommy and daddy cover all the necessities.

And no, legally the money that a teenager earns is not their own. While they are a minor their parents can control their finances. Most parents chose to let kids keep what they earn but they don't have to. I had friends in highschool that had to help support their families. A few hundred bucks a month from a minimum wage job helped pay their family's rent, food or any of the other expenses.

 

[Jumpem]

Right now about $1200 in checking. It fluctuates between $100 and $3k depending on the time of month. We generally don't keep much in there. Anything left after paying bills, goes to paying down debt.

Savings account is at about $12,200. Put $200/wk into that. Wish I could do more, but kids are expensive, and I am trying to pay off ~$14k of debt in the next eight months before the next kid shows up.

 

[Demo24]

Checking account has just enough to pay the bills each month. Savings has around 4k, but that's going to be used for study abroad next summer so most can't be touched.

On the flip side I've made 20 bucks in interest this year. :awe: I miss the days of making that in a month.

 

[Cuda1447]

About $11,000

 

[fleabag]

And no, legally the money that a teenager earns is not their own. While they are a minor their parents can control their finances. Most parents chose to let kids keep what they earn but they don't have to. I had friends in highschool that had to help support their families. A few hundred bucks a month from a minimum wage job helped pay their family's rent, food or any of the other expenses.

See that's the thing though, at first I believed people who said the same thing too, that the money a teenager earns isn't theirs but their parents.. But then I read in some places that were discussing the law and it stated that things that are clearly for the child or owned by the child are for the child alone and the parent can't take it away and keep it for themselves. I also saw some episodes of Judge Judy and while they're not formal like a real court (it's just arbitration) it IS legally binding and she was a formal family court judge. I've seen a few episodes of the show where a parent had done a shitty thing to their son like take away their car or motorcycle that THEY (the kid) had paid for with their own money that they earned. The parent tried to argue that simply because they were a minor, that they could just take it away anyway and she snapped at the parent(s) saying that since the kid had purchased the bike with money they themselves earned, that the parents had no right to take it away from them. The parent was forced to give said property back and the case was closed..

I believe I have also read of actual court cases where the same had happened and each time the parent is forced to give back said property because it was the property of the kid, not the parent.

 

[xanis]

~$980 in checking

~$8K in savings

Not too bad for a college kid IMO.

I had around $2K right before the semester started but I got cleaned out from buying a bunch of shit for my apartment.

 

[fleabag]

~$980 in checking

~$8K in savings

Not too bad for a college kid IMO.

Why have any amount in your checking account if you've got online banking? Or are you like one of those old people who refuse to do anything on the internet?? Also a true college student wouldn't be "buying shit" for their apartment. ;P

 

[thepd7]

Why have any amount in your checking account if you've got online banking? Or are you like one of those old people who refuse to do anything on the internet?? Also a true college student wouldn't be "buying shit" for their apartment. ;P

So you can write checks without them bouncing? Also, most automatic billpay is done from a checking account.

You are obviously not/have never been a college student.

 

[mizzou]

i'm actually astonished by the low $ of most people on ATOT lol

 

[arcenite]

i'm actually astonished by the low $ of most people on ATOT lol

it's all relative

 

[fleabag]

So you can write checks without them bouncing? Also, most automatic billpay is done from a checking account.

You are obviously not/have never been a college student.

I have bills to pay.. Especially for expenses that you know you're going to have, you can have the money that is to be paid out transferred out of savings into the checking account and then paid out of the checking account the same day. I keep all of my money in my savings accounts and $1 in my checking account so that I'm getting maximum amount of interest. I even go further than that and I pay my bills electronically 2 days before the due date so that I get that interest as well. Yes I am aware there is a limit of 6 transfers out of a savings account per month when doing it online or through an ATM but if you plan things, this limit is a non issue.

 

[Bignate603]

I have bills to pay.. Especially for expenses that you know you're going to have, you can have the money that is to be paid out transferred out of savings into the checking account and then paid out of the checking account the same day. I keep all of my money in my savings accounts and $1 in my checking account so that I'm getting maximum amount of interest. I even go further than that and I pay my bills electronically 2 days before the due date so that I get that interest as well. Yes I am aware there is a limit of 6 transfers out of a savings account per month when doing it online or through an ATM but if you plan things, this limit is a non issue.

Let's say you've got a savings account with an interest rate 3% more than your checking account (with current interest rates that would be a great savings account). If your juggling around of your finances means that you can keep an extra $1000 in your savings instead of your checking that will mean you'll earn a $30. Personally, all the time I'd have to spend watching my bank account is worth more than $30. Not to mention a single mistake could result in fees that would wipe out the gains from interest.

Honestly, the amount of interest you're talking about saving is peanuts. If you want to worry about it that's fine but for most of us that's pretty minor.

As for our previous discusion, using Judge Judy as your basis of law is like using CSI as your basis of what detective work is. There may be some legal precedent about the money a minor earns being their own but it still doesn't make what they earn in any way comparable to someone that is out on their own.

 

[xanis]

Why have any amount in your checking account if you've got online banking? Or are you like one of those old people who refuse to do anything on the internet?? Also a true college student wouldn't be "buying shit" for their apartment. ;P

What does having money in checking have to do with online banking? I use online banking so I can transfer money from savings to checking or vice-versa if I need to. I also have it so I can keep track of my cash flow, which alone makes it worth having. And what do you mean, "a true college student wouldn't be 'buying shit' for their apartment"? Are you an idiot? Unfortunately, the various magical fairies of furniture, food, and household items don't come and visit me and drop off stuff free of charge.

 

[Imp]

$1k in my chequing account. No interest, but you need $1k to avoid being charged $3.50 a month in service charges. I haven't found anywhere with interest above 3.5% per month, so there we are.

Savings account is another story.

 

[thepd7]

I have bills to pay.. Especially for expenses that you know you're going to have, you can have the money that is to be paid out transferred out of savings into the checking account and then paid out of the checking account the same day. I keep all of my money in my savings accounts and $1 in my checking account so that I'm getting maximum amount of interest. I even go further than that and I pay my bills electronically 2 days before the due date so that I get that interest as well. Yes I am aware there is a limit of 6 transfers out of a savings account per month when doing it online or through an ATM but if you plan things, this limit is a non issue.

Let's say you've got a savings account with an interest rate 3% more than your checking account (with current interest rates that would be a great savings account). If your juggling around of your finances means that you can keep an extra $1000 in your savings instead of your checking that will mean you'll earn a $30. Personally, all the time I'd have to spend watching my bank account is worth more than $30. Not to mention a single mistake could result in fees that would wipe out the gains from interest.

Honestly, the amount of interest you're talking about saving is peanuts. If you want to worry about it that's fine but for most of us that's pretty minor.

This. I am about to cancel my savings account because it's just not worth the hassle for the tiny amount of interest. Plus having to add the extra line for taxes is annoying. I have an investment account which earns 5% which I will keep any non-checking money in.

 

[fleabag]

What does having money in checking have to do with online banking? I use online banking so I can transfer money from savings to checking or vice-versa if I need to. I also have it so I can keep track of my cash flow, which alone makes it worth having. And what do you mean, "a true college student wouldn't be 'buying shit' for their apartment"? Are you an idiot? Unfortunately, the various magical fairies of furniture, food, and household items don't come and visit me and drop off stuff free of charge.

Craigslist, dumpster diving.... If you're not willing to go to those great lengths to get free shit, then you're not the generic poor college student. Whether that's good or bad, it is what it is and you take it how you want.

This. I am about to cancel my savings account because it's just not worth the hassle for the tiny amount of interest. Plus having to add the extra line for taxes is annoying. I have an investment account which earns 5% which I will keep any non-checking money in.

Whatever, if you really believe your time is so valuable that you can't benefit from the interest that your account would generate for you, that's fine but it's not too much work for me to do what I do and I'm rewarded for doing what I do with interest. The way I look at it is not only am I keeping tabs on how much money I have and spend but I would always make sure I have money in the bank before making a purchase, something one wouldn't do if they just dumped it into their checking account and withdrew from the account without a second thought..

 

[thepd7]

Craigslist, dumpster diving.... If you're not willing to go to those great lengths to get free shit, then you're not the generic poor college student. Whether that's good or bad, it is what it is and you take it how you want.

Like I said, you have obviously never been to college. When was the last time you found a shower curtain on craigslist or in a dumpster? Cleaning supplies? Food?

Whatever, if you really believe your time is so valuable that you can't benefit from the interest that your account would generate for you, that's fine but it's not too much work for me to do what I do and I'm rewarded for doing what I do with interest. The way I look at it is not only am I keeping tabs on how much money I have and spend but I would always make sure I have money in the bank before making a purchase, something one wouldn't do if they just dumped it into their checking account and withdrew from the account without a second thought..

I make more in one hour than you are saving all year doing that. Not bragging, just noting that saving free time is much more valuable than that money. Even as a college student $20/year probably works out to $1/hour you spend on that. I know plenty enough about my accounts without spending such a ridiculous amount of time.

 

[fleabag]

Like I said, you have obviously never been to college. When was the last time you found a shower curtain on craigslist or in a dumpster? Cleaning supplies? Food?

When was the last time a shower curtain cost $2000? Cleaning supplies? All that you've listed can been had for under $50 EASY. You don't spend $2000 on something unless you're getting a whole lot of new stuff that can be supplanted by used stuff.

I make more in one hour than you are saving all year doing that. Not bragging, just noting that saving free time is much more valuable than that money. Even as a college student $20/year probably works out to $1/hour you spend on that. I know plenty enough about my accounts without spending such a ridiculous amount of time.

It doesn't take "ridiculous" amounts of time to do what I do. If it takes 5 minutes to pay one bill, it'll take 7 minutes to pay 10 bills.. It's quite simple really, you add up the total amount of bills you have, transfer that amount on a certain date, setup bill pay on those dates and voila.. Not doing this just saves you from one step, one step that isn't all that hard to do considering that the task of actual bill paying is going to be far more time intensive and one that is still unavoidable...

 

[Fenixgoon]

7k. college student

 

[Zepper]

NOYFB

.bh.

 

[lifeobry]

About -$5000

 

[nerp]

 

[bignateyk]

[Dr Evil] One... HUNDRED dollars [/Dr Evil]

 

[SunSamurai]

In what?

In vests.


:awe:

 

[Koing]

About £1k tops...

Koing