Maritza tackled the checking question from her own financial awarenes:

As we are exploring comparing our finances to our closet let’s explore checking accounts. Take a look at your checking account and make sure it matches your style. For example, there are checking accounts that charge you a fee if you don’t keep a certain minimum amount. There are interest checking accounts that pay you an annual interest rate for holding x amount of funds in the account, usually about a $2,500 minimum. As well there are some checking accounts that don’t charge you for checks. Although these are small charges, they can add up at the end of the year. As you start de-cluttering your closet do the same with your finances. Get rid of things that you don’t need and keep only the things that you need. Pay attention to the fees your bank is charging you, if any, and if it doesn’t fit your needs find a checking account suitable to your lifestyle. For further information you can visit your bank of choice and discuss the best plan for you however please don’t neglect the small charges when you probably can avoid these charges.


I am in the midst of moving — the thick of it with costs just going up and up. It was a pleasure to sit with my financial planner and tell me the markets have been up. There was not a great report today out of the US however you must admit that we are moving in a better direction.  It’s baby steps.

In our discussion we started to talk about my checking account and that I am holding too much money in this account. I am not earning any interest I am just looking to avoid the fees.  The minimum for my account is more than Maritza mentioned.  When Jeff, my planner questioned me — as he says I am astute, why am I leaving my money in this account? — I say YOU ARE RIGHT.

It’s like packing up my kitchen — this house is smaller and I had things in 4 different areas. Now in the new house I HAVE CONSOLIDATED my kitchen so that I know where everything is and can get to them easily and with little effort.  I have had different checking accounts set up over the last few years for I was dealing with some inheritance, my ex husband and our legal stuff and my personal stuff. I am NOW CONSOLIDATING my finances. I will take a good look at my checking account for I believe that this account is really about flow and that it is for money to come in and out of it. It is not where “I earn money” rather it is how I live and pay my bills.  The monthly fee is $25 if I choose not to keep the minimum amount and multiplied by 12 = $300.

This means that I want to earn enough interest to cover this cost and then some. Why am I locking up my money in an account that is no longer “serving me”? I am looking to change that!

I am reorganizing both my closet and finances. In the new house I have a fair bit of storage —  I need to make sure that I know where everything is!

Take a look at all our you checking accounts and begin to ask the questions to determine if this “account will stay in your closet or be thrown out”.

All our love,

Sandra and Maritza


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