Friday, July 31, 2009

I need money for September and October expenses

I had hoped that I would be able to line up some work to pay my bills by this time, but the current economic climate is still not quite cooperative enough, so I have little choice but to continue to raid my savings for awhile longer. At a minimum, I need to pay my rent (and other smaller expenses) for September and possibly even October. I had been thinking that September might be a better time to line up some contract work, with the summer out of the way and the economy starting to pick up a little, but it is starting to feel as if September is not such a sure thing and that the October to November timeframe might be a better target.

I have my "rainy day" contingency cash spread over a bunch of accounts, so the question is which account to take it from. Rates vary from month to month, so it depends on when I need the cash.

I actually have plenty of cash in my Fidelity account (which I use for checking and bill payments) to last through the end of  August.

I'd like to get the cash for my September rent and credit card bill in place ASAP so that I don't have to worry about the exact timing, but then I will earn a much lower interest rate on the cash in my Fidelity account.

In truth, even switching from a 1.75% APY bank account to Fidelity for a month will cost me only a maximum lost interest of a couple of bucks. Nothing to lose sleep over, but it is the principle of the matter.

Back in the spring, my model was to keep cash for two-months of expenses in my Fidelity account. I have August right now, so I just need to get one more month of cash. And then worry about cash for October a month from now, unless I have a good prospect for week in early September.

Maybe sometime this coming week I'll go ahead and transfer the cash from one of my bank accounts to my Fidelity account. Or at least decide exactly what I am going to do and maybe wait yet another week before doing it just to pick another buck of interest.

I'll try to enjoy the month of August the best I can (without spending any money), especially since it is always the worst time of the year to line up work, even in the best of economic conditions.

-- Jack Krupansky


At 11:39 PM EDT , Anonymous Anonymous said...

Sincerely curious what your cash burn rate is a month - NYC is one of the more expensive cities on the planet. I've followed your blog for a while now, I understand you have a modest studio apartment in the city, no car, and you eat most meals out. Your primary form of entertainment seems to be walking the city, and you're my hero in that regard.

So - what is the monthly nut to live this livestyle in NYC?

At 8:37 AM EDT , Anonymous Jack Krupansky said...

My monthly budget spreadsheet says $3,022.

That includes $1,695 for rent, $890 for meals, plus utilities, clothing, movies, misc.

I have plenty of budget pad in things like meals, clothing, misc. that I usally save rather than spend, so maybe I spend about $2,700 to $2,800 a month.

-- Jack Krupansky

At 2:44 AM EDT , Blogger admin said...

Dear Jack,

I couldn't help but respond to you after reading your message. Also regarding the gentleman that mentioned you're from New York, Wow! Expensive!! I'm so sorry and totally empathize with you and your situation. I really hope and pray that you don’t start losing your personal property or possessions. I could only imagine what you must be going through. I’ve definitely been there before when my bills just kept stacking. I wish there was something I can do to help. Perhaps just letting you know that I'll be sending some prayers your way.

If you're up for reading (especially when you can’t sleep at night from money worries) maybe there is something I can do to help. I've read this book that I highly recommend that will not only lift your spirits, but uses the Law of Attraction (I’m so into it) to lift your spirit as it also teaches you how to bring your financial situation back under control. It not only made me wealthier and happier in the shortest period in time, but there have also been things in life happen to me, which is just short of being miracles. The website where you can get this book is:

Perhaps I can also help by offering you my email address for anything else I can do to help, or if you just need someone to write to.

Remember to always find a way to think positive, regardless of how you feel at the time or how you feel that nothing can help.

Also remember… “this too will pass”

Well, I hope I’ve been some help. Wishing you well and that you get back on your feet! I’ll definitely be sending prayers your way!

: )



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