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October cash flow!

November 6th, 2006 at 07:32 am

On Sunday evening, I took a little time and tallied up all my incomes and expenses.

Incoming (all figures are after-tax):

$3,668 salary
$800 housing
$110 misc
Total: $4,578


Outgoing:
$488 car payment, gas, tolls, parking
$101 cable, broadband, phone
$45 cell phone
$54 utilities
$2,145 housing
$200 student loan
$180 cash withdrawal
$100 charitable donation
$175 clothing
$174 dining out
$233 groceries
$75 household
$290 car insurance
$73 credit card interest
Total: $4,350


Net:
Differentce: $228 => credit card payment?


With my living arrangement right now, I write checks for $2,145 each month while getting $800 paid back. In short, I spent $1,345 on housing each month. The $290 car insurance is quarterly, so it won't show next month. The $175 clothing shouldn't be there next month :-)

In November, I look forward to cutting back on dining out, clothing, and random cash withdrawal. Good news, no black hole this month!

14 Responses to “October cash flow!”

  1. kimiko Says:

    Getting rid of the black hole is a great improvement, although you really should increase your credit card payment to include some principals. Just seeing that makes me feel nervous and it's not even mine. How did you manage to get the 3.9% for life?

  2. Golbguru Says:

    Your numbers are inspiring me write a new post Smile When you list down your expenses like these...it becomes so simple to catch the money-thief in the list.

    Few observations, do you give $100 to charity every month? That is really generous. You have mentioned it and I will mention it again...$175 a month is a lot on dining out Smile.

  3. PRICEPLUS Says:

    Dining out is a place you sure can cut if you have to do so! Clothing is another area where youcan make some savings if you really put your mind to it~

    You are on track with your ideas for cutting spending. You can and will get to financial freedom if you persevere! Keep up the good work!Smile

  4. jersey jen Says:

    * golbguru

    hey thanks for the encouragement, i started using Microsoft Money to track expenses in october. i used to the monthly report feature to generate the list. yeah, there is a charitable organization i regularly support, partly related to my own health situation. well, sometimes boys don't pay for their date and you have to go dutch :-)

  5. jersey jen Says:

    * kimiko

    to answer your inquiry, i got the 3.9% balance transfer from Amex Clear, it was an incentive to sign up.

  6. genmed Says:

    Those dining out expenses really can add up Smile -- so very guilty here. Glad to see you have a positive cash flow month, that's an accomplishment in its own.

  7. paigu Says:

    Hi Jersey Jen! I live in lovely Central NJ. You're waaaay up there on the NJ Turnpike. Do you work in the city? That might explain your eating out bill- too many restaurants/bars/lounges to explore. On the upside, there are more outlet malls and the newly opened H&M near Seacaucus (or Paramus?) that can helpsave you some $$$.
    Keep in touch!

  8. Sun Says:

    If I were you, I will invest that extra $228 rather than paying down the credit card balance. The money should always to go places that earns your highest returns. At 3.9%, there is no big incentives to pay it off.

  9. jersey jen Says:

    * paigu

    i don't work in the city, but i do work in new york state. the state income tax is much higher than jersey, yikes! you know, there are so many shopping malls/outlets nearby!

  10. jersey jen Says:

    * sun

    that's a very intersting proposal. i agree 3.9% APR is quite low, but what's the best altervative investment? perhaps 5.05% APY savings account at HSBC or Emigrant Direct. do you think it's favorable to have credit card debt ($14,000 is quite significant) and still invest instead of paying it back?

  11. Sun Says:

    First, where's that $14000 now? Hope you didn't spend them all already.

    Whether to invest to money depends on how many months you still have before you have to pay it off. If you have a couple of years left, investing may not be a good idea as you have the risk of losing money. In this case, you can choose long term CDs that matches your time frame. On the other hand, you can keep the money for several years and only need to pay interests, then investing the money in, for example, low cost index mutual funds may give you better returns. Just my opinion.

  12. jersey jen Says:

    * sun

    Thanks for the quick response. These are accumulated throughout 2006 due to medical reasons. The amount of debt I have is approaching my neck, at least my head is above it. Good thing I can swim! i'm hoping to use my potential bonus to repay. my job is much performance based. from the grapevine, i hear, that the bonus would be quite substantial in january.

  13. Broken Arrow Says:

    Yes, Sun's got a good point. My student loans is about 5%, and now, things are starting to make more financial sense for me to redirect my money elsewhere. More specifically, my 401k.

    However, I am still going to try to take out my student loans next year....

  14. jersey jen Says:

    * broken arrow

    good thing about student loan is that the interest is tax-deductible, however, CC deb is not. i consolidated my student loans in 2003, it's a uber-low 2.49%! car loan was 2.79%! isn't it crazy?

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