Do you have too much in your emergency fund?

There’s this guideline to having an emergency fund; save three to six month’s worth of expenses (expenses, not salary). The importance of having a cash buffer to fall back on in case of emergencies can’t be stressed enough; however, I do think that there’s a lot to be unpacked in a simple recommendation of “three to six months of expenses”. Continue reading “Do you have too much in your emergency fund?”

This doesn’t seem frugal… I got a Vitamix

Let me start this off by saying that I don’t like buying expensive appliances. Yes, copper cookware is great, and a juicer can do magical things, but I like my $20 food processor far more than a $200 one that can make ice cream and sauces and everything in between.

Let me also add in that the man I live with feels the opposite. He believes that we should invest in good cookware. Get a good thing, and be done with it. There are good reasons (even financial ones) to pursue that method, but I’ve always drawn the line when it comes to really expensive stuff. Continue reading “This doesn’t seem frugal… I got a Vitamix”

Cash Fasting Round 5: A week without groceries and restaurants

It’s been a while since I’ve Cash Fasted! At the beginning of May, I decided to attempt one week without spending any money on food. On the last day of April, we did a small grocery run (<$20), but the fact is, we have a full pantry and plenty of fridge scraps that will otherwise go to waste.

Why did I choose to focus on Food & Dining for this month? This was the category in April that I overspent in the most. $648. I’ve recently increased my monthly food budget from $400 to $500, but I still went over by a lot. In general, I tend to overspend the first week of every month. Part of it is because many of my expenses like rent and fitness are front-loaded, but that’s started creeping into unnecessary expenditures as well. Without further ado, here’s how my challenge went:

Continue reading “Cash Fasting Round 5: A week without groceries and restaurants”

The Cost of Living in NYC

I recently wrote a guest post for Zero Day Finance detailing my salary growth in only three years of working. Today, I’d like to provide a proper breakdown of my average monthly expenses, to be used as a benchmark for those looking to move here or others trying to estimate what a frugal (but reasonable) financial breakdown in an expensive city looks like.

I make a solidly middle-class salary here in NYC (thanks to The Luxe Strategist for the article find). It’s well above the median household income in the US, but in this city, money goes fast. I’m above the $75,000 national happiness threshold for the US, but below the state-adjusted threshold for my area.

Continue reading “The Cost of Living in NYC”

Two Cents: Q&A with Kate

Woah! Two Two Cents posts in a month? Surprise! I’ve gotten a lot of great responses for this series, so I’m going to increase to two a month for a little while just so I can get all this content out faster. Today’s take is very different than all the ones we’ve had to date; it’s insight into a home-buying process for the young millennial. Let me know if there are any specific Two Cents contributors you’d like to see a follow-up from. Otherwise, enjoy this post! Continue reading “Two Cents: Q&A with Kate”

Two Cents: Q&A with Zero Day Finance

Disclaimer: This post contains affiliate links. You can read my disclaimer here.

Welcome back to Two Cents, a Q&A series that reveals how individuals of different ages, cities, and professions feel about their current financial situation. This post is extra special because we’re going to dive into the brain of David, the blogger behind Zero Day Finance. I love when PF bloggers contribute to this series – it’s a peek into the driving factors behind why they write (take a look at the last blogger Two Cents here). David’s got a great site with a cool concept, and he’s got the drive to reach his financial goals. Enjoy his story! Continue reading “Two Cents: Q&A with Zero Day Finance”

Wealth is greater than income

One of the biggest points that I like to highlight in money conversations is emphasizing the difference between wealth and income.

Wealth is defined as your net worth; the total value of all your assets, minus your liabilities. Income is defined as your salary; the money you receive in exchange for your time/goods/services. Unless you’re got a huge inheritance, wealth takes a lot of time to acquire. Income, however, is earned immediately. Continue reading “Wealth is greater than income”