Emergency Fund

I am sure some of you have heard that most financial planners recommend to have an emergency fund that you can access in case of an emergency. Although buying a new pair of Manolo Blahnik does not qualify as an emergency, becoming unemployed or having your car break down can be a financial disaster if you don’t have any emergency cash saved.

Determine the amount you will need to save. The experts disagree as to how much you should have in your emergency fund – some recommending 3-6 months of living expenses and some advocating going as high as 6-8 months – but you should save whatever amount you are comfortable with. First, calculate your outgoing monthly expenses. Include rent or mortgage payments, utilities, student loans, car loans, credit card payments, groceries, day care, etc. Multiply that amount by the number of months you think you will need in case of an emergency. Now, this is the amount you will need to save.

Start small. Don’t get discouraged by the amount you need to save. The goal is to start small - – it could be as little as $25 per week or month. You can always trim your expenses and find that extra cash, just see some creative 22 ways to build your emergency fund here.

Leave it alone. Remember that this fund is for emergencies only, it is not to be used for anything else but for emergencies.

Make it automatic. Enroll in automatic deductions. This way, it will be automatically deducted from your account and you will never see that money, i.e. you will not be tempted to spend it.

Some good places to start with your emergency fund are:

Emigrant Direct

ING Direct

Save Yourself Account through Ameritrade and Suze Orman (Open a new non-retirement Save Yourself account at Ameritrade and make 12 consecutive monthly deposits of $100 or more, and Ameritrade will give you $100)

Roth IRA - I will write another post about Roth IRAs at a later date and will keep this short for now. You can use your Roth IRA in an emergency. Remember your contributions can always be withdrawn tax-free and penalty-free. However, your earnings (on your contributions) cannot be withdrawn – otherwise, you will have to pay the penalty. Also, if you do contribute to a Roth IRA, be aware that if you invest in stocks or mutual funds, and they go down in value by the time you have to withdraw your contribution in a case of an emergency, you will lose money. Therefore, if you are contributing to a Roth IRA that you also earmarked for emergencies, it is best to invest in some liquid safe investments, such as short-term CDs or savings accounts, etc.

Saving $$$ - Shopping at CVS

If you have not been shopping at CVS and taking advantage of CVS ExtraCare Rewards Program, you are losing a lot of money that you could be spending somewhere else on something else, or repaying your student loans, or saving, or investing, etc.

Let me give you an example – last year, as a project, I kept a record of all of my purchases at CVS. I then totaled the amounts (1) I would have spent on the items if I did not participate in the ExtraCare Program, and (2) the actual amount I spent out of pocket. I was shocked to see the difference – I would have spent $2,962.96 but I only spent $869.06 out of pocket. And, this is for the entire year! Intrigued? Then, let me tell you how...

First, sign up for the ExtraCare. You can either do it online here and the card will be mailed to you, or you can stop by any store, ask for an application and get the card right there. Second, pick up a copy of the CVS weekly circular and take a look. Almost every week, CVS offers items that are “FREE AFTER EXTRA BUCKS.” Make sure you read all of the small print – the description of the item, brand, size, and offer limit. For example, the circular will have this item:

If you can't see the small print, it says:

Paper Mate 1.2 pens 10 ct.
You Pay With Card 99c
Extra Buck Reward 99c
It’s like getting it for… FREE after extra bucks.
Extra Buck offer limit
of 2 per household with card.
After Tuesday: 99c with card & no extra bucks

What it means that you have to get the exact item as described, you can only get the maximum of 2 to get the rewards, and the offer ends on Tuesday. In other words, you will get NO extra bucks if (1) you buy Paper Mate 1.0 pens 24 ct (because it’s not 1.2 10 ct), or (2) you buy 3 packages (you will still get the extra bucks for the first 2, but not for the 3^rd because the limit is 2), or (3) if you buy the items on Wednesday (since the deal expired on Tuesday).

At the register, provide your ExtraCare card to the cashier to be scanned and then pay for the items. In the example above, you will pay $1.98 for 2 packages of pens plus tax, but when you get your receipt, it will have $1.98 attached at the end as your extra bucks. Treat them as cash. And they do expire, so pay attention to the expiration dates.

Next time you go to the store, just give the cashier your card and pay with your extra bucks as cash. For example, if your purchase is $2.00 and you give the cashier $1.98 in extra bucks, you will only pay 2 cents plus tax.

That’s all, that’s the magic!

This week, CVS offered the following items FREE after extra bucks:
Memo book (limit 2)
No. 2 pencils (limit 2)
1’ Vinyl binder (limit 2)
Paper Mate pens (limit 2)
Filler paper (limit 2)
CVS Pantiliners (limit 1)

Couple of notes:

• For some reason, the deals in Brooklyn are always different from the deals in Manhattan. Based on my experiences, the CVS stores in Brooklyn offer more “FREE after extra bucks” items than the stores in Manhattan. Just be aware of that and always check the location’s circular before purchasing.
• For more information in helping you to plan your shopping trips, check out this website (I also posted a link to Iheartcvs on the left under Blogs to Visit). The site also posts future CVS circulars which will help you to plan future trips in the weeks ahead.
• In addition, you can also check the weekly CVS circular on the CVS website by entering your zip code and planning your trips out before you head for the store.
• For more information about the program, including enrollment, visit CVS website.
• I personally get the items even if we have no use for it in our house – so that I can donate them, give them away, etc.
• If you have any questions or comments, please leave me a note in the comments and I will respond.

~~~ Pulled Pork Sandwiches ~~~

3 lb boneless pork roast
salt to taste (omit if watching sodium intake)
2/3 cup cider vinegar
1 1/2 cups barbecue sauce (we use Sweet Baby Rays Hickory & Brown Sugar Barbecue Sauce)
6 hamburger buns
2 cups prepared coleslaw

Trim excess fat from pork roast. Sprinkle with salt. Place in slow cooker and pour vinegar over roast. Cover and cook on low until roast is fork-tender and pulls apart easily, 8-10 hours. Remove roast from cooker and shred meat into small pieces. Discard cooking liquid. Return pork to slow cooker and stir in barbecue sauce. Continue to cook until warmed through, about 30 minutes.

Spoon coleslaw onto bottom half of hamburger buns. Layer with pork, then top with the other half of the bun.

• 578 calories
• You can swap in 3 lbs of boneless, skinless breast or even pork chops in place of the roast.
• Serve with sides such as corn on the cob or steamed green beans.
• LEFTOVER IDEAS - any leftover pork (before you add the barbecue sauce) can be wrapped in foil and refrigerated. Use the leftovers to make hash for a weekend treat to serve alongside scrambled eggs and toast.
• FREEZER IDEAS - if you still have more pork left (before you add the sauce), cool the meat, wrap tightly and freeze. When ready to eat, defrost, add barbecue sauce and heat for 30 minutes, and serve. A truly 30-minute meal.

Food Network NYC Wine & Food Festival

For all the foodies out there, check out the 2nd Annual Food Network NYC Wine & Food Festival on October 8-11, 2009. The Festival range from extravagant walk-around tastings to educational wine and food pairing seminars led by the industry's biggest names (including one of my personal favorites -- Alton Brown – the host of “Good Eats”), to kids-oriented interactive cooking experiences, to local events incorporating the businesses in the host area, the Meatpacking District. This year's participants include Rachael Ray, Bobby Flay, Paula Deen, Ming Tsai, Giada De Laurentiis, Tyler Florence, Anthony Bourdain, Alton Brown, Martha Stewart, Tom Colicchio, Guy Fieri, and others. Go to the website to buy tickets or get more information.

Go Green on a Budget

1. Switch your light bulbs
Replace them with compact fluorescent light bulbs (CFLs) - not only these bulbs will last longer, but they also use less energy and will reduce your electric bills.
2. "Kill vampires"
Plug your electrical appliances into surge protectors that allow you to cut the juice with the flip of a switch. Did you know that displays on your TVs, DVD players, stereos, and electric toothbrush docks continue to glow even when “off.” Annual savings are estimated at $200.
3. Save on postage
Pay your bills online and you will save on the stamps and eliminate paper waste.
4. Shop at the farmers market
You will get fresher produce that didn’t require a lot of gas to transport from across the country or from another continent. To find a farmers market near you, use your zip code to search Local Harvest.
5. Take public transportation
Or consider a car-sharing program such as Zipcar or Ucarshare. Companies in some cities have cars that you rent by the hour, so you have a car only when you need one. You pay either an hourly rate or a flat rate for the day. The cost includes insurance, gas, and miles.
6. Recycle your electronics and donate your used clothes and you will get a tax deduction.
7. Avoid paper waste
Don’t use paper plates, plastic utensils or paper cups. Use a travel mug for coffee or tea instead of paper cups.
8. Avoid plastic waste
Don’t buy bottled water. Install water filters on your faucets or use Brita filters and buy a stainless steel water bottle. See my post on reasons to ban the plastic bottles.
9. Avoid more plastic waste
Use reusable shopping bags instead of plastic grocery bags. Or you can reuse those plastic bags to serve as garbage bags in smaller garbage bins.
10. Grow your own vegetables or herbs on your window or balcony
Save money and help to fight global warming by eating food that did not require transportation.
11. Save water
Turn off the water when brushing your teeth.

Movies, opera or music under the stars...

Movies, opera or music under the stars, family and friends (and a fireworks finale after Philharmonic in the Parks) make for a perfect summer evening. And the best part -- it's all free! Although these events offer an opportunity to experience a taste of New York culture, most importantly it is a chance to get together with your friends and enjoy drinks, snacks and a good conversation. Me and my friends used to go to these events every summer, without missing a single one… Don’t forget to bring food, drinks, candles, sweaters, bug spray or citronella candles, and most importantly, blankets to sit on.

2009 HBO Bryant Park Summer Film Festival Schedule:
The Bryan Park Lawn opens at 5 pm for blankets (no plastic tarps are allowed). The film begins at dusk between 8-9 pm.
July 13
How Green Was My Valley
July 20
Harold and Maude
July 27
The Defiant Ones
August 3
Kramer vs. Kramer
August 10
The Magnificent Seven
August 17
Close Encounters of the Third Kind

2009 Philharmonic Concerts in the Parks Schedule:
July 14, 2009 at 8 PM, at Great Lawn, Central Park
July 17, 2009 at 8 PM at Great Lawn, Central Park

2009 Met in the Park Schedule:
Monday, July 13, 2009 at 8 p.m. at SummerStage, Central Park

Shakespeare in the Park:
Although performances are free, tickets are required. Tickets are available on a first-come first-served basis on the day of the performance at the Delacorte Theater beginning at 1 pm. There is a 2 ticket per person limit. The performances take place Tuesday - Sunday at 8 pm. The next performance is:

The Bacchae (August 11 - September 6, 2009)
Directed by Joanne Akalaitis, music by Philip Glass, translated by Nicholas Rudall