Let’s see I switched my budget over to YNAB (You Need A Budget). It’s been an interesting adjustment but I am liking it a lot. I had to think of ways to keep more of my money, between this payday installment loan and check cashing places always offering me some high interest or pay per use product.
I just really need my money.
It came down to that my webcam commission checks that I typically would cash at a checking cashing place need to be deposited in my online bank account, but the hiccup is they tend to hold them for near 30 days sometimes less.
So here comes in the idea of having a curveball or buffer account. The financial community have so many names for it, basically, it’s not my emergency fund but its money there waiting to handle the month while I wait for my check to be available. How much do I need? and annoyingly to build up that number I have to still use check cashing places til that amount is ready in my online high interest saving/checking account.
Why don’t I get paid by wire or PayPal or something?
For the people not aware of the adult entertainment business typically adult business transactions are not welcomed by the financial industry some companies will work with us many will not. So in my 16 years of working as a cam model options have been to be paid by a wire and get hit with $17.50 per incoming wire or deposit the check keep all the monies and potentially wait 30 days for it to be available.
Right, I didn’t answer how much do I need in my buffer account well after reading some other personal finances blogs and I made my own little poll the votes came back as $500 – $1,000 or one-month of essential living expenses which for me is about $1,500 to $3,000. I’ve decided to start with the $500. This is not my starter emergency fund that will be $1,000 then snowball or avalanche pay off my consumer debt, keep my credit report and credit score. Knowing this number helps me on my financial journey and now it has a clear road to travel on with good pit stops.