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Question - You are the assistant manager at a local restaurant and you get paid every 2 weeks by direct deposit into your savings account. This account pays no interest and has no minimum balance requirement. Your monthly income is $6,000. You have a target cash balance of approximately $1,000; whenever it exceeds this amount you transfer the excess into your mutual fund account which pays approximately 1% annual interest. Your current mutual fund account balance is $10,000. You estimate that you transfer approximately $800 per month from your 0% interest savings account into your mutual fund account.
Your monthly bills average $1,200 and you usually pay your bills on receipt. Your monthly cash outlay on food, fuel, rent, and other sundry items is $4,000. Reviewing your payment habits indicates that on average you pay bills 9 days early. At this time, most marketable securities pay an annual interest rate of 4%.
Discuss how you can better manage your cash balances. Please ensure you explain what you can do regarding your current mutual funds account balances, and your monthly surpluses.
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