I’d suggest that everyone become a bit more energy conscious this afternoon, because living in New Jersey just got a little bit more expensive:
From the AP:
NJ electric bills to go up at least 12 percent
“New Jerseyans are about to see a big jump in their electric bills.”
“New rates, effective today, will increase bills for residential customers by at least 12 percent statewide.”
“Rockland Electric customers will see the smallest increase – 12 percent, while the 13.7 percent hike at PSEG is the biggest.”
Caveat Emptor!
Grim
i may actually have to start turning some of my PC’s off at night!
it seems like people are being squeezed in every direction possible, from gas and energy prices, to higher food prices. The money has to come from somewhere, the question is where
I am born and raised in NJ and am getting sick of being screwed left and right by this state. Time to MOVE!!!!
Out of curiosity, what do others pay for utilities?
Info such as the following would be interestng to see for various NJ homes:
House Size: 3 bedroom, 2.5 bath
Fuel Type: Natural gas
Heating System: Forced hot air
Monthly Fuel: $247
Monthly Electric: $126
2 bedroom large apartment.
Heat & Water : Included in rent
Electric ranges from 50 during the winter to about 125 last summer on the hot months. (I do have 4 PC’s that run 24/7 as well as a laptop that is usually on and plugged in).
Cable & Cable Modem: 95 dollars per month
We need to stop blaming this on someone!!! It is not NJ or PSE&G, it is the commodities increase. Up til now utilities were fairly reasonable in NJ. Welcome to the new economy, things are just peachy!
Well, just be glad you are not down here in Maryland. We are facing rate adjustments 72%.
That reminds me I need to look up the plans to build a excercise bike generator…
PSEG always grossly overestimates my usage, so I don’t know what the true cost is. To do a good comparison, you probably also need to ask what temperature people keep their home at in the summer and winter. I know several people who keep their home at 75 in the winter and 65 in the summer. It drives me crazy!
4 Bed /2 Bath Cape in Union County
~2250 sf
Central Air/ Natural Gas
Average ~$80/month based on fixed payment via PSEG (higher in Summer/ lower in winter ave to 80)
A
rent = 960
water + heat = 0
elec = 25-45 a month
4.75% money market account until we buy a house = priceless
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rent 935/month
Heat+Cooking gas incl. in rent
Electricity 30 – 80 ( winter – summer)
anon 1:57
Hey are you me?
Except for the mm acct %.
We’re only at 4.5. I feel gypped.
There’s some nice savings rates to be had on the internet.
Emigrant Direct – 4.65% APY
ING Direct – 4.25% APY
All FDIC insured, no fees, no minimums, etc.
-Richie
HSBC Direct – 4.65% APY
http://www.hsbcdirect.com
So if many landlords are paying for heat and hot water, they must have taken a beating in the past year if they use oil.
It costs, what, $3,000 to fill up an oil tank for a single family home, and that lasts only 3/4 of a winter season?
I’m still a big fan of T-Bills via Treasury Direct. You can find the most recent auction results here:
http://wwws.publicdebt.treas.gov/AI/OFBills
grim
I just picked up some 6 month T-Bills @ 5.01%. The yield on the 6-month is now up around 5.07%.
As Grim points out, no transaction fees and about as safe as you can get. The interest is also exempt from state income tax.
treasurydirect.gov
anon 2:24 PM
Most banks will match the rates of their competion, mine did.
The paycheck going up in smoke between the soaring proerty taxes, utility bills and adjusted mtg payments.
Welcome to debt/McMansion slavery
BOOOOOOOOOYCOTT Houses!
Bob
You guys sitting in cash can do better than 4-5%! Take a little risk at least. Check for some ETFs (etfconnect.com) yielding 8%+ or some investment grade corp bonds like Verizon with a 7.25% yield.
rentinginnj:
A few questions:
(1) when TB matures, how can we get cash TBs?
(2) Since TBs are sold on auction, we may not be able to
buy them if many people want to buy. How can we resolve?
(3) I look at http://wwws.publicdebt.treas.gov/AI/OFBills
and compare CUSIP=912795XG1 with CUSIP=912795YE5, there are almost $2 difference for
purchase prices, but discount rates(investment rates) are alsmot the same, how to explain?
I own a launromat in Bergen County. My monthly gas + electricty bill is around $6K.
If the rate goes up 13%, I have to raise my price and my customers will complain. But I cannot afford not to raise the price either.
Time to get out of NJ?????
Out of curiosity, what do others pay for utilities?
Info such as the following would be interestng to see for various NJ homes:
House Size: 3 bedroom, 2.5 bath
Fuel Type: Natural gas
Heating System: Forced hot air
Monthly Fuel: $247
Monthly Electric: $126
When you are thinking about purchasing a home you can call PSE&G they will give you an average monthly bill. This is better information than you can get from a listing
KL
People keep spending money on crap. Chain store sales rose 4.4%on average over last year with expensive clothing sales doing the best..
Figure $149 jeans from Abercrombie, $200 shirts from Nordstrom & $800 designer shoes for the average person in NYC.
Every one lives and dies by their purchases even though they can’t afford basic necessities.
Even though interest rates are rising, utility costs are rising, gas prices are rising, people still have enough money, or feel that it is a great use of they credit cards to spend on $100 shirts & $300 jeans.
These are the same people who complain about $3.00 gasoline, but wouldn’t be caught dead on a subway during the weekend or must pay $50 for a parking garage in Manhattan.
You guys sitting in cash can do better than 4-5%! Take a little risk at least. Check for some ETFs (etfconnect.com) yielding 8%+ or some investment grade corp bonds like Verizon with a 7.25% yield.
4:21 PM
how do you buy them?how does it work?are they fdic?
Check for some ETFs (etfconnect.com) yielding 8%
What sort of ETF is yielding 8% ? Is it leveraged or does it invest in junk bonds ?
Am moving from a 1 bedroom (rent $1185) to 2 bedroom ($1555) end of June. Heat, hot water and cooking gas is included in rent. I pay for electricity, and am guessing $200 a month for summer and $50 a month otherwise.
I still save $1000 a month compared to paying a mortgage and taxes for a 2 bedroom condo in Middlesex county. Have no plans to buy here, since I plan to move down to Charlotte, NC in another 2 years and buy there.
rmh
high yield money fund
Using leverage or buying junk is part of taking addt’l risk to obtain better performance. A large fund that diversifies over hundreds of securities lowers that risk. Some ETFs use equities as well. I like the closed-end funds because many of those yielding 8%+ are also selling at a discount. Verizon is A-rated by S&P the last I checked.
one other thought – your after-tax yield on Treasuries is probably around 3.5% or so. If you believe the gov’t figures on inflation (~3%), then you are barely treading water. If you don’t believe the gov’t figures because gas prices, heath care, tuition and housing prices have gone thru the roof, then you are underwater.
Using leverage or buying junk is part of taking addt’l risk to obtain better performance.
Going from a cash risk-free account to a heavily leveraged instrument, or to a junk bond or to a 10 year or a 30 year note or bond for an extra 200 – 300 basis points in yield just isn’t worth it to me.
I like the closed-end funds because many of those yielding 8%+ are also selling at a discount.
And almost all of those closed end funds that have outside yields ar using leverage.
There’s a place for things like that in a portfolio, but they are absolutely not a substitute for cash, or to be used for money you want in 1-2 years.
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