dont have money to fix catalytic converter.. how detrimental is it to wait a month or two to fix?

[davester]

thermarest wrote: You'll get more power,

Not necessarily. Screwing with the exhaust backpressure can often upset the engine management computer and foul up the air/fuel mixture (=less power)

save money

Initial cost yes, burned valves, bad gas mileage and eventual need to replace converter may increase long term cost

and help warm up the planet at the same time.

Nope, the cat has nothing to do with that since it doesn't convert CO2. You will however dramatically increase the toxic smog components coming out of your car.