Tuesday, January 22, 2013

Quick(en) update and CC1

I've set my Quicken for the most part, but I still can't have some of the views work properly (like the calendar view that I so enjoyed). But after putting all of my accounts in it... I discovered, I have a LOT of accounts. 2 checking accounts (BoA, ING), 4 savings accounts (BoA, ING x2, Ally), a Paypal account, 3 credit cards, a "cash" account, 2 investment accounts from my two jobs, a total of 5 student loans account (4 of them are combined into what is known as Student Loan 2, but contain different balances/interest rates). I did close the Dell account I had mentioned, so that's one less off my list. It was an eye opener.

Bringing all of these totals together did put something in perspective... I am almost breaking even with my net worth! If we add my retirement funds (which we shouldn't, since it's not like I have access to that money; and even if I did, there's a 20% tax penalty to touch it), I am about $500 from breaking even into the positives. That was kind of nice to see. My retirement funds almost cancels out my student loan debt. Which means at the credit card level, I'm closing the gap.

Now onto more exciting mess.

I received ("part of"!) our bonus at my full time job. It came to $735 and some change after tax. I also received a much smaller quarterly bonus from my part time job ($67 before tax), but that was bundled to the whole check.

So what did I do with the $735? Sure, it could go chill out with my part-time check, extra from January and become tax funds...

Or it could combine with my scheduled $90 debt repayment for 1/18/13, borrow $60 from my part-time job's check, and do this:
Bank of America credit card (CC1): Balance = ZERO!










I know, I know. I get waaay too excited to pay things off. And I'll have to 'repay' myself all of that so I can pay my taxes anyway. But hey, this way I am saving about $40 in extra interest. I was so tired of paying interest, anyway, and I hate this card with a passion. So, BoA, adieu. I don't know if you will still charge me interest on this last payment, but even if you do, I'll gladly pay it to see you hit zero.
Posted by Tania at 3:04 PM

11 comments:

  1. Hawaii PlannerJanuary 22, 2013 at 4:08 PM

    Wow - yeah for paying off a credit card!!!!!!!!!!!!!!!!!!!!!!!!!! How exciting! :-)

    ReplyDelete
  2. Northern Living AllowanceJanuary 22, 2013 at 5:56 PM

    Congratulations! That's the best thing to do with a windfall - pay off those credit cards. Excellent!!

    ReplyDelete
    Replies
    1. TaniaJanuary 23, 2013 at 9:12 AM

      Thanks! Though I would've certainly liked a new coat... I kid, I kid!

      Delete
  3. slugmamaJanuary 22, 2013 at 7:39 PM

    Better to pay off a debt especially one that charges more interest than the money would accrue if left in an interest bearing account!
    High Fives all around!!!!!

    ReplyDelete
    Replies
    1. TaniaJanuary 23, 2013 at 9:11 AM

      Thanks! Man, don't I wish I could get a savings account that would give me $30/mo for $4000 in deposits...

      Delete
  4. -MichelleJanuary 22, 2013 at 8:21 PM

    Good for you! I have a BofA cc also -- I don't hate it NEARLY as much as I hate my Capital One cc! And of course that's the one with the BIGGEST balance :(

    ReplyDelete
    Replies
    1. TaniaJanuary 23, 2013 at 9:11 AM

      Don't worry, it will bite the dust sooner or later!

      Delete
  5. LisaJanuary 22, 2013 at 9:45 PM

    Good for you Tanner!! I am still working on my credit card debt.

    ReplyDelete
  6. j udyJanuary 23, 2013 at 6:42 PM

    Congrats!!!! The first one feels soooo good doesn't it! I know that my next one(baring some money falling from the sky and hitting me in the head) won't be paid off until April..but April will get here.

    Enjoy every second of it and look how far you have come!

    ReplyDelete

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