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My Finances on the Table

July 23rd, 2011 at 06:44 pm

Nowís my turn to tell you about my finances.
Savings
Savings #1 $2,283.38
Savings #2 $5,051.12
Savings#3 $1,478.32
Savings#4 $2,501.69
HSA $1,035.95

Total $12,350.46

Debt

Capital 1 CC $1065.82 @ 3.99% Fixed for life of balance
BOA CC $2,175.36 @12.74% adjustable
Citi CC $183.73 @29.99% Adj. (but who am I kidding)
Macyís $292.69 @23.99 Adj.
Limited $97.12 @24.99 Adj
Medical Bills $2354.00 @0%
Old Cellís $254.00 @0%

Total $6,432.72

Hopefully Iíll be able to update these monthly. Iíve been aiming for reducing my debt while increasing my savings. I paid off my car last year and although I have been putting that money away in savings for my car repair/replacement fund every month since September 2010, I havenít been monitoring it closely. From now Iíll just make it my part of my emergency fund and starting with todayís paycheck I will commit my first $300 monthly installment. I could back track but Iím too lazy to do the math since I just spent nearly $1000 to have it fixed last month.

Some might ask why I just donít take my savings and pay off my debt. I wish it were that simple. I work for a non-profit and although Iíve never missed a paycheck, in this environment sometimes you get paid and sometimes you donít. I once had to wait three months and got paid over $5000 in back payroll while waiting for a huge invoice to come in. It hasnít been that bad in a long time (thank You Jesus) but I think you can understand now.

The four savings accounts are two online only accounts and two accounts linked to my two checking accounts. Iím working on building these balances currently at $1,478.32 and $2,501.69 to $2500 a piece to avoid fees on the checking accounts. Before my banks started charging fees I barely kept $500 in them. Just some quick money in case of a tiny emergency. Like my version of a ďpay day loanĒ to tide me over till I got paid and yes, I did pay myself a $10 penalty for lost interest for doing so despite the fact that Iím earning less than $5 in interest on each account right now. Iím also working on building my HSA to $1500 to avoid the $3.95 monthly fee.

So there you have it! Everything out there on the dance floorÖincluding my heart for it is in this as well. I look forward to chronicling my progress.

6 Responses to “My Finances on the Table”

  1. Petunia 100 Says:

    Can you "name" your savings accounts? For example, #1 car fund, #2 emergency fund, etc.

    Can you close one checking account to reduce the amount of cash you need to have earning almost no interest? Is there a specific reason you need two? If you do need two, can you have two at one bank so that you can have just one $2500 savings account, and move the other to an online account?

    I understand about wanting to keep savings on hand, but some of those debts are small with astronomical interest rates! I wouldn't want to pay 20+% interest, I would pay Citi, Macy's, and Limited in full. That will take $573.54.

    Do you have any retirement savings? If not, it is time to start. Smile

  2. creditcardfree Says:

    Thanks for sharing! I, too, would likely pay off those smaller balances and then avoid accumulating more on those cards in the future. I understand keeping money aside for a paycheck emergency, but you have plenty to pay off those small debts. Think about it at least.

  3. thedubb333 Says:

    Welcome! I'm new here myself and I've already found great support in my quest to payoff debt. I understand the need to hold onto your cash in case of paycheck delays but age with the others that you are paying astronomical interest rates for such small balances.

    Take the cash out of savings and knock out anything with a 20+ % interest rate!! Use the money you were paying towards those debts and repay your savings.

    The other thing is that if your are paying any bank fees, I would find a bank with a free account. There are too many free accounts out there to be paying the bank for the privilege of using YOUR money.

    That's my 2 cents. Smile

  4. patientsaver Says:

    I agree with Petunia. Pay off Citi, Macy's and Limited in full NOW. It doesn't make sense to pay that kind of interest with money in the bank. The balances are not that much.

  5. Joan.of.the.Arch Says:

    Being three months behind in pay is atrocious. I don't care if it's technically a not-for-profit. Perhaps you should be looking for another job instead of cranking gears trying to figure out how to survive not being paid for a quarter year at a time. I hope you got your pay with interest.

  6. HousingCounselor Says:

    Hello everyone! I hope everyone's Sunday is finding you well. I have posted a new blog about my birthday but it also includes further explanation about this post. It covers more about my savings and debt. @ Joan. I understand where you're coming from. I usually get all of my back pay with interest. I don't do my job for money (can't you tell?) lol I really love what I do for a living and although I need a paycheck to survive, that's not the first thing I think of. Being here has helped me more with my personal finances than against it. I think I'll stick around for a while. Haha!!

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