So awhile ago, I applied for a 0% credit card so we could start tackling some of our debt and really get on top of things. I hadn't heard from the company in three weeks, so this past Friday I decided to take advantage of one of Parker's naps and get on the phone with Customer Service. It turned out that the zip code for Newark appeared on their end as the zip code for West Burke, and since nothing in my records indicated that I had ever lived in West Burke (because I haven't), my application was in limbo, and they sent a letter to an address that doesn't exist so I was never made aware! A quick fix to the application and boom, in 5 seconds I was approved for an introductory rate of 0% for 18 months with a limit of $7,400. After my introductory rate is over, my rate will be 12.99% (much better than Capital One's 15.65% that I'm paying). And it needs to be noted that I called Capital One MULTIPLE TIMES trying to get them to lower my rate because I have excellent credit and I've been a customer of theirs for 8 years, but they would never waiver. Too bad for them, they just lost out on a lot of interest payments from me.
So my card is in the mail and the balance transfer won't be far behind! Getting rid of that debt will be so much easier without that horrible rate. According to my calculations, the hospital debt will be paid off this August (maybe sooner, I haven't decided), and then I will apply that $100/mo to the credit card and get that paid off in October 2015 (before my 18 months is up!!!), and then those payments will go towards the car and in only four more months after that in February 2016, the car will be paid off! To a number-junkie like me, those are amazing statistics. We will then put all that money towards our student loans and get those paid off in another 18-24 months. I just want to tackle that debt and get rid of everything!
On Friday, I also opened up a money market account at Ally Bank for our emergency fund (I'm going to transfer our savings over there) as well as another money market for Parker. I'm ashamed that I hadn't done that previously, but I hadn't decided if I wanted a "college fund" or an educational IRA or whatever else there is for him. I finally decided that if he wanted to go to college, that money will get him through college. If he wants trade school, we'll help him through that. If he has a great business idea and he needs money for the start up costs, he can use the money for that instead. This is years away, but I have a feeling Jeff and I aren't going to push him one way or another (maybe slightly suggest - but I want him to feel free to make a decision that is right for him). After spending all these years trying to pay off my student loans (and not using my degree whatsoever), I have a different perspective of 4 year colleges.
So, in my financial life, I made power moves this weekend! The last few steps for me are: to finally open up a Roth IRA for our retirement, but I need to decide which firm to use. It's a scary concept, so I'm hesitating quite a bit. But my goal is by the end of next week to have it open! And also to open up another online account for our "house account". We need to save ourselves from ourselves and stop trying to build a nest egg in an account that is so easily accessible. IT DOESN'T WORK! If we ever want a house of our own, we need to start seriously saving today. So those are my goals!
I'm feeling a million times better about our financial future :) And happy mother's day to all the momma's out there!
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