My weekend has been oh so divine. :-D
Just got PAID!! I was blazing Johnny Kemp the whole time I paid bills on Friday. Feels good! Feels good!
N-E-WAYS.....I paid off the second half of monthly bills. Budget is questionable at the moment on if I am over or under. I came under in some categories and over in some others. I still have many open ones so we shall see whats what when I do my monthly report at the end of this month.
My automatic transfer into E-fund account should take place on Monday. I updated the sidebars. I REACHED MY $3K E-FUND GOAL YALL!!!! Yessir. My E-fund's current balance is $3008.38. Last month I said that I would extend my E-fund goal to $10K once I hit my $3K goal. But I was reading a post @ Mya Moola where, in anticipation of her new salary, she discusses how she will establish her E-fund and then redirect all her money towards her debt. Well this got me thinking. My main goal is to eliminate my credit card debt. I have already established a pretty okay emergency fund that is equal to a little over a month's living expenses. So I have decided to stop the automatic transfer I set up originally and redirect the $200 to my credit card debt.
Credit Card Debt Snowball
Now that I am redirecting the money I originally had alloted for my E-fund towards my debt, I will have $722 available a month instead of $522. As I said in my previous post, I did an analysis on my cc debt and set up a snowball plan. I didn't quite like the the snowball debt calculator I found so I decided to see if I could create something similar on excel but more in line with my situation. I winded up not having to do that because this snowball worksheet worked out perfectly. I inputted my credit card debt info and monthly amount available to apply towards the debt. Then I inputted info on extra payments I would make during specific months. For example, every December during the company Holiday party my employer gives us a $500 cash bonus. I plan on applying that bonus to my debt. So that is $500 on top of the regular $722 that I would apply that month. I did the same thing for February (tax refund) and some other months. Based off that information, I will eliminate my credit card debt by November of 2008. Totally different from February 2010 that the snowball calculator gave me. My goal is still set for October 2008. Other factors, such as raises and other bonuses still exist.
American Express Business Card and Rewards
Back in July I applied and got approved for the AmEx Business credit card for the sole purpose of cashing in on the introductory bonus of 25,000 points. I was contemplating on how I should redeem my points once they applied to my account. Well low and behold, I checked today and my points had hit my account. Yes.......its been just like Christmas this whole weekend! *cheesing*
Yeah so I had 25,000 points to play with. After about an hour of careful consideration to my current situation and upcoming events I decided and redeemed my points for the following:
- 2 AmEx Travelers Cheques @ $50 each (10,000 points each)
- 1 AmEx Gift Card - Especially for kids @ $25 each (5,000 points)
Alright yall. That is it for now. Till next time.....