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My Intentions

September 21st, 2012 at 09:27 am

I received $44.91 today in my Paypal account, for secret shops I did 2 months ago. I have already transferred it to Mini E-Fund. I have not received any repayment from daughter this month, nor any reimbursement from ex-h for J's summer camp last July.

I decided not to completely drain CurveBall in order to pay Chase Freedom in full. Instead, I drew it down to 1k, then did a balance transfer from Citi MC for the rest. The terms of this most recent transfer are 0% with a 3% balance transfer fee. This will increase my Citi MC balance up to approximately 1.7k, 1.6k after I send them their $100 payment.

In each of the past 2 years, I have received a Christmas bonus of $1,750. If that happens again this year, I will pay Citi MC in full and end the year with my savings too low, but no credit card debt. I will have an additional $100 per month to use towards re-building my cash accounts. It also means I will not hit my 3k Roth goal for 2012. I will have contributed 2.1k to Roth and nothing to traditional. But, I am ready to be D-O-N-E with credit card debt.

Fastforwarding to next April 15th, between overtime and my tax season bonus, I should net 4k and change. I guesstimate my income tax returns to total a 1k refund. The first $3,200 will go to my traditional and Roth IRAs. Along with my $150 per month automatic transfer to Roth, that will max them for 2013. The rest of the tax season money will go to savings.

Right now, when I buy groceries, I swipe my debit card. I also have in my wallet a Wells Fargo credit card which earns a 1% rebate towards my mortgage. I think I am going to switch to swiping the credit card instead, then transfer funds when I get home. By adding the extra step of transferring funds, I can accumulate points towards a $25 mortgage chip. I should average two such chips a year. I am online checking my balance all the time anyway, so it is not much effort to transfer funds from checking to my linked credit card. And mortgage chips do not hurt my feelings. Smile

It is just me again at work today. The senior partner does not work on Fridays. Our receptionist is still out, and the temporary one we had over the summer went back to school a month ago. The other staff accountant is part-time. She was been coming in every day to help (she and I have to absorb the receptionist's duties) but had no work at all today to do. Fridays are slow, so it seemed silly for her to come in just to answer a phone call every hour or two. Plus, while I do have work to do, I am pretty current on everything, so nothing is pressing. I told her I could manage fine, there was no need for her to come in too. Well, the junior partner cracked his tooth last night. He came in at 8, called his dentist, and the dentist said come on down. So, he left and doesn't think he will be back today. He told me to close at noon if I wanted. That sounds like a plan to me. Smile

1 Responses to “My Intentions”

  1. Wino Says:

    Just an idea, but you can amend your I4 to have an additional $50 per month in your pocket. It will give you less, but you can put it into YOUR savings instead of Uncle Sam's pocket for the year. I believe the rule is that as long as you withhold as much this year as you withheld last year, you cannot get a penalty for too little withholding.

    So, since you've now "turned the corner" on saving versus spending, it is time for you to start benefiting throughout the year on your money. If you like, go to a new bank that offers a "no minimum balance checking account" and put the extra $50 there. If, in April, you owe no additional taxes, you now have "Free money" without waiting for the refund. If you owe taxes, you have it in the "free" account.

    After you get used to this, you can spend the extra money on your Roth IRA or wherever you want. It's your money. Why let the government hold it for a year until you beg to get it back?

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