This morning I paid off my Capital One credit card for good. Last month I paid the card balance down to zero but proceeded to charge it back up a couple hundred dollars on a couple christmas items and a night out on the town with friends. Today I paid the balance off completely again and won't be putting more on it any time soon. How do I know this? I won't be using this card because I have put it in a drawer and don't carry it with me. If it does get used it will be paid off that month with no balance being carried forward ever again.
I also paid down $500 towards my gas credit card. I originally got this card to use just for gas. But I charged it up while trying to pay down my capital one card. I also transfered some of my capital one balance over to this card so I could get a lower interest rate. This debt still stands at about $1,300 and hopefully will be completely gone by the end of the year.
I made two transfers today for savings as well. I transfered $1,000 into our wedding fund. I also transfered $100 into our emergency fund to put it up to an even $19,000. This is for my own psychological benefit. I like the idea of having over 19k instead of almost 19k.
This is the money that was left over in our checking account this month after all bills were paid. The main place this money came from was my fiances checking account before we combined our checking. She used to keep a very large balance in her account and with our joint account we decided that was not necessary. I'd rather have the money working for us in a savings account or paying off some debt. I don't want 3 or 4 thousand dollars sitting in a checking account earning nothing just so I don't have to worry about an over draft. I can keep my records good enough that this should not happen and we don't need that much protection. From now on we have decided to keep a $1,000 balance in our checking account so my fiance feels comfortable we won't over draft. I have agreed to this because it is better then the $3,000. Also, alot of our bills are due right at the beginning of the month and our two paychecks won't cover all of them. We need a carry over balance from the previous month to make sure we can cover these bills. Then the second paychecks we get in the month can go towards savings because we only have a couple bills that comes out of those checks.