CLAMP Campus Adventures

I finally managed to get the paperwork into my HR department yesterday for the deduction of my 401(k) contribution. The deadline is tomorrow and it should go into effect with my 4/15 paycheck.

The next step was to lower my interest rates on my credit cards. The card I currently use for purchases is at 7.99% and all my balances are at 3.99% and 4.99% respectively (I’m paying off the 4.99% first). The card with 4.99% has a purchase rate of 9.49% but I don’t use it for purchases. The one with 3.99% has a purchase rate of 11.99%. I wasn’t able to get them to lower the purchase APRs, but I did have an MBNA card at 23.49% which I’d just paid off the full balance (joint stuff for the house) and I got them to lower that to 14.99%. I should work on Chase and get them to get it below 8% on purchases, but no rush as I don’t use it for purchases and the card I do use is at 7.99% and I pay it off in full each month.

So, I clicked on the next action step which was to pay down the credit card balances starting with the highest interest rate first. I’m doing that, so I moved on.

Once your debt is paid off, or the interest rates you pay are less than 8 percent, continue to contribute to a savings account to build an eight-month emergency fund.

So, that’s where my extra money from decreasing my 401(k) will initially go. I have to sit down and figure out my 8-month emergency fund amount as well and whether I should include just my share to the joint in that or the full amount of the mortgage, which currently comes out of the joint. I’m thinking the former since Carl is responsible for his share as long as he lives with me.