Saturday, January 5, 2013

The Credit Card Balance

In my 2012 recap post I mentioned that we had charged $3,662.21 on our Citi Forward credit card. The holidays and staying home got to us. There was a lot of eating out, gift buying and stuff that needed to be taken care of like taking the dog to the vet. The statement finally processed and the current balance on the card is $1,344.88:


This is the only credit card balance that we have. I think we did great in December but we really need to watch what we put on this card. I had a talk with the wife and she agreed that we went a bit overboard but now we're both ready to watch our spending. The only benefit you get by charging that much money with the Citi Forward card are the rewards, as you can see I earned enough for a $50 dollar gift card: 


I also sent $250 to our Discover Bank savings account. If you recall on my 2013 goals post, I plan to pay us $250 out of every pay period. My goal is that at the end of the year we end up with $6,000 in the bank. The good thing about Discover Bank is it takes almost 5 business days to transfer the money so I know I can't use it or touch it unless I really need to.

HS

2 comments:

  1. One of my 2013 goals is to do most of my shopping, bill paying to my cash back Visa. I have been letting too many cash rewards and bonus points get away because I reach in to my pocket for cash or whip the debit card out of my wallet.

    The only way this will work is if I keep paying the charges off immediately.

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  2. But be careful.. that's how I got in to so much debt :(

    HS

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