Lesson learned but damn it hurt

[thomas93254]

Well on Wednesday My wife and I went to the bank. I cashed in my stocks to put up a new carport and parking pad. Then some was going to go into the Coronet. Disc brakes new wheels. Well we were discussing how to take care of a few bills as well. We talked for about 30 minutes but had not made any plans (or so I thought). So Thursday morning comes along and I decide to clear out or credit cards and help our credit rating. I was proud of my self for paying off the debt we owed :jerk:. Well my then comes in and says she is going to pay a couple of bills that were on schedule (normal budget routine) to be paid and I said no problem; my first mistake. She then asked me if I wanted to look at what she was paying I said no since they were on schedule; My second mistake. So she then asks me to run to the post office and drop them in the mail; My third boo boo. So I get back and she said that she was so glad we could pay off those bills today and did I want to pay the credit cards too? In a blink of an eye my carport, pad and upgrades to the Coronet went puffMAGE:! She had taken our talk the day before as we are going to do this, not what options do we have. Lesson learned: Never discuss money and pay any bills without consulting your other half and what they understand. Damn that hurt.....

Thomas

 

[YY1]

Not to be too brutal, but...you paid bills, she paid bills, and neither realized you were paying the same bills?

Come on now...

Do you now have a credit?

 

[thomas93254]

Not to be too brutal, but...you paid bills, she paid bills, and neither realized you were paying the same bills?

Come on now...

Do you now have a credit?

My bad. She did not pay the same bills. What I thought she was paying were the normal 25 here 15 there. Instead she paid in full old medical bills that we have been paying for a while. So the 25 was 260. the 15 was 180 etc..... It's amazing how fast a couple of grand can go. The good news out of this though is we are now a lot closer to being completely debt free, short of the house and car payment

Thomas

 

[detmatt1]

Sounds like they both paid different bills. You could always run the balance back up on the cards...

 

[YY1]

Better to be relatively debt free (at least high interest, short term debt), and spend money you actually have.

15 or 20 bucks a month on a 250 dollar debt is gonna take a year and a half to repay, and end up being a $400 debt!

That's the lesson.

 

[747mopar]

I happen to have a very financially responsible wife "which is a huge pain in the *** haha" but in all seriousness she's great at it "just not allowing me any for the car". If it makes you feel any better I had made over $10,000 on side jobs that I never saw a penny of "at least on the car" we were building a house at the time and she kept making me spend it there even though I was doing the jobs to raise money for the car. I'm still doing side jobs but things have changed, that money is no longer negotiable "PERIOD". Now if I could just land some more of those big jobs or have another car to sell.

 

[kb67mopar]

I'll never carry a balance on a credit card, its about the dumbest form of debt anybody can let themselves into. Plain and simple, if you don't have the money to buy it you shouldn't. About the only things that I will pay interest on is my house and cars. The credit cars get paid off every month. But most of the time that means I can't buy extravagant stuff...with responsibility comes sacrafice.

 

[747mopar]

I'll never carry a balance on a credit card, its about the dumbest form of debt anybody can let themselves into. Plain and simple, if you don't have the money to buy it you shouldn't. About the only things that I will pay interest on is my house and cars. The credit cars get paid off every month. But most of the time that means I can't buy extravagant stuff...with responsibility comes sacrafice.

I totally agree "maybe that's why it's taking so long to finish my car?". I cut up all of my cards years ago and started buying totaled cars so I don't even have car payments anymore. As much as I'd like to say we're debt free there's the damn Med bills that never end, child #1, child #2 and now the wife's ongoing issues, it doesn't matter what you do something will always #$%& it up.

 

[shag766]

it doesn't matter what you do something will always #$%& it up.

funny how that works, ain't it

p.s. i am just starting my estate planing and the way it looks so far the kids are only getting the family overdraft. lol

 

[YY1]

Carrying a small balance (and paying a small bit of interest) for a few months every couple of years is aggod thing for your credit rating. I'm finishing up about a $3-400 balance for the past three months, and will pay it off next month. Cost about $16 in interest to keep my credit rating in the 800s Not a bad bargain.

I budget $100 a month to pay off the card. If it's got zero, or less than the $100, then the difference goes into my "car fund".
I have a seperate savings account # for the car fund, keep my main funds in savings, and transfer money to checking the day after pay day for the bills. I usually know down to within $5 where my money is or is going every month.

 

[Budnicks]

Carrying a small balance (and paying a small bit of interest) for a few months every couple of years is aggod thing for your credit rating. I'm finishing up about a $3-400 balance for the past three months, and will pay it off next month. Cost about $16 in interest to keep my credit rating in the 800s Not a bad bargain.

I budget $100 a month to pay off the card. If it's got zero, or less than the $100, then the difference goes into my "car fund".
I have a seperate savings account # for the car fund, keep my main funds in savings, and transfer money to checking the day after pay day for the bills. I usually know down to within $5 where my money is or is going every month.

That's a pretty good idea, I do it the same kind of, I don't owe anything on my cars or my house either, I own everything out right... Been pretty money savvy my whole adult life, If I don't have it, I don't spend it, served me pretty well in life... I remember my parents struggles, I swore I wouldn't ever be like that... I pretty much use credit cards for the convenience of shopping & not for the credit rating really... I "usually" always pay off my credit cards monthly, "usually" way before the due date too, "usually" as soon as I get the bill, kind of always have... But I also will throw them {credit cards co.'s} a bone every so often & carry a small balance for a couple months, pay some nominal interest charges, to maintain my high credit limits...

 

[thomas93254]

... Been pretty money savvy my whole adult life, If I don't have it, I don't spend it, served me pretty well in life... I remember my parents struggles, I swore I wouldn't ever be like that...

Bravo to you, YY1, and kb67mopar. My mom hid the fact she was in debt from the kids. I wish she had taught me her book keeping when I was young. did not learn about how hard it was till her death in 1988. Turned out every penny that came in and went out was in her book and to whom it came or went. She even had a entry from when I was 4 and asked her for a penny for a gum ball. I also learned that my savings account had paid some of the bills and my mom had put the money back in. I always thought she just did not want us buying things, not the case, we just did not have it to spend.
I learned the hard way and a bankruptcy later I try not to spend beyond our means. So the credit cards get put away in case of emergency (had to buy a new wheel chair, insurance would not do it, which put the limit on my card) and I'm not going to run it up just cause I want it.

Thomas

 

[scotts74birds]

The recent depression changed the way ALOT of us think! Our grandparents lived through the "BIG ONE". No food stamps then, you just went hungry. No CC's for me. Only a debit card tied to the account I put cash into for for that purchase.

 

[kb67mopar]

I have to say I have been fortunate that my parents taught me to be responsible with money. As for carrying a balance to keep the credit score high...not needed as long as you make payments on loans like cars and your house. I have not carried a single months balance on a credit card ever and am up in the 750's on the score. The key is to never make late payments or miss payments as those all get posted as notes and deductions to scores. If you have no other debt then yes carrying a balance now and then will keep your score up, but if you have enough cash not to have debt then who the hell cares about the score....

Oh and don't put those credit cards away...put the cash away and pay for everything you buy with the cards. Each purchase you make (if you have the right cards) will put cash back in your pocket via rewards points. I get cash back in the account from one card and get free gas cards with the other with points...so if you pay in cash you throw free money away.