Day 1

I feel as though I'm fairly frugal, but maybe this blog will help me see areas I can cut back.

I like credit cards because they are convenient (no trips to the atm, can pay online, rewards card) and track my purchases for me, but I don't want to rack up interest or overspend. Also, the rewards card I have has higher interest than the card on which I am carrying a balance. My goal is going to be to still use my rewards card, but to pay it off every month. This will also help me budget as I've lowered the limit on the rewards card to $500.

Day 1:

DEBT:

Rent: $550/month + utilities (about $60/month)
Paid August's rent today, will pay utilities when I get my check for the 15th

VSAC Student Loans:
Status: deferred
Total due: $31945
Interest rates: 7.8-8.26%
Monthly payment: $260 (just covers interest)
Today's action: $260 monthly payment

Credit Card #1:
6% interest, $8000 limit
balance: $3208
Today's Action: paid $700
new balance: $2500

Credit Card #2:
Rewards card, 23.24% interest, $500 limit
balance: $34
Today's Action: paid total balance of $34, ordered reward check of $50
new balance: $0

Credit Card #3:
College Student Card, 14.24% interest, $1650 limit
balance: $0 (hardly ever use this one)


MONEY IN:

My job pays $887 net every 2 weeks.

Bank Account:
total: $1600
paid out today: $1545
total left: $55

Savings Account (recently raided for the beginning of student loan payments)
total: $137
interest rate: 4.50%

So I was wondering if I should run up my Credit card #1 bill by using it to pay off my student loans with the higher interest. I decided that's a poor plan however as the credit card has an extremely variable rate (like it was 20% when I was a college student, then 15%ish, now 6% - which may or may not be because they think I'm in the military?).