we have 3 credit cards. the highest interest-earning card, CC1, has been "parked" for almost 2 months now. it is under my husband's name and initially i had let him control it, but 2 months ago i realized that we couldn't even identify its transactions as a dinner conversation without looking at it online. i asked him to give the card to me to park it until we get it paid off. it still has about $1500 balance. so, every pay day, i allocate more payment to that than the other 2. the other 2, CC2 and CC3 respectively, are of the same type and have low interests. unfortunately CC2 has about $4k (still). recently i paid more to that than CC1 because we use it to pay my husband's monthly student loan payments. i'm very glad that i don't have student loans. i would probably be so stressed doing the budgeting! and because CC2's low-interest, we are drawn to using it when we need to use a credit card. CC3 just recently got used and has $1k. CC3 is under my name while CC2 is shared by me and my husband.
i am hoping that by end of january 2008, CC1 is paid off. if paid off before then, the better. that way we could start putting more payments to CC2. i'm not really concerned about CC3 because i don't really use it often so i'm not afraid that it would get bigger. CC2 is a very active card and the only reason CC1 is my top priority at the moment is its interest rate!
my husband and i are a new couple. we didn't really have any financial assets before living together. we didn't have the credit cards when we started living together, and our only debt was our car loan. i used to pay twice our monthly due for that until we started having credit card bills. the use of our credit cards was for getting our place set up. not only did we not have financial assets, but we barely had furniture when we started living together. because of that, i started focusing on saving. our savings account has no withdrawal ever since! we have been good about not touching it. i'm so glad that we have not needed to (yet). the online call account is really fun to have. it motivates us not to withdraw whenever we see the interest earned from it.
this might seem funny, but we have 5 savings accounts. SA1 is the one in discussion here and it's with Bank1. it also gets the bulk of that 15% pay-ourselves-first scheme. SA2 and SA3 each get only $100 per month, and they're with Bank2. SA4 is our baby fund that gets $100/month and it's with Bank3. we don't have our baby yet, not for another couple of months more! SA5 is a new one with Bank4. i created SA5 to try investing because that's what Bank4 is focused on doing its business. it has an online call account too, which i think is what i have. i really just got this account recently opened and don't have complete access to know everything yet. when we need to pull out funds for whatever immediate reason, we pull it from SA2 and/or SA3 because they have the smallest interest rate of all our savings.
anyway, because investing has been intriguing me and has been getting me interested, i created SA5 to try that path of earning money. like i said, i'm very new to investing and i only know simple things. however i end up doing, this blog will surely tell.