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Vague Specifics

June 28th, 2015 at 02:28 pm

Yes, I do get the title is one of those oxymorons! I need to get some thoughts on paper about our savings and credit card debt. We are still waiting on reimbursement from the Army that will cover some of our credit card debt.

Currently, we have about $5500 on two credit cards. We just surpassed $3K on our newest card, Citi Prestige. We will get 50,000 Citi Thank You points that we can redeem for about $500 in gift cards. The rest of the debt is on our other Citi Thank You card.

We will need to pay the Citi Prestige in full when the statement closes. I think we have until very August to pay it, which I don't expect to be a problem. The Citi Thank You card is still on 0% interest through September. We will also pay it in full before any interest is charged. You won't see me paying ANY interest.

The cash we are expecting from the Army is about $5500. How good is that? There may be more if we can get our apartment complex to give us a daily itemized receipt for the first 10 days of our stay. I'm not sure it is going to happen, but we will keep trying.

I also went back to see how much money we took from savings during this process of selling and moving. Approximately $4800! Nearly $2900 was for a deposit on our rental home and rent for the first month. I have to keep reminding myself of that because it seems like so much money! I will be paying ourselves back for all this cash outflow as soon as possible. If I don't repay the actual deposit I'm not too upset on that since I expect we are good renters and able to get most of that back when we move on.

Oh and we are still expecting just over $2K from our escrow account. That should help get us back to where we were several months ago. Smile

I seem to just need to keep convincing myself it is all okay. It' a little nerve racking to know we have $5500 on credit cards and are down $4800 in our savings. I suppose technically our savings is up because of our house proceeds, but I kind of think of that as separate. I wasn't borrowing cash from our home equity when we owned the house, I don't want to be borrowing from it now either.

Specific enough, or still vague?

7 Responses to “Vague Specifics”

  1. scottish girl Says:

    I think this is quite specific actually. $2900 for a deposit plus first month's rent, wow! (Of course I don't know the exchange rate, most homes seem to rent for 550-700pcm here - or they did the last time I checked, YEARS ago!)

  2. laura/wife of the deacon Says:

    I totally hate to "borrow" from savings. I've done better with the Growth and Reserve funds in the PNC wallet. After all the money flows in and out, it looks like it might be kind of close - no? Money from Army to pay off debt, money from escrow to repay savings for deposit.

    I like the specific vagueness of it all!

  3. creditcardfree Says:

    @scottish girl, yes our rent is high. It's for a four bedroom home and in an area with really good schools. We are paying a premium, but expect this will be our last three years of needing to pay where good school are. It's worth it to us with all the moving we do.

    @laura, yes it does seem it will be pretty close in getting it all covered. And there will be cash from paychecks I should be able to throw at it. Smile

  4. CB in the City Says:

    I remember feeling upset about going back into debt after my move to Chicago. It was fairly quickly handled, though, and now it is just a blip in my memory.

  5. scottish girl Says:

    The rent sounds worth it! Those were the prices of 2 bedroom homes I looked at, I've never looked at 4 bedroom homes.

  6. FrugalTexan75 Says:

    I would hate to take money out of savings too. Although, what are savings for if not to be used for "something" - right? Smile

  7. My English Castle Says:

    I know--it seems like money should go into savings, not out. But I guess that's why we put it there in the first place.

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