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Opened New CD

January 17th, 2017 at 02:41 pm

I opened a new CD at Navy Federal Credit Union this morning. Its been on my list for a week. I only put $75 in it to begin with as that is what was already in my savings account there. We have over $20K at another institution that I would like to transfer and add to the certificate. The maximum amount for this CD (at 2% for 17 months is $50K), so I can add the full amount and it can be added at anytime. So I at least took the first step!

I have only one tax statement thus far. It the 1098-T that universities send out showing qualified expenses they billed and the scholarships and grants provided. My husband's W2 should be available on Saturday. I will need to check the banks to see if they have 1099 INT (interest statement) forms available yet. Our taxes are pretty straight forward most years. I do want to get our return done as soon as possible to get that refund money in our account.

Another reason I want to complete our tax return is to do more planning for 2017. I'm still undecided about changing our retirement from Roth IRAs to Traditional (or TSP). I even went so far as to skip our contributions in January and make them up during the rest of the year, so that I can have more time to figure out what I want to do. This might mean I can use that $916 that I set aside on payday and put that towards tuition. This will mean we each need to contribute $500 a month for 11 months to meet the maximum contribution for the year.

In credit card news, I'm considering cancelling our Chase Freedom account (although I think my longest open account) and Discover. We still just have too many. I rarely take advantage of the 5% categories (although did use Discover at Christmas for all Amazon purchases). I think because of all the airline travel we are planning to do in the next few years, we would be better off putting a majority of our purchases on our Southwest Card, rather than accumulating cash in little bits over several cards. Trust me I know they add up, but I think the airline miles would be more advantageous to us. I'll let you know when I actually make a decision.

Posted in Saving, Taxes, Snowflakes | 4 Comments »

4 Responses to “Opened New CD”

  1. My English Castle Says:
    January 17th, 2017 at 02:46 pm 1484664361
    1484664361

    That's a great rate, CCF! Personally I've been cursing airline miles a lot. So many of the airlines have jacked up their miles for free flights, it seems the only time to fly cheaply is Tuesday morning at 5 am. I hope they work better for you!

  2. creditcardfree Says:
    January 17th, 2017 at 02:51 pm 1484664688
    1484664688

    MEC, do you fly Southwest? I felt like the miles were pretty fair with them.

  3. VS_ozgirl Says:
    January 17th, 2017 at 09:29 pm 1484688561
    1484688561

    There really is only so many rewards programs and types of cards you can use before it all becomes too difficult! I'm still trying to work out which ones to use (at the moment I use the airlines rewards card plus a supermarket rewards card but there is a different supermarket rewards card I can link to the airlines rewards card; more research needed).

  4. My English Castle Says:
    January 17th, 2017 at 09:53 pm 1484690004
    1484690004

    I do like SW, but have ended up with lots of American and Delta miles.

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