<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Student Loans and Credit Card Points
 

Student Loans and Credit Card Points

March 24th, 2018 at 05:31 pm

I haven't been using my BoA card 💳 other than paying my mom bill and then making the payment the same day. I do this for the points.

I had enough points to add $12.50 to the balance so I requested the points. There was a time that I was big on this but not anymore, cash is my new best friend, points just aren't worth it. Only reason I do this is to keep my mom expenses separate from mine when I'm balancing. Oops I do not pay my mother's bill, she's a senior and refuse to learn how to use online bill pay so I do it for her, with her money lol.

Regarding the student loan, I figured out I have to pay an extra $200 a month the keep this thing from getting higher, that's what I'm paying in interest. Ugh. I did not know what the devil I signed up for when I signed up for my masters. I have adjusted the budget to reflect this extra payment. I'm just happy that I am becoming more financially conscious.

I'm thinking of using the so called vacation fund as my fun money. Right now I budget $20 a pay period to go to this account, and I typically budget $30 to $40 for fun. I've been debating on what to do with this account, well now I know. This will be my fun money. The $30-40 typically budgeted will be added to CC4.

Since I've cut out the tv 📺, I have been more productive. Grant it I did waste a little time surfing the internet but I accomplished a lot. I cleaned the kitchen from top to bottom, I went through my dining and living area, changed the sheets on the bed and put away laundry that I've been holding out on.

Lastly, I tackled my budget, and planner, getting ready for April, next month things are really lean. I managed to budget the extra $100 a month I'd like to save, pay extra on CC4 and pay extra on those stupid student loans. I feel pretty good. Only thing I'm concerned with is should I pay the extra on the principle or the interest? The interest compounds daily

2 Responses to “Student Loans and Credit Card Points”

  1. creditcardfree Says:

    Well if you know how interest compounding works you would pay on the principal. The less principal the less interest that compounds.

  2. Amber Says:

    Hi CCF,
    That's what I'm thinking but for som reason I don't think that's how student loans works. It looks like interest is compounded daily based on the original loan, any payment made, as well as extra goes directly to the interest first. I'll be calling tonight to get more info

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]