I wake up really early these days. I set my alarm for 5:30 a.m., but I usually wake up by 4:45 a.m. A few days ago, it was really early. My mind starts working… work stuff, plans for the day, plans for the month, etc. (I’m at the lake by 5:45/6 a.m. to cover my daily walk.)
Anyway, this very morning, I felt like throwing away my savings plan for the month—travel and personal (not my Stash and Roth contributions). They’re on automatic transfers, so the money has already been transferred to her savings account.
Now I know what you’re thinking. Oh my god, what did I do this time?!
So, this is what I did…
I recklessly paid off another credit card. So instead of $790 in personal savings + $500 in travel savings, I ended up with $188 in travel savings and $1,101.88 in debt.
A wise move or too reckless?
Accounts are closed
The other account you see listed in this screenshot is a credit card I paid off in February when I first got this job. It has had a zero balance ever since.
Now that both are paid off… I have decided to close both accounts once the payment is processed! Woot, woot!
What then
This puts my credit card at the top of my list to pay off next. But then I started thinking that my largest balance is on my Frontier credit card (outside of USAA) and therefore it’s costing me more each month in interest. So what do you think? Should I pay off my Amazon credit card in September? I think I can pay it off in full next month. Or should I focus on the larger Frontier credit card balance that will take at least two months, maybe three months, to pay off in full?
I wish I could add a poll to this post. Because whatever votes I get in the comments, that’s the direction I’m going. So tell me, which CC should I focus on next?
Side note: The reason I’m focusing on these accounts instead of my USAA credit card is because I plan to close all of these accounts once they’re paid off. My USAA credit card, which is my oldest credit card, will not be closed. I’ll also be leaving my Sam’s Club and Apple accounts open. But all of my other credit accounts will be closed.
The post Emotional Spending or Smart Move? was first published on Blogging Away Debt.
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