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So I have $2,000 in my checking account

Two credit cards.

1st has $1,000 on it
2nd: $1,780

I got a check in the mail for $1,180

School paid off for fall semester.

Help me out.

Do I put it in my checking account and just keep paying interest on my credit cards?

Or pay off one credit card so I don't have to keep paying interest on it, like I have been.

From Sep-Dec, I will receive $900 a month from my GI bill.
This will help pay my bills and girly needs.

Dec, I will receive another check that should pay for my spring classes; however, I will no longer receive any money from the gov't (the $900) after Dec 15th.

The grants/loans will easily cover my spring classes.
However, the 900 will be gone. My mom will give me $350 a month which will barely cover my rent which is $290.

At this time, I was thinking of putting my summer classes on my credit card that had the $0 balance. Then I will graduate. Be married, and he can help pay for my credit cards and $10,000 I borrowed in loans. He has 0 debt. He is so lucky to have me. Wink

Does that sound good?

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You're young! Just have fun no matter what you do!

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You got a place for $290!! Holy sh@!

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lol

My roommate pays the other $290. Smile

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Ok, thats more like it. Ohh and sorry I can't help you out with your question, but I know someone will be around to advise you! Good luck!

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Pay off the credit cards.

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If you can pay off at least one credit card, do it, and put the clean card in the freezer! Also, assess how much he can help you paying off $10 000 in student loans. Graduating is one thing, but will you be working?

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Look into consolidating your debts onto the credit card with the lowest interest rate, and work out a payment plan with them (don't use a service, they aren't necessary; contact the credit card company directly). Then cut up the other cards.

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jespah has it mostly right. Put BOTH of your credit cards on a 0% interest card. You can go online and sign up for one (find one with at least 1 year of 0% I've seen them as long as 18 months of 0%. You could even put some or all of your student loans on there if you get one with enough credit). Then you are paying 100% principal on any payment you make. Then you can cut up the credit card with the highest interest rate and save the other for emergencies only. This can also cut down your monthly payments if you are making only the minimum payment on your credit card. Making the minimum really isn't that bad because it is all going toward principal. If at the end of the 0% period and you still have a balance, simply get another 0% and transfer from the first one. Then close down the first one.

This way (if you put your student loans on there) all of your debt is consolidated into one low payment and you are not throwing away any money on interest. A financial advisor showed me this trick and it has really helped me out.

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Oh, this is great.

What do you mean, find a place with 0% interest?

I'm really blonde.

Do I call my bank to ask them for suggestions?
I called them when my Savings was under $200 *blushing* ...so they could quit charging me monthly. But by the time I realized it, I had $25 left. Life is good.

Back on topic:
So how do I find a place that has what you described above and how does this change the current relationship I have with my bank and paying them the interest since it's their money/card I have?

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JP's plan sounds a little risky to me, for two reasons:

1.) As you say, it's dependent on finding another 0% card. I get offers in the mail now and then, and you can probably do an online search, but that seems risky to me as a long-term financial plan, just hoping you'll find another.

2.) Student loans have lots of specific provisions built into them that regular credit cards don't. IF something bad happens (not that it will, but in financial planning it's good to plan for the if's), it's a lot easier to get forgiving terms or suspension of repayment with student loans than with credit card debt.

One last thing, you should have a really low interest rate on your loans based on when you got them (I'm assuming recently.) You can look into consolidating or fooling with the interest rates if not -- but soon, they're on the rise.

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Just go online and search for 0% interest balance transfers. Just make sure it is 0% for balance transfers. Some try to trick you by saying 0% on purchases when you transfer a balance (see the difference?). Also make sure it is a valid credit card like a Visa or Mastercard. You can also get one through banks like BankOne (bankone.com) and other national chains. If you are not sure of the source check with the Better Business Bureau.

I try to stay with a national chain to be safe.

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It is not that risky Soz. She already has two credit cards but is paying interest on both. This way you can pay down your debt minus interest and have some money left over to save in case of a rainy day.

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I did attempt to put them on one card (both Visa's from Bank of America), but they said I couldn't do that. I will look around.

Hopefully the FI will have some ideas as far as consolidating my student loans. I was thinking about using 70% of my monthly salary (after graduation) to pay off my debts, if this is okay with him. I haven't asked. We want to get a financial advisor as soon as we get married, so we don't have to fight about where the money goes. We firmly believe a couple should live off only the man's salary. This is our opinion. We will use mine to pay for vacations, gifts, and fun stuff.

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Talking to an advisor is a great idea. A lot of arguments are over money and if you have a plan and are able to stick to it it will help not only financially but help your relationship too.

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Joahaeyo wrote:

We firmly believe a couple should live off only the man's salary. This is our opinion. We will use mine to pay for vacations, gifts, and fun stuff.

errrrrrrr, interesting plan. Whose income will savings come from? Cuz you need to be putting money aside.

Seriously.

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His or both. After I pay my loans, he has talked about using my income for extra play money to put into stocks (something his father is good at). He already has tons of investments and he caps out his ....forgot what it's called... b/c I don't have it, but I know most people do who work.

It's what our Christian advisors/pastors have taught us, and again, what we agree with. We don't think it's the only right way, nor do we think others have to do this, just that it's what works best for us.

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Stocks are play money.

Think savings.

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Okay, I called the bank today.

I paid off one card completely.

Not that this helps because my other one has a balance of 1,850.

They told me they will send me a NEW CREDIT CARD. This is the only way they can offer 0% interest. When I get it, I will call them to consolidate the two together (the third card I just paid off will be CLOSED), and I will have a combined credit line.

I think the 0% is only for 6 months, but that's still a huge improvement. I think I was paying 18% interest monthly. Until I get the new card, she changed my interest rate to 9%.

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