We have been working on getting debt free for a while now, and we are doing good, some steps forward and back, but now that our move is complete that should be done and it should be all forward now.
The importance of having that emergency fund has become very clear to us this past few weeks and we are going to make sure to get that in place again. But sometimes an emergency fund does not help if you are not thinking.
The key I am going to get to starts with an experience we had this past weekend.
We were on our way to our grandaughters third birthday and were supposed to stop for ice. We wanted to wait until we were close to get it and found a store not far and on the way. My husband gets out of our truck to go buy the three bags of ice and does not even get around the front of our truck and comes back a bit panicked, ” I forgot my wallet !!! “”
He had changed into new pants and forgot to put his wallet into his pocket. This is completely out of charactor for him.
I jump out to use my card , we get the ice, get to the counter and then I remember, oh crap, I lent my debit card to Cam ( our collage age son, just moved home and tight the week he started a new job after the move which broke him. I gave him my card to put some gas in his car to start his job. He is delivering pizzas so would have cash each day after that one fill to take care of it.
I remembered then that when the new credit card came for the one I cut up, I put it in my wallet in case of emergency as we have no savings right now, and I got it out and paid for the ice and we went on our way. No problem I will pay it off when I pay the bills next week, it is only 8 bucks.
So, I get online today, and pull up my balance and I am shocked …. 68 bucks, ? WHAT ???
So, I start searching the site and then I find it, a 60 dollar fee to have the card. What in the heck was I thinking to pay that per year the last few years, I was not happy .
I called, canceled the card, paid the 8 bucks and the card is getting added to my wine glass. Cut up smaller than this, but it is a start, but this time it is a truely dead card. No way to use it and no new card coming.
So, pay attention, the cards are out for thier benefit, not ours. The banks make a great deal of money on us just on interest, and yet, they feel the need to add fees to that pile they already make.
They could not do it if we did not agree to it and pay it. I do not need that card, I do not want the debt and I will not pay it.
So, look at your accounts, even if you cut up your cards and make sure , I would have gotten a bill for 25 bucks if I had not made that purchase and went to the site to pay it.
No one cares about your money like you do ,
So, what is the key in my title you ask ?
The key to getting debt free is paying attention. We need to pay attention to all the little things we do that add up. How many people have more than one card with a fee ? They could be paying hundreds a year. This sixty bucks was for a small 600 dollar credit card, that is insane. I consider myself an intelligent person but have not been acting very intelligently when it comes to money and credit.
So, my advice is to check out all your cards. Get rid of the ones with those fees even if you are not getting rid of all your cards. Shop for a better card to transfer any balances too and then cancel that card and be done with the fees.
There are many cards with no fees and in fact, Capital One, the card I canceled has many cards without fees, so I could in theory find another Cap 1 card that does not have a fee and apply for that, but I want to be debt free and that is not an option for me.
So, just be smart with your money and pay attention. It is so easy to nickle and dime those fees and over time it really adds up to a lot. Although 60 bucks IS a lot.
Thanks for stopping by, I would love to hear your thoughts on credit card fees !!