Monday, January 28, 2013
Now this isn't what you think. ;) No, I'm not spending money I can't afford.
I visited a financial advisor today! I contacted one to explain that I'm poor folks, but I still want to manage my money properly. You see, we're planning this year to buy a house, and move. The one we're in is broken down and unhealthy, so it's not worth keeping anymore.
Part of this is preparing for the financial strain and making some smart decisions. After consulting with the advisor, here's what my action plan is:
1) Apply for a 0% APR card to transfer my largest credit card balance (or as much as I can) to stop taking the insane 19.24% interest rate hit.
2) When my tax return comes in, pay off my lowest credit card balance. That's less than $1,000, but has an APR of 22.90%! It's going, and staying gone.
3) Save 5% of the estimate purchase price of our house for an FHA loan.
4) Pay off the main credit card balance. By snowballing my lowest credit card payment, I can pay that off by the end of the year.
So my first step has been taken. I applied for (and was approved for) a Discover It card... 0% APR for 14 months on balance transfers. Goal is to have that paid off in 11 months. I don't know what the limit is on it yet; I'll call later tonight. :)
So here I go. I'm getting physically fit... time to get financially fit.