How do YOU answer the credit card question?

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iVillage Member
Registered: 02-21-2003
How do YOU answer the credit card question?
1432
Fri, 11-05-2010 - 3:30pm

Why can’t you just use your credit card?



Cash can be seen and touched and kids get that, usually at an early age,

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iVillage Member
Registered: 10-01-2010
Thu, 11-11-2010 - 7:52pm

lol!! It is funny what you find when you go look into the Christmas boxes the next year-lol!!

We cleaned out our garage today and on a shelf I found some holiday decorations I forgot I even had-lol!!

iVillage Member
Registered: 02-04-2009
Thu, 11-11-2010 - 7:59pm

I got mine through Walgreens this year.

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Kitty

"If you can't annoy somebody with what you write, I think there's little point in writing."-- Kingsley Amis, British novelist, 1971 t .

iVillage Member
Registered: 01-08-2009
Thu, 11-11-2010 - 8:03pm
I feel like a dinosaur. We still use in the neeighborhood of a dozen stamps a week. A few bills, greeting cards, thank you notes, that sort of thing.
iVillage Member
Registered: 10-22-2009
Thu, 11-11-2010 - 8:07pm
Our chrtistmas cards are always picture of the kids...the ones you can get made at the photo center.

iVillage Member
Registered: 05-13-2009
Thu, 11-11-2010 - 8:09pm

It is not a personal question. You were the one that gave us the parameters of the math word problem and its easy to solve if your math skills have evolved beyond the 5th grade.

7K needed in a year with 2 payouts on the half year (3000 for taxes) on Jun 30th) and end of year (3000 for taxes, one end of year payout 1000 for insurance). Assumes monthy budget = 583.33 to cover. Simple Monthly interest is 2%.

My 11yo son solved as follows (he likes these as a hobby):

Jan01 - deposit 583.33

Jan 31 - .99(int accrued at 2%)

Jan31 - 584.32

Feb01 - deposit 583.33 Balance = 1167.65

Feb 28 - 1.79(interest accrued)

Mar01 - deposit 583.33 Balance = 1752.77

Mar31 - 2.98(interest accrued)

Apr01 - deposit 583.33 Balance = 2339.08

Apr30 - 3.85

May01 - deposit 583.33 Balance = 2926.26

May31 - 4.97

Jun01 - deposit 583.33 Balance = 2926.26

Jun30 - 5.78, New Balance 3520.34, Payout 3000 for taxes, New Balance 520.34

Jul01 - deposit 583.33 Balance = 1103.67

Jul31 - 1.87

Aug01 - deposit 583.33 Balance = 1688.87

Aug31 - 2.87

Sep01 - deposit 583.33 Balance = 2274.74

Sep30 - 3.74

Oct01 - deposit 583.33 Balance = 2861.81

Oct31 - 4.86

Nov01 - deposit 583.33 Balance = 3450.00

Nov30 - 5.67

Dec01 - deposit 583.33 Balance = 4039.00

Dec31 - 6.86

Dec31 - Balance 4045.86, Payout taxes 3000, Payout Insurance 1000

Ending balance 45.86

iVillage Member
Registered: 05-13-2009
Thu, 11-11-2010 - 8:19pm
Financial rules are not meant to impress or liberate. They are what they are. I have to maintain a certain daily balance to get free checking with my bank. I weighed the costs, convenience, rewards of the service they provide and it works for me. I could go to the local credit union and not have to maintain the same daily balances, but they do not provide all the services I need.

So, as escrow is not a hardship for some and a convenience for others. If the rate works, that's all that matters
iVillage Member
Registered: 10-01-2010
Thu, 11-11-2010 - 8:22pm

Ok, thanks for all your work but again, this was not an exact amount and it was for both taxes and homeowner's insurance which are not paid at the same time.

iVillage Member
Registered: 02-04-2009
Thu, 11-11-2010 - 8:26pm

Most of the non-Christmas/birthday thank you notes I write can (and usually are) hand delivered. And with my birthday falling right at Christmas, those thank you notes get included in what I've been considering to be holiday mail usage.

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Kitty

"If you can't annoy somebody with what you write, I think there's little point in writing."-- Kingsley Amis, British novelist, 1971 t .

iVillage Member
Registered: 05-13-2009
Thu, 11-11-2010 - 8:28pm

That sounds like escrow to me. You could seriously make interest on that money in the warmer months.

Just sayin'

iVillage Member
Registered: 02-04-2009
Thu, 11-11-2010 - 8:31pm

My kid hasn't lived at home in years, so I stick to the 'kids' I have ;)

************

Kitty

"If you can't annoy somebody with what you write, I think there's little point in writing."-- Kingsley Amis, British novelist, 1971 t .

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