Monday, January 21, 2008

Better Budget Challenge: Week #3

This week's Better Budget Challenge called for all of the participants to try and save money on our fixed bills. It's been a while since I had done this so I fired up my cellphone and prepared to spend my day off on hold.

Credit Cards
Shell Mastercard - This card had an APR of 19.99% which after 15 minutes on hold was lowered to 17.99%. This was as low as the CSR said he could go unless I was getting ready to cancel the card. Since I never carry a balance and didn't feel like going through the whole cancellation song and dance, I took the lowered rate and hung up the phone. I'd imagine that if I had threatened to cancel the rate would have be lowered.

American Express Blue Cash - My current APR was 14.25% and the CSR couldn't get it to go any lower; she did put a note in my file that I wanted to lower the APR. My cash advance APR was lowered to the same rate from 23.25% which is a significant drop. Again, I don't foresee myself using this feature but I wasn't about to turn down the lowered rate.

US Airways Mastercard - Current APR was 14.5% which cam bundled with my signup bonus of double miles for the first year. I detest this airline with the passion of my soul but since most of my paid-for travel sends me through Charlotte, I have a lot of miles already racked up. The only way to get my APR lowered was to lose the double miles bonus. After I spend another $2,500 on this card, I will have 3 roundtrips worth of miles and I plan on canceling the card immediately. I'll probably then open up an AMEX Starwood Card in its place.

Cellphone
I share a plan with my mother, brother, and sister-in-law. This works out to be about 30 bucks a month, well below anything I could get on my own. The $10 I spend for text messaging could be forgone in months of need but I do use this feature a lot.

Internet
I pay less than $50 dollars for Road Runner and the basic TV package (80 channels). The only better 'deal' would involve spending another $5 dollars a month for DVR. Since I watch most of my TV shows on the via the show's website, I declined this offer and kept my current rate.

Car Insurance
I was already sitting pretty with my rate of $24.50 / month so I didn't bother calling my agent. This rate is already dirt cheap for an under-25 year old male driver.

Magazines
All of my subscriptions are either a) gifts or b) Coke Rewards. No money to save here.

Gym Membership
I have access to free gym equipment at both my apartment and place of employment. Again, I don't pay for these services so I couldn't save any more money.

Bank Accounts
All of my savings are in an HSBC High-Yield Savings account which earns an APR of 4.25%. I've been very satisfied with the services I receive, and I wasn't going to move my small savings around for a small increase. I have a checking account with Bank of America as well as a savings account (I pay my bills out of this). Both of these accounts qualify for free services and since there's a BOA on every corner, I already have my money in the best option.

It's a shame I couldn't get the per day late fee at the library reduced. This is really the only place where I 'throw away' my money. I always manage to pickup books with different due dates and then forget to renew until the last due date is past.

On my taxes, can I classify these fines as donations?

2 comments:

Melissa said...

Ah, I feel your pain about library fines. No matter how much I tell myself to turn those books in on time, I always find myself putting out anywhere between $4 - $10 every few months. It's better than it used to be, lol. It's gone down from months overdue to weeks overdue.

Unknown said...

Looks like you have done a great job in this weeks challenge!

Take Care

LJ