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Getting There

Greetings!

I have had a busy February!  I was at the Parenting expo with Don Lindsey of AAA.of East TN, www.aaaet.com.  AAA has been promoting my book at their local stores as well as advertising it in their "Going Places" March/April magazine.  Don had a driving simulator to promote safe teen driving.  I had fun watching the parents as much as watching the teens!  Thanks to all who stopped by. 

I was also asked by the Tellico Village Lions Club in conjunction with Learning Ally, www.LearningAlly.org to read my book in the annual Read-A-Thon.  These two groups conduct audio recordings of textbooks and other books of interest for the reading impaired.  300,000 people nationwide are served by this activity.   

Last week I talked with a group of mentally challenged men at Agape Outreach Home in Knoxville www.agapeoutreachhomesonline.org.  We played a version of my Money Bingo that I play at my Money Showers and then we did a check ledger and wrote checks.  Many of them are only at the home for a short time before they are forced to be out on their own.  This exercise was to help them budget their money.

TRADITIONS 

 St. Patrick's Day in Cleveland, Ohio was always a tradition for me growing up.  We had no school and I would take the bus downtown to the parade and meet all of my friends.  Now my family has their own tradition of going out to lunch at a local Irish pub.  I try to get up there when I can, but will miss this year. This is a picture of my youngest nephew- it helps remind me of what a great family I have.   

I am so very lucky and grateful!

Deb Schmitz

"The Money Mechanic"  

www.WomensMoneyMakeover.com 

Makeover Moments 

wrenchAsk the Money Mechanic

 Deb, 

My DS card has a 16.99% rate for purchases and 23.99% (I think) for cash advances.  I have a $6100 balance.  I am very frustrated with DS customer service.  I also have a FT MC with a $2500 balance and a 5.15% for purchases and 14.15% for cash advances.   When I called FT customer service, they told my rate was based on my excellent credit and that I could  transfer my DS card balance ($500 minimum) and it would be treated as a cash advance at the 14.15% rate.  I know the FT cash advance rate saves me (I think 20%, but is that true?) over the Discover card purchase rate, am wondering how to pay down the balances.  No, I have not yet done anything.

 

Competent but Confused

Dear Competent but Confused,

First of all, congratulations on your excellent credit!!!  And kudos for asking for advice.  The problem is, the target is always moving with credit cards if you carry a balance, because the interest is always added as soon as you charge something.  But by taking a snapshot in time, I have worked up a spreadsheet to figure this out. Here is what I have to offer:
  • Regardless of interest rates, get rid of the card that is causing you frustration first.  You are using up too much energy.
  • READ THE FINE PRINT.  Usually when you do a balance transfer, there is a 3% transfer fee - sometimes more.
  • In this particular case, the FT card will save you 17% if there is not a 3% transfer fee.  If there is a 3% transfer fee, 14%.  But bottom line, if you stop using the DS card, and keep paying $1000/month you will have it paid off in roughly 7 months. 
  • If you transfer the $6100 to the FT card and do not use the FT card, you will have it paid off in roughly 7 months!
  • If you continue to use the FT card with the balance transfer from the DS card, you will be paying more interest, because you are adding to that moving target.  

Hope this helps and thanks for asking!  I love helping my clients with questions just like this!  Let me know if you have something on your mind: 

deb@womensmoneymakeover.com      865.690.4646   
About Us
Thanks for subscribing to this newsletter.  You are an important piece of spreading the word. 
Apologies   In my December issue, I mentioned that we gave my Mom a memory book for Christmas.I gave the incorrect link to Susan Marsh's website.  The correct website link is www.yourstoriesbysusan.com My Mom is till taking it to family gatherings.  Susan, you did a fantastic job - Thank You!


book pic
My Own Money Mechanic, Shifting Gears for a Money Makeover You Can Live With

Still a great bargain!  $20
go to
to purchase

butterfly
Money Showers

I guess because spring is in the air, the Money Showers are catching on!  I have had 2 in February and the feedback has been great.
EVERYONE said they found out something about money that they didn't know before they came to the shower.
Thanks to Dr. Spencer
and
Jody Butler for hosting

deb@womensmoneymakeover.com
or
865.690.4646 

bread
Bread Runs

Watch for the pink coveralls!!
I am doing "Bread Runs" with Southeastern Dental Association (SEDA) - delivering fresh made breads to area dentists offices staff.  I am hoping they can't refuse an offer to do a "Lunch 'N Learn" at the office and have chocolate as well as lunch! 

This Block for Sale


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