[No Thirst Software] Re: Credit Card Buckets for Finance Charges???

2009-06-12 Thread ciara belle

i normally don't carry a balance... (that's just giving money away..)
but when there is interest it goes into the 'interest paid' bucket...
mortgage interest has its own bucket (since its tax deductible).  any
charges the credit card bills me (annual fee etc) go in to bank
charges bucket.  i use a credit card that pays extra money on my
mortgage (in lieu of points or cash back) - so far its made 3 extra
payments for me -- so i use it for everything and pay it off right
away (as this is all normal stuff like groceries and their for in the
spending plan).

ml

On Jun 10, 9:37 pm, Kevin Hoctor ke...@nothirst.com wrote:
 Karen,

 I just pay a flat amount each month to eliminate my credit card debt.  
 If you carry a balance, it's nearly impossible to separate principal  
 from interest because interest is charged on interest.

 I don't use my cards anymore so all I care about is paying it off.

 Peace,

 Kevin Hoctor
 No Thirst Software LLChttp://nothirst.com

 Sent from my iPhone

 On Jun 10, 2009, at 2:45 PM, Karen kar...@gmail.com wrote:



  Kevin, this may be an insanely stupid question but why wouldn't credit
  card
  interest affect your cash flow? Where does the interest money come  
  from
  in the end?

  Karen
  On 10-Jun-09, at 2:11 PM, Kevin Hoctor wrote:

  On Jun 9, 2009, at 2:59 PM, Dave wrote:

  Hello! I am wondering what everyone does for their finance charges.
  Do
  you put them in a bucket or not? Technically, you wouldn't have to
  b/c
  you are paying the charge and the payment at the same time. But I
  could see the other side too.

  What is the gist?

  Dave,

  I assign bank charges to a Bank Charges bucket but not credit card
  interest charges because they don't affect my cash flow.

  Peace,

  Kevin Hoctor
  ke...@nothirst.com
  No Thirst Software LLC
 http://nothirst.com
 http://kevinhoctor.blogspot.com
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[No Thirst Software] Re: Credit Card Buckets for Finance Charges???

2009-06-12 Thread Betsy Grimm

I don't know who the original poster banks with, but I have this type  
of card with CitiBank. It pays 1% of purchases against my mortgage. We  
charge just about everything on that card (and pay it off monthly).


On Jun 12, 2009, at 9:06 AM, Druzyne wrote:


 i use a credit card that pays extra money on my
 mortgage (in lieu of points or cash back) - so far its made 3 extra
 payments for me -- so i use it for everything and pay it off right
 away (as this is all normal stuff like groceries and their for in the
 spending plan).

 That sounds like an incredible credit card - how have I not heard of
 it? Who offers it?
 


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[No Thirst Software] Re: Credit Card Buckets for Finance Charges???

2009-06-10 Thread Kevin Hoctor

On Jun 9, 2009, at 2:59 PM, Dave wrote:

 Hello! I am wondering what everyone does for their finance charges. Do
 you put them in a bucket or not? Technically, you wouldn't have to b/c
 you are paying the charge and the payment at the same time. But I
 could see the other side too.

 What is the gist?


Dave,

I assign bank charges to a Bank Charges bucket but not credit card  
interest charges because they don't affect my cash flow.

Peace,

Kevin Hoctor
ke...@nothirst.com
No Thirst Software LLC
http://nothirst.com
http://kevinhoctor.blogspot.com


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[No Thirst Software] Re: Credit Card Buckets for Finance Charges???

2009-06-10 Thread Karen

Kevin, this may be an insanely stupid question but why wouldn't credit  
card
interest affect your cash flow? Where does the interest money come from
in the end?

Karen
On 10-Jun-09, at 2:11 PM, Kevin Hoctor wrote:


 On Jun 9, 2009, at 2:59 PM, Dave wrote:

 Hello! I am wondering what everyone does for their finance charges.  
 Do
 you put them in a bucket or not? Technically, you wouldn't have to  
 b/c
 you are paying the charge and the payment at the same time. But I
 could see the other side too.

 What is the gist?


 Dave,

 I assign bank charges to a Bank Charges bucket but not credit card
 interest charges because they don't affect my cash flow.

 Peace,

 Kevin Hoctor
 ke...@nothirst.com
 No Thirst Software LLC
 http://nothirst.com
 http://kevinhoctor.blogspot.com


 


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[No Thirst Software] Re: Credit Card Buckets for Finance Charges???

2009-06-10 Thread The Watkinson Family

For me, it depends on my primary card that I use for almost all my  
purchases and pay off every month, if I get an interest charge  
(because of a cash advance or a late payment), I assign the interest  
charge to a bucket.  However, for loan accounts and credit cards I'm  
paying off over time (and that I generally do not use to make new  
purchases), I do not assign the interest to a bucket.  These latter  
accounts aren't part of my cash flow.  In other words, I did not  
include the balances on these accounts in my starting cash flow and I  
do not use the equity or credit in them to execute my  spending plan.

For a credit card that is part of your cash flow/spending plan  
(meaning you use it on a recurring basis to make purchases that you  
account for in your spending plan), I think you could run into  
problems if you do not assign the interest charge to a bucket.  Over a  
period of time (a long period it the interest amount is small, or  
shorter if the interest amount is larger) if you didn't assign these  
transactions to a bucket, you would think that you had more money than  
you actually do.

Suppose you go through the year and you accumulate $500 worth of  
interest charges on your credit card.  If you don't assign these  
interest charges to buckets, you reduce the cash you have available by  
increasing the balance on your credit card without reducing the amount  
of money in your buckets.  This will create a $500 difference between  
the cash you actually have on hand and the amount that your buckets  
are telling you that you have.  Given a long enough period of time, or  
large enough interest charges, you could end up with a situation where  
your cash available doesn't cover the amount in your buckets.

Grace to you,
Blair


On Jun 9, 2009, at 4:59 PM, Dave wrote:


 Hello! I am wondering what everyone does for their finance charges. Do
 you put them in a bucket or not? Technically, you wouldn't have to b/c
 you are paying the charge and the payment at the same time. But I
 could see the other side too.

 What is the gist?

 Thanks!
 


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[No Thirst Software] Re: Credit Card Buckets for Finance Charges???

2009-06-10 Thread Kevin Hoctor

Karen,

I just pay a flat amount each month to eliminate my credit card debt.  
If you carry a balance, it's nearly impossible to separate principal  
from interest because interest is charged on interest.

I don't use my cards anymore so all I care about is paying it off.

Peace,

Kevin Hoctor
No Thirst Software LLC
http://nothirst.com

Sent from my iPhone

On Jun 10, 2009, at 2:45 PM, Karen kar...@gmail.com wrote:


 Kevin, this may be an insanely stupid question but why wouldn't credit
 card
 interest affect your cash flow? Where does the interest money come  
 from
 in the end?

 Karen
 On 10-Jun-09, at 2:11 PM, Kevin Hoctor wrote:


 On Jun 9, 2009, at 2:59 PM, Dave wrote:

 Hello! I am wondering what everyone does for their finance charges.
 Do
 you put them in a bucket or not? Technically, you wouldn't have to
 b/c
 you are paying the charge and the payment at the same time. But I
 could see the other side too.

 What is the gist?


 Dave,

 I assign bank charges to a Bank Charges bucket but not credit card
 interest charges because they don't affect my cash flow.

 Peace,

 Kevin Hoctor
 ke...@nothirst.com
 No Thirst Software LLC
 http://nothirst.com
 http://kevinhoctor.blogspot.com





 

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[No Thirst Software] Re: Credit Card Buckets for Finance Charges???

2009-06-09 Thread Patrick Burleson

On Tue, Jun 9, 2009 at 2:59 PM, Daveoneblessed...@gmail.com wrote:

 Hello! I am wondering what everyone does for their finance charges. Do
 you put them in a bucket or not? Technically, you wouldn't have to b/c
 you are paying the charge and the payment at the same time. But I
 could see the other side too.

 What is the gist?

I don't track my credit cards, but I do get monthly bank charges on my
checking account, and I charge those against a Bank Charges bucket.
As for finance charges, they do technically affect your credit card
balance, so not all your payment goes against the principal. It would
be hard to split out the charge every month.

To keep your card balance in line, you could create that finance
charge transaction and mark the transaction Bucket Optional.

Others may have better ideas.

Patrick

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[No Thirst Software] Re: Credit Card Buckets for Finance Charges???

2009-06-09 Thread Karen

Hi Dave... I have a Bank Fees bucket for all fees charged by the  
banks including credit cards. I'm not sure why--they just make me  
mad. :-)
Karen

On 9-Jun-09, at 6:59 PM, Dave wrote:


 Hello! I am wondering what everyone does for their finance charges. Do
 you put them in a bucket or not? Technically, you wouldn't have to b/c
 you are paying the charge and the payment at the same time. But I
 could see the other side too.

 What is the gist?

 Thanks!
 


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