Calculate it Out

Getting paid is always exciting.  You feel like you've accomplished something, and that you're less trapped by the lack of money.  There's the brimming of possibilities -- what to buy???  But for me, there's mostly anxiety -- how can I best and most responsibly spend this money?  Where will it be best put to use?

Do I use this money to pay another $100 off the credit card bill? On top of the $340 I've paid this month?  Will these weekly payments lower my credit score?  Is it better to do one large payment a month or several smaller payments?  If I do one large payment, will I be disciplined enough to save instead of spend the money that comes in?

Do I use this money to pay my electric bill (about $100), even though I've asked Dad for the money for the bill?

My thinking has changed from spend spend spend; buy buy buy to think carefully about how this money can best be used.  What a difference a word makes: spend versus use.

I've said this before, and I'll say it again:  I want to take control of my finances.  I want to make smart, responsible, and mature decisions that will help me out in life and get me further. 

Here's a great tool that you can use to examine your credit card debt a little closer:
http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp
It lets you see how long you'll be in debt, how much you have to pay, etc.

This little article ( http://money.cnn.com/magazines/moneymag/money101/lesson9/index.htm )  gives some great information on Debt, managing money, and everything in between!  It's your personal finance college course boiled down to an easy to read article (without all the calculations!).

So based on the calculator, if I make $500 payments, I'll be with a $0 balance in 7 months!!  Woot woot!! :) :)  This is something I know I can achieve for 2 months (the payment), and something I'll be aiming for in the Spring once school starts.  Having a manageable credit card balance is a major goal for me right now.

Eek.  I need to get to bed...  Hope this information was useful for you like it was for me! :)