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Oops... another forgotten expense

May 29th, 2014 at 01:41 pm

So personal property taxes are one of those things that I always seem to be forget about until I get the bill in May - and it is a HUGE expense due June 5th. Plus this year we got a new minivan, so the taxes are even higher. So between the vehicles and our pop-up camper, I have to pay $1100 in personal property taxes. Since I would have used that money to keep paying down my Chase card, I'm just going to put the taxes on the card to get the cash back and then pay it. But I've been paying down about $1400-$1500 a month on my credit card debt, so this month I will pretty much make no progress Frown I guess at least I won't be going backwards!

Now I have to make sure I remember this bill for the future and plan for it ahead of time (although on the bright side, it goes down year after year as the value of the vehicles decrease.)

I'll get there!

Posted in Budgeting, Debt | 6 Comments »

6 Responses to “Oops... another forgotten expense”

  1. creditcardfree Says:
    May 29th, 2014 at 02:43 pm 1401374607
    1401374607

    Sometimes counties charge fees to pay with a credit card, unless you are getting more in rewards and not paying interest, I would pay with cash. And yes, be very happy to not be going backwards.

    We save monthly (about $115)for our personal property taxes and insurance. When the time comes to pay the bill we have the money set aside. Smile

  2. frugalredhead Says:
    May 29th, 2014 at 03:06 pm 1401375981
    1401375981

    Thanks, I will be sure to check on if there's any fees... I will be paying interest (sort of). I can either take $1100 and pay the taxes, but be incurring interest on the credit card balances that I otherwise would be paying down, or just charge it and get the rewards, and pay the interest on the additional $1100 balance on that card. Mathematically it makes no difference. I will do exactly what you said for the future - save some each month for this expense that I conveniently forget about each year!

  3. crazyliblady Says:
    May 29th, 2014 at 03:53 pm 1401378801
    1401378801

    I use a special savings account to pay for the property taxes and registration on my car. I save a certain amount each payday, so that when it comes due, it does not make such a huge hole in my budget. I am not allocating as much for it right now, because I am more actively paying off a credit card and not concentrating as much on savings.

  4. frugalredhead Says:
    May 30th, 2014 at 04:45 pm 1401468311
    1401468311

    Well, what do you know! They charge a 2.3% fee for using a debit or check card. I had most of it in cash, but not all, so I borrowed $300 from my son's savings account (he's 6 and doesn't even know it exists, LOL) and will repay it out of my next paycheck.

    Through all of our debt issues, I always swore I would never take from my kids' savings accounts. That said, the shame that I feel in having to do so will make paying him back my #1 priority! Really I feel okay about it since it will save me $25 in fees that they would charge me to put it on the credit card.

  5. Permanent Temp Says:
    May 30th, 2014 at 05:36 pm 1401471366
    1401471366

    I commend your progress on this front. I just got in the habit of making sure my once a year bills are paid in full before they arrive as well. I'm working on a plan to make sure I save enough for them every year.

    Taking money from the kiddie account is a one time thing. Just pay it back immediately and use it as fuel to the fire of making sure you are allocating money toward that expense as well. Smile

  6. snafu Says:
    June 18th, 2014 at 08:03 pm 1403121792
    1403121792

    Glad you checked and discovered they do indeed charge a fee for the convenience of using a debit or CC. Since you've treated yourselves to a brand new minivan, I wonder if you and DH would consider foregoing gifts to yourselves and each other for special occasions like anniversaries, birthdays, Christmas until that $ 68,000. in credit card debt is defeated? Not affecting your children, just you and DH.

    Sadly, those credit cards have encouraged you to spend money not yet earned. Adding up how much you've already paid in interest January to June on CCs, mini van and mortgage are often a shocking experience.

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