Closing Credit Cards

I mentioned months back, that I wanted to simplify our open credit cards. I've procrastinated...possibly an entire year! Recently, American Express notified us that one our accounts hasn't been used and as a result they will be closing it if we don't make a purchase by the end of this month. This was my reminder to take on this task.

I'm letting the American Express mentioned above fall off on it's own. Today, I called Discover and closed our account that we have had for seven years. We rarely use it. I think I made one purchase last year, and gained just under $23 in rewards. I'm just done playing the game of switching cards for small amounts of cash. It served its purpose for a time, but I'm not keeping this account open for that. 

When I called Discover they did offer me a new rewards deal of an additional 3% cash back for six months on up to $1500, in addition to the 1% rewards already given. That would be another $60. But then in six months I would need to call again. I declined, I'm ready to simplify and be done chasing rewards. The account is now closed. 

In other news, I found a $20 bill in the parking lot of Walmart about two weeks ago. No one was around. Someone clearly lost some of their cash, but I was the winner of that reward! Abundance comes around in many forms. 

We still have many other credit cards and many of them are up for review. It feels good to be taking another step toward simplification! 

Pot Of Possibilities - February 2021

February was a fast month! I feel like I just did a POP report. ☺

Since last month, I have changed how I drop cash into our YNAB (You Need A Budget). I have a post on that here. As a result, I have an nearly fixed amount that I drop into the Pot of Possibilities on each pay period. The extra funds noted below come at the end of each pay period. We spent less in our variable expenses budget during both pay periods! I'm not sure this will always be the case, but it's worth celebrating this month!

2/1 Pay $1,031.23

Extra funds $339.85

2/15 Pay $916.97

Extra funds $57.26    

FNBO Interest $12.04

NFCU Interest $65.10

American Express rewards $47.82

US Bank rewards $3.50

USAA rewards $3.11

eBay sale $21.62

February Total $2,498.50

YTD POP Total $6,461.98

POP Total $98,549.35

Getting close to the first $100K! I expect next month we will meet and exceed this milestone. 

On February 16, I transferred the POP balance of cash in our checking account to an interest bearing savings account. The balance was $6220.20. I plan to move money every month usually after the 15th, so it can earn some interest, even if a very little. 

Another great savings month!