Borrowing Costs: June 2008(+698.20, $1,294.34)
This is another catch up post intended to bring my fianicial measures up to date. I am about 4 months behind but I hope to be caught up by the end of the month.
Here are my borrowing costs ending June 30, 2008:
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We had been doing quite well at keeping our borrowing cost down right up until June. Then we essentially doubled the amount of finances charges, etc. that we have paid.
In June I was hit with 1 month’s worth of 30% interest on my largest balance transfer. I had not paid interest like that on a credit card since my intern year when I didn’t have a clue about my finances. It was an unfortunate oversight b/c it essentially negated all the 0% balance transfers I had taken out.
- In June I also learned how much investment banks don’t like the little guys.
Due to the falling markets I was assessed a $75 low balance fee on one of my IRA accounts. I have had a very difficult time figuring out exactly how much it costs me to invest my savings but this was pretty obvious on my statement.
So basically at this point I cannot complain about my student loan expenses. I am essentially paying twice as much in credit card interest and fees than I pay in student loan interest.
This is even before I take into account the student loan interest deduction I get on my taxes.
I will have lots of room to save money in 2009 by eliminating these careless expenses and fees.
