We Sold the Car – Now What?

sold 2000 vw jetta craigslist

Great news – we finally sold our Jetta Through Craigslist! As you know, we bought a family car last year and was debating back and forth over which car to sell– my old Jetta or my husband’s Celica.

After chatting up with my husband and seeing how much he’d really like to keep his Celica, we decided to put the car up for sale.

Selling a Car on Craigslist sold 2000 vw jetta craigslist

It took a little over a week to sell the car with Craigslist. We had 6 people interested enough to contact us about the car. Most though flaked out when it came time to come over for a test drive. However we still managed to sell the car for only $100 less than I planned.

Stashing the Cash in Savings

Immediately after selling the car, I went to the bank to deposit the money. I then set up a transfer into a high interest savings account for the time being. I figured that I might as well earn a little bit of interest while we decide what to do.

Options for the Car Money

Basically my husband and I have to sit down and decide what we’d like to do with the money. Right now, here are some of our options:

  • Pay down the student loan: My first choice right now is to use most or all of the money to go ahead and pay down the student loan. The advantage with this choice is that we lower our overall debt, but as far as our current cash flow goes, there would be no change. It’s a relatively safe choice.
  • Save for possibly selling the house: We had mentioned trying to sell our townhouse some time this year, but there are no definite plans. Using the car money would boost our savings painlessly, but then again, do we want to put money in savings for a maybe situation?
  • Invest the money: We could also use this money to top off an IRA for the 2012 calender year before we file our taxes. Investing the money would give us higher returns in the long run, but could that money be better used to help us now with the debt?

We’ll have to sit down and talk about this some time this week and hopefully we’ll have a decision made in about a week or so. until then, I’d like to hear from you. If you were in our shoes, what would you do?

Photo Credit: Fuelly

Boost Your Stash By Using CIT Bank for Savings

cit bank savings account review\

I know many people are trying to save money money this year than they did last year. However with rates looking pretty anemic at many brick and mortar branches, it seems that stashing your cash is pointless.

When I first started blogging about personal finance years ago, online banking was uncommon for many couples. Keeping your money with bank that had no local branches was considered risky. Now though, online banking has hit the main stream, as more people are weighing different options available. It has become easier to find the banking option that is best for you right from your own home.

For people looking for a place for their short-term savings (3 years or less), one of the better looking choices is CIT Bank with their savings and CD accounts. They not only higher interest rates than their competitors, but they can be an incredible addition to your financial system.

Why Online Savings Can Help You Savecit bank savings account review\" title=

With many online banks, you can simply set up an automatic transfer from your existing checking account, making saving easy. CIT has no transfer fees. That means you keep your money in the account for savings, not for fees.

Along with the ease of use, many online banks have higher rates than their brick and mortar competition. This is because they have less overhead expenses to take care of like having various branches around the country. As of now, CIT Bank is offering .90% for savings with a minimum deposit of $100 and 1.00% for those who are depositing $25,00 or more.

CIT Savings accounts are fully insured by the FDIC for up to $250,000 per person just like the big banks.

Open a CIT Savings Account

If you want to go ahead and open a savings account with CIT Bank, click here to start. It takes about 10-15 minutes to set up and all you need is:

  • Your Social Security number
  • Your driver’s license or other valid photo identification
  • A check or bank account number to electronically transfer money into your new CIT Bank account

Interest accrues daily and it deposited into your savings monthly so you’re maximizing your savings without stressing over it day to day.

Thoughts on Using CIT Bank for Savings

How many of you have a high yield online saving account? If you used CIT Bank for your savings, please share your thoughts and input in the comment section below.

Photo Credit:  Gnerk

The Debt Movement

debt movement 2013 10 million

If you looking at getting rid of your debt this year, you may be interested in a movement that is brewing in the personal finance community – The Debt Movement.

What is the Debt Movement?

debt movement 2013 10 million

I’m sure you’re wondering what The Debt Movement is about and how it affects you. Jeff Rose from Good Financial Cents and  partners like Ready for Zero have teamed up for a massive project – they’re hoping to get $10 million dollars of debt paid off in 90 days. Yep, you read that – $10 MILLION DOLLARS.

If you remember this past fall I had a contest for Couple Money subscribers to get your feedback on debts that you have and to see what I could do to help you out. I received some great feedback and I learned that many of you have already started on getting your debt paid off, but you’d like to see more tips on how to get that done faster.

All through out the 90 days,My Financial Reviews and Couple Money will be sharing ways to find ways to build your debt snowball faster. Interested in getting started? Go ahead and sign up today to be a part of this massive challenge.

More good news: If you’re committed to paying down your debt this year, sign up for $15,000 worth of Debt Scholarships to speed up the process even more

How to Enter for a Debt Scholarship

Entering for a chance at earning a scholarship is easy. The real work is working on your goal! Here are the details from their site:

  • Step 1:  Apply –  Complete the Debt Scholarship Application.  Applicants will have until February 15th to complete the Debt Scholarship Application.
  • Step 2:  Sign Up for The Debt Movement Newsletter – We will need your email address to contact you throughout the duration of the movement.
  • Step 3:  Track Your Progress –  1) At minimum we will be sending out a survey twice a month to see how your progress is doing.   We will expect you to be as honest about your progress as possible.   Winners are not solely based on total debt paid off,  but also the ability to show poise and determination through financial setbacks.

Don’t worry about how much debt you have – the important thing is that you work at paying off your debt and you’re transparent with your progress. Check here to get all the official rules and details.

Thoughts on The Debt Movement

I’d like to hear from you – do you have any debt you’d like to work on for this challenge? Hw much debt is it and how much do you think you can eliminate in 90 days?