Statement End Dates - Credit Cards

Not a question, just a tip here.  I'm in a season of maximizing credit cards for rewards and have several active.  I wanted a way to stay organized by statement end date and found a quick way to identify these dates. Emojis of course!

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  • I am fascinated by the fact that your computer has conflated san1 and can1. Those are not the same! 😂

    If you're a month ahead, using YNAB appropriately for cards and not overspending with them, the statement date is actually irrelevant, FYI. Another way to handle it is to place a scheduled transaction repeating on the statement date; this allows you to enter in the statement amount at the beginning of the month, use running balance to ensure checking won't drop below zero, and then set the statement balance to autopay and go on with life. 

    Like 1
      • Saish Dawg
      • saish_dawg
      • 7 days ago
      • Reported - view

      WordTenor yes, is Irrelevant from a budgetary perspective.  But most cards (Amex, Chase, for example) allow you to change yours after a couple of payments.  That, for me, reduces cognitive load.  I know some folks leave auto-pay on, but that just scares me.  So, having them all due the same day (or within a day) makes life just easier.  Which is where YNAB hope to take us as well.  

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      • WordTenor
      • Can we agree that goals are dumb and immature? Sure.
      • WordTenor
      • 6 days ago
      • 1
      • Reported - view

      Saish Dawg Sure but this is the bugaboo: 

      Saish Dawg said:
      that just scares me. 

       You are doing something that is suboptimal because you have personal reasons to not like the optimal version. I'm not saying that's not okay, but it's not an argument that the simplest way is not the simplest; it's just not your preferred way. 

      "I have to do it this way because it makes me feel better" is a fine thing to feel, but it doesn't make the people who are saying "Seriously, this is the best way to do it" wrong. (See also, people who insist on matching categories to accounts.) This isn't the kind of inefficiency that actually hinders the YNAB method, but it's worth considering what it would take to make yourself less scared about having an auto-drafted payment, because it really is simpler.
       

      Like 1
      • Saish Dawg
      • saish_dawg
      • 6 days ago
      • Reported - view

      WordTenor Well, since you asked...   :^)

      I prefer to keep the bare minimum in my checking to get by, in case my account is compromised.  I have to rely on my bank's good faith (in contrast to a credit card where my liability is limited in the US).  So, given that preference, autopay causes additional cognitive load and stress.  Am I causing this in the first place with my semi paranoia?  Perhaps. 

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      • nolesrule
      • Stealing From the Future fix is an improvement but is incomplete....
      • nolesrule
      • 6 days ago
      • 1
      • Reported - view

      Saish Dawg I have the largest of the credit card pull from the primary savings account instead of checking.

      Also, I've come to realize that keeping the checking account as lean as possible doesn't move the needle much in terms of interest earned compared to just targeting a projected minimum balance for an account (scheduled transactions and running balance make this very easy). No stress.

      Like 1
      • Saish Dawg
      • saish_dawg
      • 6 days ago
      • Reported - view

      nolesrule That's so simple, I love it!   

      Though, I have never linked anything at all to the savings account (mainly due to the security concerns).  I simply transfer funds back and forth to cover any payments.  Since everything is due first of the month, it's super easy as well.   

      Totally agree on not earning any real interest these days.  Very far from keeping up with inflation.  

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      • nolesrule
      • Stealing From the Future fix is an improvement but is incomplete....
      • nolesrule
      • 6 days ago
      • Reported - view

      Saish Dawg I first started it with my main credit card payment when I realized i was having to leave a ton of money in the checking account to cover it that I otherwise would have just mived to the checking account.

      I've been slowly transitioning other cards that tend to have higher spending on them. Cards with limited spending I tend not to worry about too much.

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      • Saish Dawg
      • saish_dawg
      • 6 days ago
      • Reported - view

      nolesrule Totally fair enough.  I'm just paranoid that way.   :^)

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      • WordTenor
      • Can we agree that goals are dumb and immature? Sure.
      • WordTenor
      • 6 days ago
      • Reported - view

      Saish Dawg And even without the drawing from savings part--I get pay deposited on the 31st; I input all my upcoming card payments, and then I look at the running balance. Anything over what I need + about $1000 goes to savings. Most experienced YNABers share the goal of keeping our checking accounts lean, for a variety of reasons. I'm not super vexed about it getting drained since I do all my spending on credit and have a 15-day grace period on my mortgage and there would be plenty of time for my bank to make me whole, but I am concerned with maximizing interest within reason. 

      There's no problem with not doing something because it makes you uncomfortable; but it's good to acknowledge that's why you're doing something. Weird case in point; I got pushed off the road onto a rock on Friday night and my car is in the shop. All my friends offered to loan me extra cars or do with only one. I'm feeling skittish though and would prefer to have a car that I've insured, so I'm paying $200 I didn't need to pay to rent one. This is a suboptimal financial choice, since I could have a free car, but it makes me feel more comfortable, and that's okay. 

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    • WordTenor Glad you're safe.

      Like 1
      • Saish Dawg
      • saish_dawg
      • 6 days ago
      • 2
      • Reported - view

      WordTenor It depends on what you are optimizing.   I think the stance you are taking is "optimizing on convenience and/or lack of ongoing effort".   Whereas I am optimizing on "security and then convenience".   One might quote Occam and think the former is better.  If so, I admit that.  Equally, I could use that argument to say why bother with two-factor authentication logging in.  (Granted, perhaps a facetious example, but one that has security versus convenience).  

      And equally glad you are safe.  :^)

      Like 2
  • Ohh - tiny numbers. I think I might make use of this in my categories....

    Like 3
  • I really like this idea for due dates, thanks! 

    FWIW I autopay my full balance but if you've ever been burned- you will want to keep an eye on it yourself as well.

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