July 1 is the beginning of the Fiscal Year in the Maggi Republic. Back in 2006, that’s about the time I took over all the finances to ease the pressure on Somara; her job with HEB was stressing her out and it was easier for me schedule everything, namely refinancing all the Sallie Mae jazz. Somara was initially reluctant. I didn’t blame her because we both are the oldest children, proud and more independent-minded thanks to getting married later in life than most couples. Both of our expectations worked out within the first year though. Thanks to my financial planning, many matters were on track, namely Sallie Mae. As a gesture in the other direction, we got our Vegas timeshare together and last Summer, I had the house refinanced with her name on the paperwork; I bought the house myself in 2001 since we weren’t married at the time.
Earlier this week, we went out to dinner to lay out the long and short-term plans for the new Fiscal Year (my alma mater Marquette also used July 1). We agreed on some key plans: a new car in the next 12 months; the third student loan remains the main debt to pay off which will be followed by the timeshare, not the final loan; the continuation of Alexandria; all the cats getting their annuals and new glasses for Somara along with the dentist. We’ll revisit new iPhones (3G S models) in the second half and I think the 47″ Vizio TV is on indefinite hold. Oh yeah, with a car replacing my aging VW or her truck, we would then put together a longer vacation in 2010 to drive through IL and WI. Somara has never really seen Chicago and Milwaukee so she’ll my special tour which will be partially biographical.
Most is the FY ’10 Plan will depend upon the outcome of our upcoming vacation to DC (in about a week!) with the Silders. I’m hoping to make an October trip to Las Vegas to treat my friend Nelson to some fun for his 40th birthday. We have over $1000-worth of MGM vouchers and the city is desperate for visitors in the Bushevik Economy; I get offers for cheaper stays at Luxor, Mirage and TI every couple weeks. All I would need to cough up is a plane ticket.
Yesterday morning Chase and MGM decided to put a huge wrinkle into a large part of the Plan. After four years, they’re ending their relationship so no more MGM Fun Money (vouchers) which rocked when we went in 2008 because we barely had to spend any money on food or trinkets. Chase says my MGM card will become a plain Freedom card on August 31. Thus, if I don’t redeem the MGM vouchers by then, they’re converted to the other crud. I wasn’t thrilled as my Facebook blurb (poor man’s Twitter) stated. I looked over some options like a Southwest point thing (pass, $60/year fee!), another with Toyota (any kind of “voucher” for a car is a drop in the bucket), etc. I figured I would let Chase make their case when I called them next week. Trust me, we consumers have more leverage on them than you think, especially if you have my stellar credit record of the last decade. I remember how I got them to pull the rate down by five points on it a few years back. As everything has dipped, our card has a low, single-digit rate due to my strategies (paying it in full often and paying online). I would hate to give it up. Again, we have the advantage since it costs credit card companies an average of several hundred dollars to gain a customer. Our household is one of their most reliable too. I doubt they want to cut us loose with the losing horses they gambled on recently.
I did have some time to go over the brochure on the Freedom card with the accompanying Website. It may be a better successor. We’ll get an equal exchange on the points but we can redeem as few as 1500 toward gift cards, namely iTunes which I know everyone enjoys. There’s even cash at 5000 ($50) so we could make that our “throwing around” money in Las Vegas at the craps table. The MGM vouchers didn’t cover gambling…hmmm.
Either way. Nelson giving the red or green light on the trip will be a the deciding factor yet I have a feeling my conversation with Chase’s credit card division is going to pan out well, unless they’ve gone with call centers in Bangalore. Salllie Mae always ends with a supervisor request so I always dread calling them. I stayed with Chase over Citibank and BoA primarily for the conversations I had with their American employees in FL and MO. The Alleged Free-Trade Noise Machine can suck it because they forgot how time is money.
Onward Fiscal Year Plan 2010! It should result in a new Yaris, three paid-off student loans and/or near-complete ownership of our Las Vegas pad.