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Credit card spending can be hard to keep track off if
you are not disciplined, but it is important to monitor your spending in
order to stop yourself getting into huge debt. If you are having trouble
keeping tracking of what you spend on your credit cards, then here are
some useful tips to help you control your spending.
Take stock and stop spending
Before you do anything, you should stop spending on your credit card and
look at the situation you are currently in. Whether you have virtually
no balance or a large debt, it is important to see exactly how much you
have spent. This is the first step to managing your spending.
Make notes on your spending
Once you know what the situation is, start using your credit card as you
normally do and monitor your spending. Take notes every time you spend
money on your credit card, and look at how much you spend and what you
spend it on. By dividing what you spend into categories you can see the
areas that you are spending the most money, and where you can cut back
on your spending.
Transfer balances
If you have a number of credit cards, then transfer the balances onto
the lowest interest cards if possible. This will reduce the amount that
you are paying in interest on your balances.
Get rid of cards
Once you have paid off some of your balances, then you can get rid of
some of the cards that you have. You should make sure that you have only
one or two credit cards, as this will help you to more easily keep track
of spending.
Create a budget
Create a budget for yourself that you can stick to. If you look at how
much you earn each month, and the subtract all the essential bills and
spending from that, you will see how much money you have left to spend
on extra things. Make sure that you stick to this budget, as it will
help you to spend wisely and not get into debt.
Bank online
Banking online can really help you to keep track of your credit card
spending. You can easily check your balance at any time of the day or
night, and can instantly see what you have spent daily. Also, you can
transfer your bank statements into an accounts program to better help
you manage your money.
Credit cards for emergencies
Although spending on credit cards is a fact of life for most people, you
should try and keep credit card spending to a minimum, and keep the
cards handy for emergency situations. Also, try and save some money each
month, as this will reduce the need for credit cards. Credit cards are a
very useful financial tool, and if you monitor your spending properly
then you will get the most out of your credit cards.
Been sucked in to the lure of a “rewards” credit card only to get burned
in the end by high interest rates and a less than stellar return when it
came time to cash in those points? You’re not alone.
For credit card companies, acquiring customers is big business, and most
cards today offer some kind of incentive for running up the charges on
your plastic. If you’re not careful, and use your card at will just to
collect a few measly points, you could get stung. But by following a few
simple rules, you can turn the tables on the credit cards companies and
use that “rewards” card to your advantage.
What to choose?
Most likely, your mailbox is full of pre-approved offers for new and
exciting credit cards. In fact, in 2005 over 6 billion unsolicited
credit card applications were mailed. The average person received
approximately 72 offers. If you’re in the market for a new card, it’s
important to weigh your options carefully. Most credit cards today offer
some kind of rewards, but which one is right for you?
Take a look at your lifestyle and spending habits. Would you benefit
from a points-based rewards card, an air mileage card, or one that
offers cash back on purchases? Points-based cards usually give you one
point for every dollar charged. When you accumulate enough, the credit
card company will usually have a shopping portal set up, where you can
redeem your points on a variety of products (e.g., electronics, gas
cards, travel, etc.).
Problem is, most items in the catalogue are ludicrously overpriced,
though it’s better than nothing. Air mileage cards offer great benefits
to the frequent flier, but in today’s airline industry, who’s to say how
much fees will be raised by the time you’re ready to redeem? With cash
back cards, there’s most likely a set amount you’ll need to charge
annually before you reap any benefits, so make sure you read the fine
print before you sign up.
Take Advantage
Quite simply, offering incentive-laden cards are a way for credit card
companies to get you to sign up. Rarely are the rewards worth the
interest rates you’ll pay if you carry a monthly balance. But therein
lies the rub—pay off your credit card every month and put those rewards
to work. Here’s how: Charge as much as you can on your rewards card. We
know, it goes against everything you were ever taught about using a
credit card. Let us explain.
If your collectors allow it, charge every bill you have to your credit
card instead of using a debit card or writing a check. Then, pay that
balance off immediately to avoid incurring an interest fee. You’ll
collect big rewards points fast, and it’ll be just like paying cash. Be
disciplined about it though, even one month of letting those charges sit
on your card can be a killer when the fee kicks in.
Another idea: instead of having separate credit card accounts for you
and your spouse, ask for an increase in your credit limit and a
companion card for one account. The more you both swipe the plastic, the
quicker you’ll accumulate rewards points.
Off the beaten path
As rewards cards have become more prevalent, credit card companies have
come up with new incentives to make their cards more desirable to
consumers. Many cards have a system that provides extra rewards points
to customers who shop with certain vendors. Some will even offer coupons
where you can save big shopping with certain companies while still
earning extra points. It might take a little more effort, but it will
certainly rack up the rewards points at a vigorous pace.
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