Helping you Save Money
This is a topic I love to talk about because helping you save money is something I enjoy helping people do.
Credit Cards
I love using credit cards but there are things you need to know before getting a credit card. First if you can’t afford to pay the balance when the statement comes in DON’T USE A CREDIT CARD! Once you start paying monthly instead of the entire balance you will never see out of the trap. The monthly interest can be more than the total amount you paid and it will take like what seems forever to pay up the balance.
For me I use a credit card because I MAKE MONEY when I use it. There are many reward programs you can get with credit cards from airlines, hotels, shopping and cashback. I always look for a card that has the CASHBACK option. I let it accumulate and when I check how much I have it’s a big surprise!
Here are my tips for using credit cards:
1 – NEVER PAY AN ANNUAL FEE FOR A CREDIT CARD
2 – ALWAYS PAY THE BALANCE WHEN STATEMENT ARRIVES
3 – USE THE CASHBACK REWARDS OPTION
If you can’t follow these pointers maybe you should rethink about using a credit card.
Insurance Premiums
Do you pay your insurance premiums in full when they are due or do you pay monthly? Check your statement, you may be paying a “convenience” fee each month so you are actually paying more for your insurance than you thought. If you have multiple insurance policies, auto, home, bike, etc. that $3.00 to $5.00 monthly convenience fee adds up!
This is a blog I wrote last year with these and a few other tips for helping you save money, I hope they help you save money. http://themarthareview.com/four-money-saving-tips/
I use a credit card for everything. But, I pay the balance due.
Same here Roy, that’s the only way to use them.
Hi Martha,
I don’t have a credit card. I just pay cash for almost everything.
Cash is good Amanda, you won’t get in the credit card hold that way.
these are all tips we follow too and love that you mentioned that those who cannot follow these should probably not have a credit card 🙂
So many people get caught in CC debt and can never get out Vidya.
Great useful advice! I got my first credit cards in college and used them but paid them all off and cut them up as soon as I had no outstanding balance. I have cards but I only use debit cards now- you can use them as credit cards but you only use what you already have! So is opting for Debit Cards over Credit Cards a good tip as well! More good advice like is so needed by the masses in today’s WORLD!! I wish the world was just full of butterflies but that evil paper- LOL- Money comes out and makes its appearance in our lives! Ok, Money is not all bad, we need it- it is a good thing BUT as the saying goes it is the “root of all evil!”
Can you imagine a world full of butterflies and no money issue Pamela! I like a CC because of the cash back I get. But the only way it words is to pay balance in full. Alex is a debit card person too!
Very helpful information. Thank you.
Hope it helps you Alice.
I completely agree with what you are saying about paying off the whole balance. I was telling that to my son, recently, because when I was younger, I didn’t realize that you end up trapped with no way out, and just thought it was cool that the monthly payment was so small. So I had to find out the hard way, and am hoping he won’t!
So sorry you had to find out the hard way Jeanine. So many people have lost so much because of being trapped in CC debt.
I never used Credit Cards as I didn’t want to go into debt which is good and bad. Especially now that we are tying to buy a home as we our Credit Score isn’t high enough so I have to apply for a Credit Card which I am going to need now that stores aren’t wanting to take cash.
With a credit card, you need to pay the balance each statement or the interest and service fees will get you in never ending debt. Make sure to find a card that doesn’t have an annual fee and one that offers cash back Glenda.