Credit card rewards are an excellent incentive to spend. This of course could be quite dangerous. Here are some sensible suggestions for avoiding the pitfalls of credit card benefits.
Avoiding excessive credit card benefits spending step No. 1 - Stay awake
Right off the bat, the most logical way to make sure that you aren't letting your charge card spending run amok is to reign in the spending and pay attention to what is going on your charge card bill. Waving the magic plastic doesn't mean that you won't be paying with interest in the end - or in full. Knowing how much you are spending and how much you owe are imperative.
Keep track of spending
Write down all your charge card spending to monitor it. If your credit card offers an online program of sorts, try that.
Most significant thing is receipts
With credit card spending, you can avoid writing things down at the store while you spend by getting receipts. Just keep the receipts in case you have to return something, and you may also keep track of your spending.
Tools to help you out
You can link your charge card to Mint.com and monitor all spending at it. The website offers cash management tools and budgeting tools to help you monitor spending.
One more checking
If credit card spending is a severe problem that you're working on, set up a second checking account - ideally, a free checking account - that is dedicated to paying down the card. Only do this with the second account and it will help.
Do not wait till once a month payment
Some people like to pay their credit card bill each month, but it is much better if you can pay it off every week. It is a good idea to make weekly payments so you can spend as much as you need on the card and still get benefits while staying away from extra interest.
Avoiding excessive credit card benefits spending step No. 1 - Stay awake
Right off the bat, the most logical way to make sure that you aren't letting your charge card spending run amok is to reign in the spending and pay attention to what is going on your charge card bill. Waving the magic plastic doesn't mean that you won't be paying with interest in the end - or in full. Knowing how much you are spending and how much you owe are imperative.
Keep track of spending
Write down all your charge card spending to monitor it. If your credit card offers an online program of sorts, try that.
Most significant thing is receipts
With credit card spending, you can avoid writing things down at the store while you spend by getting receipts. Just keep the receipts in case you have to return something, and you may also keep track of your spending.
Tools to help you out
You can link your charge card to Mint.com and monitor all spending at it. The website offers cash management tools and budgeting tools to help you monitor spending.
One more checking
If credit card spending is a severe problem that you're working on, set up a second checking account - ideally, a free checking account - that is dedicated to paying down the card. Only do this with the second account and it will help.
Do not wait till once a month payment
Some people like to pay their credit card bill each month, but it is much better if you can pay it off every week. It is a good idea to make weekly payments so you can spend as much as you need on the card and still get benefits while staying away from extra interest.
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