One of the advantages of having a rewards program tied to your charge card is all the stuff you can generate, from goodies and airline miles to cash back. However, boosting your charge card spending in order to earn these awards is a double-edged sword that can eviscerate your budget. Here's the best way to stay away from the perils of excessive charge card benefits spending.
Always know what is happening
People always forget that they are spending money and have to pay interest for it if not paid off at the end of the month. That means the best way to keep your credit card spending from getting out of hand is to pay very close attention to what you are spending. Knowing how much you spend is important to avoiding interest and paying it off every month. Monitor it.
Steering clear of excessive credit card benefits spending step No. 2 - Keep a journal
Write down all your credit card spending to keep track of it. If your charge card offers an online program of sorts, try that.
Keep you are your receipts
How do you keep a precise count of what you're spending? Keep the receipts! You'll need them if you have to return something, and pocketing purchase records makes it unnecessary to write things down on the spot - because nobody likes those people, honestly.
Mint.com a good resource
Websites like Mint.com offer comprehensive cash management tools that can very easily add up and codify your credit card purchases. Link your charge card and bank to Mint.com, and log in whenever you like for an up-to-date statement.
One more checking
Make sure you set up a checking account that is there specifically to pay off the credit card if you are having serious troubles. The free account should be a second account and only for your credit card.
Staying away from excessive credit card rewards spending step No. 6 - Pay weekly
Many people like to pay their charge 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 would like on the card and still get benefits while steering clear of additional interest.
Always know what is happening
People always forget that they are spending money and have to pay interest for it if not paid off at the end of the month. That means the best way to keep your credit card spending from getting out of hand is to pay very close attention to what you are spending. Knowing how much you spend is important to avoiding interest and paying it off every month. Monitor it.
Steering clear of excessive credit card benefits spending step No. 2 - Keep a journal
Write down all your credit card spending to keep track of it. If your charge card offers an online program of sorts, try that.
Keep you are your receipts
How do you keep a precise count of what you're spending? Keep the receipts! You'll need them if you have to return something, and pocketing purchase records makes it unnecessary to write things down on the spot - because nobody likes those people, honestly.
Mint.com a good resource
Websites like Mint.com offer comprehensive cash management tools that can very easily add up and codify your credit card purchases. Link your charge card and bank to Mint.com, and log in whenever you like for an up-to-date statement.
One more checking
Make sure you set up a checking account that is there specifically to pay off the credit card if you are having serious troubles. The free account should be a second account and only for your credit card.
Staying away from excessive credit card rewards spending step No. 6 - Pay weekly
Many people like to pay their charge 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 would like on the card and still get benefits while steering clear of additional interest.
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