One of the advantages of having a benefits program tied to your charge card is all the stuff you can generate, from goodies and airline miles to money back. However, boosting your charge card spending to be able to generate 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 credit card benefits spending.
Pay close attention
Right off the bat, the most logical way to ensure 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 will not be paying with interest in the end - or in full. Knowing how much you're spending and the way much you owe are imperative.
Write it all down
Write down all your charge card spending to keep track of it. If your credit card offers an online program of sorts, try that.
Spending much better with 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.
Use a site to help
You can monitor your spending at Mint.com where there are money management tools. Websites like these could be linked to your credit card, so you can keep track of spending.
Bank account to help
Make sure you set up a checking account that is there specifically to pay off the charge card in case you are having severe problems. The free account should be a second account and only for your charge card.
Do not wait till once a month payment
The standard for paying a charge card bill is to pay once per month. However, to pay a card off more easily and minimize interest, making weekly payments where you pay off whatever was charged that week is a good idea. You'll accumulate rewards and avoid having to pay interest.
Pay close attention
Right off the bat, the most logical way to ensure 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 will not be paying with interest in the end - or in full. Knowing how much you're spending and the way much you owe are imperative.
Write it all down
Write down all your charge card spending to keep track of it. If your credit card offers an online program of sorts, try that.
Spending much better with 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.
Use a site to help
You can monitor your spending at Mint.com where there are money management tools. Websites like these could be linked to your credit card, so you can keep track of spending.
Bank account to help
Make sure you set up a checking account that is there specifically to pay off the charge card in case you are having severe problems. The free account should be a second account and only for your charge card.
Do not wait till once a month payment
The standard for paying a charge card bill is to pay once per month. However, to pay a card off more easily and minimize interest, making weekly payments where you pay off whatever was charged that week is a good idea. You'll accumulate rewards and avoid having to pay interest.
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