One of the benefits of having a rewards program tied to your charge card is all the stuff you can earn, from goodies and airline miles to money back. However, increasing your charge card spending to be able to gain these awards is a double-edged sword that can eviscerate your budget. Here's the best way to keep away from the perils of extreme charge card rewards spending.
Always know what is going on
Knowing how much you spend is the most significant step in making sure you do not spend too much on your credit card. You can reign in your spending if you pay very close attention to what is happening in the credit card bill. Never forget that you have to pay interest on top of what you spend.
Steering clear of excessive charge card rewards spending step No. 2 - Keep a log
Write down all your charge card spending to keep track of it. If your charge card offers an online program of sorts, try that.
Avoiding extreme charge card rewards spending step No. 3 - Save receipts
It is always a good idea to keep your receipts in the event you have to return something, but it is even better to keep them so you can keep good track of all your spending. You can keep away from writing things down on the spot.
Mint.com a good source
Web sites like Mint.com offer comprehensive cash management tools that can very easily add up and codify your charge 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
In case you are having severe troubles, you can get a second checking account set up to be able to work on the issue. This free checking account will be dedicated solely to paying down the card.
Ensure you pay it off
A lot of 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 rewards while staying away from extra interest.
Always know what is going on
Knowing how much you spend is the most significant step in making sure you do not spend too much on your credit card. You can reign in your spending if you pay very close attention to what is happening in the credit card bill. Never forget that you have to pay interest on top of what you spend.
Steering clear of excessive charge card rewards spending step No. 2 - Keep a log
Write down all your charge card spending to keep track of it. If your charge card offers an online program of sorts, try that.
Avoiding extreme charge card rewards spending step No. 3 - Save receipts
It is always a good idea to keep your receipts in the event you have to return something, but it is even better to keep them so you can keep good track of all your spending. You can keep away from writing things down on the spot.
Mint.com a good source
Web sites like Mint.com offer comprehensive cash management tools that can very easily add up and codify your charge 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
In case you are having severe troubles, you can get a second checking account set up to be able to work on the issue. This free checking account will be dedicated solely to paying down the card.
Ensure you pay it off
A lot of 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 rewards while staying away from extra interest.