Ok – welcome to your summer! This year is going to be different when it comes to your credit cards. If you’re anything like me, sometimes you need a little kick in the rear end to get motivated with savings and debt reduction.
Consider this that kick!
Here are 4 great rules for credit card habits this summer. I guarantee if you stick to them, your credit habits will improve, and your bills and interest payments will drop. None of these are tough to do and anyone with a credit card can act on them. As long as you make sure to do it, you’ll be set.
Check your balance at least 3x/week
Stick to it! Even if you aren’t using your card that often, get into the habit of knowing your balance. One of the biggest reasons for credit card debt growing out of control is lack-of-knowledge. When you ignore your bills and keep spending, their going to grow!
When you’re conscious of the amount you have spent, you’re much more likely to stay within your budget.
Make a payment once/week
Even when your bill is small, get into the habit of making regular payments on your credit card debt. If you’re sticking to Rule #1, you’re going to know exactly how much you currently owe and what percentage you can wipe out with a payment. Get used to paying your bill and it will eventually just become part of the credit card pattern – cut the debt and add more payments.
Only carry one credit card
Chances are, when you have more credit options, you’re going to use them. By limiting your options in your wallet, you’ll also limit your debt accumulation options. When dealing with credit card debt, I’d advise only having one card anyways – but definitely only carry one (or none) payment options.
Remind yourself of the rules
Take a yellow sticky note and write something like “REMEMBER THE RULES” on it. Then, stick that onto your card in the wallet. This might seem cheesy or over the top, but it’s a great way to remind yourself about safe spending every time you open your wallet.
If you need to peel that sticky note off your Visa, it will certainly make you think twice about swiping the stripe to buy that new shirt.
As you can see, we want you to start learning more about your sending habits. Track your spending, use your card less, and pay it off more often. Good luck!
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