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Grahini who wants to know....... |
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Managing your Plastic |
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 Living
Generously
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As it becomes possible to pay for more and more everyday goods and services with plastic - whether with a bank debit card or a personal credit card - keeping track of expenses can become tricky. Among the tips I suggest are: Tips for managing your plastic: • Instead of using plastic, give yourself an allowance - in cash - and stick to it. • If you have to use plastic, try using only a bank debit card which should limit your spending to your bank account balance. • If you must use a credit card, limit it's usage to necessities and pay the bill in full when it is due. If you have to carry a balance make sure you carry it on the credit card with the lowest interest rate. • Know your charges and credit limits. Charges and monthly payments should not be a surprise when the bill arrives. Make sure you are charging only what you can afford. • Consider a consolidation loan. Paying off multiple credit card bills with a single, lower interest rate loan can reduce your monthly payments. But, be careful that you don't just extend your payments over more time, and thereby increase your total cost of borrowing. • Keep at it. Changing financial habits requires time, patience, and
discipline, but the rewards are well worth it, especially financial peace
of mind!
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