Believe it or not, credit cards have become a norm in today's society. Be it due to the exclusive discounts you can get or the rebates for your household bills, when you spend with these credit cards. However, if you are not careful, you could unknowingly land yourself with a huge debt or worse still, bankruptcy. No one wants that to happen to them. To be free from these problems, you will need to know how to manage your credit card spending.
Here are some useful tips that you could help you:
1. Apply for an internet banking account
I couldn't stress the importance for one to own an internet banking account. Why? Because it is mostly free or comes together when you open a credit card account with them. Use it as a tool for you to keep track of your monthly expenses so that you do not exceed the credit limit and risk paying penalties.
2. Keep those receipts
Don't you think of throwing them away. Keep these little papers for a month or so until when your next credit card bill arrives so that you can cross-check your spendings. This tracking method is particularly useful if you do not have an internet banking account.
3. Use a spreadsheet
You don't need sophisticated software to monitor your credit card spending. All you ever need is just a spreadsheet! As simple as that. Document your credit card expenses together with your monthly savings in it and update it as regularly as you can to make your monetary details up-to-date. Through this method, you will find yourself having more control over the monitoring of your personal savings as well as to regulate your card expenses. All you need is discipline, and it can save your life!
4. Cut your credit card into halves!
If you are able to resist the perks that major credit cards are offering you. I seriously think you do not need a credit card at all. Get yourself a debit card instead. Your spending limit is limited to the amount which your savings account has. So there's no fears of over-spending.
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