
The six credit card rules:
1. Pay the entire
balance due each month.
2. If a balance
remains unpaid at month's end, do not use the card again.
3. Do not use more
than one credit card.
4. Do not accept
credit cards from specific retail stores.
5. Do not pay off one
credit card with another.
6. Do not purchase
gifts for people with your credit card. Give them a nice card or letter
instead. It is too easy to let your generosity exceed your ability to pay.
To monitor and review your spending habits, try this
exercise. Take your credit card charges and your cancelled checks for the past
year and do the following: Sort each charge or cancelled check into two piles.
One pile is for the "must" payments such as utilities, taxes,
medication, rent, mortgage payment, etc. The other pile is for the optional
spending, such as meals at restaurants, gifts for people, recreational events
or equipment, etc.
This review of how you spend your money may give you some
guidance on how to spend more wisely and it may even help you create a surplus
of cash for a savings and investment program.
No comments:
Post a Comment