Personal Finance Plan: Keep Your Credit Cards

Kimberly Watson, Editor in Chief
May 18, 2012 /

One of the first concerns, when hearing the words Personal Finance plan, provides many people with the inclination towards panic!  Therefore, many of you should be pleased to learn that there are methods of operating with a personal finance plan and keeping your credit cards intact.

The first stage in the planning process is to consolidate your spending. Select one credit card, which provides the best facilities and service and offers you cash-back rewards or air miles. You must treat this credit card in the same manner as you would a Debit card. In other words, you only spend money that is available in your savings or check accounts. Remember also, that any balance should be paid in full, before the due date every month. Keeping to this part of your personal finance plan, will not only give you back cash, or air miles, but prevent you paying any interest charges.

As part of your new found personal finance plan, ensure you keep track of all expenditure and be totally aware of everything that is happening with your accounts, especially card activity. This means not only knowing on what you are spending money, but with whom, and could you save money going elsewhere! In addition, keep note of the balances related to the amounts in deposit and investment accounts, as opposed to outstanding debts.

We are all subject to temptations; that special, never to be repeated offer! This also applies to device upgrades, that in most instances we do not really need, but they are the latest “in thing”. Some people do have to be “with it”, even if it means them going broke! For example; why pay more for an upgraded Internet service, when your current one is already giving adequate service and is half the price. Another one is paying for “priority boarding”. Do you really want to sit in the aircraft long than anyone else? You will not take off quicker than them, so what is the point? Instead, stay with your personal finance plan, rather than spending money on appearances!

Realistically, this is creating a false image of prosperity. Instead, save money; pay your accounts and build a secure and wealth oriented lifestyle.


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