Credit card debt is affecting more and more people nowadays. With debt on the rise, try to limit your use of credit cards. Keep them safely at home and not in your wallet, where you may be tempted to use them.
“Save them for emergencies only, such as new tires or unexpected auto repairs,” said Shirlene Vonderheide, assistant vice president of WesBanco Bank. “When you do use credit cards, put them into your budget and see how long it will take to pay the balance off.”
Also, remove all of your credit card numbers from your online accounts. If buying something is as simple as just clicking “checkout,” then you may be tempted to spend your money more freely.
Shop and compare
Whether you are looking for automobile insurance, long-distance phone plans, Internet services or even groceries, you need to shop and compare prices. There are many companies out there from which to choose. To get the best deal you need to be willing to shop around and not stick with just one company.
Start couponing
Yes, you hear me preach about this every single week, but I am firm believer that couponing works. I actually spoke to a cashier this past weekend who was skeptical. He swore that there was no way couponing really saves all the money people are saying it does, but yes it does and yes, you will get the stuff you want and not waste money on garbage you will never use.
If your excuse is you don’t have time to coupon, make time! To get started, buy two or three Sunday newspapers and start clipping. Look in the Sunday Life section for the great deals of the week or get a complete list of weekly bargains at www.saversavvy.wordpress.com. If you devote a couple hours each week, you could easily save at least 50 percent at the grocery.
Don’t forget that many stores and restaurants also have coupons online or in the Sunday newspaper inserts, which means more savings for you.
Watch your spending
To lower your risk of impulsive spending, devise a plan to stay on track. Debbie Hitte of LifeSpan Credit Counseling recommends limiting yourself to a specific spending amount each week. If you budgeted for $100 in leisure spending, then stick to $100.
To help stay on track, each week withdraw your budgeted amount of spending money and pay for everything with cash. You will find that by using cash you will be less likely to purchase the little frivolous items that you could buy so quickly with just the swipe of a card.
NEXT WEEK: 5 Things to Know Before You Start Investing
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