Once you sign up for a credit card, there is no turning back. You tell yourself you’re just signing up in the case of an emergency, in case you’re travelling abroad and you get lost. Of course, you need a credit card! In the beginning, credit cards seem like blessings. With just a quick swipe of the card, you’ve made your purchase and you don’t have to worry about it until the bill comes. Soon enough you lose track of all the purchases you’ve made and are pretty unconcerned until, lo and behold, the end of the month is upon you and you receive your bill. Devastated, you vow to never use your card again. But that feeling is fleeting, and the next time you see a sale online, you’ve swiped your card out before you can think again.
The consequences of overspending with your card can be horrendous. Depending on what your credit limit is, you can have a monthly credit card bill in the thousands, and not to mention the interest fees that will accumulate as you fret about how to pay off the bill. Here are six simple hacks that you can use to help you curb that unnecessary spending.
Leaving the house without a credit card feels as terrible as leaving your house without your phone. What if I get abducted? What if I find a really good deal? Whatever reason you come up with, find a counterattack and leave the cards at home. Your credit card should only be used for specific tasks, such as grocery shopping, oil changes, fee payments, bill payments, etc. It’s easier to keep track of what you’re paying and how much of a budget you have on your credit card. If you use your card for everyday purchases, you’ll quickly lose track and be astonished when all those chocolate bars amount into hundreds of dollars!
Yes, you should actually freeze your card. Put it in a bowl of ice and leave it in the freezer. If it’s an emergency, you’ll have a way to quickly defrost it, and if you are thinking of making a purchase, you can take your time and mull it over a little longer while your card defrosts. Chances are, when you realize that you have to wait before you can make the purchase, your urge for that item or that unnecessary shopping is reduced. By the time your card has thawed, you may no longer want to make that purchase.
Juggling multiple credit cards is a disaster waiting to happen. If you have more than one card, you have that many more bills and interest rates to worry about. Keeping one credit card will help you handle your purchases more easily. If you max out one card, you won’t be able to easily swipe the next. You will be forced to realize that you’ve reached your limit and now it’s necessary to take a step back.
Credit card companies love increasing your card limits. They make you feel like you’ve earned this allowance of invisible money. In reality, they’re making it easier to trap you into spending more and therefore spending more on interest rates and late fees. Give yourself a realistic card limit. Think about what your most expensive payment is, grocery or car payments, and double that. Or make a budget of all the things you want to use your card for and make that your credit card limit. This will force you to only use your credit card for specific payments and will deter you from overspending and using your credit card for other, out of the blue, purchases.
If your card information is already saved online for various websites, it’s easier than one, two, three, to make a purchase. Once the button has been clicked, the purchase has been made, your credit card has been charged, and there’s no turning back. If you delete all this information and have to input it yourself every time you want to make a purchase, this will give you time to think twice before you click ‘place order’. Having this information readily available will make it easier for you to make a purchase, which is why removing it will help you reduce your overspending ways!
This one is a bit extreme but effective. You need to remind yourself of what consequences you have been dealing with due to overspending or falling behind on your payments. Put up copies of your bills, all around your home, with the amount circled in red. It wouldn’t hurt to put a copy in your wallet or purse, and perhaps to stick a note on your credit card as well. Every time you see that amount and the interest you are being charged, you may think twice about the purchase you are currently about to make.
If used properly, credit cards can be very beneficial. If you’re able to manage your cards successfully and make regular payments and not overspend, you can use credit cards easily. If you seem to be falling behind on your payments repeatedly, falling deeper into debt because of your credit card bills, perhaps it’s time to act and follow some of the above life hacks to help you deal with overspending.
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