One Way Debit and Credit Cards Might Save You Money
If your aim is to save money and stick to a budget, you might be surprised at how useful a credit card or a debit card can be. If you really can’t trust yourself with a credit card - that is, you run the risk of spending money you don’t yet have and not being able to pay the full bill at the end of the month - then definitely stick to a debit card. But the following principle applies in both cases.
The thing is, if you are paying for pretty much every item you buy on your debit or credit card, then at the end of the month you’ll get a handy statement from the bank that itemizes (at least) every store where you spent money, and how much. This is an excellent way to keep track of your money and see where you could cut down some of your spending.
Others agree that spending money with debit or credit cards helps you track your spending, in comparison to spending cash - there are often a lot of holes in the “where my money went” budget at the end of the month if you tend to use cash. So consider this when you’re contemplating cutting up all your cards - they might actually be helping you in some ways.
This entry was posted on Friday, March 13th, 2009 at 2:27 am and is filed under Budgets & Money Management. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
