(Family Features) As more Americans make strides towards responsible
spending and debt management, there are still ways to improve the
control of family finances.
According to a recent survey, less than half of cardholders always pay
their entire credit card balance.
With more than half of individuals
carrying credit card debt, there are ways to promote good spending and
personal finance habits, such as:
Limit Number of Credit Cards
Limiting the number of cards you own can help limit your spending and
increase the likelihood you can pay above the minimum balance. Before
you start cutting up your plastic, remember having more than one credit
card can have merits. One idea is to have three cards: one in a safe
place at home for emergencies and two with you at all times.
Reap the Rewards
Use the rewards programs available to credit card holders to cash in on
things your family really needs. Whatever rewards you are seeking, there
is likely to be a card suitable for you.
Evaluate All Debts
Many carry debts beyond credit cards, including student loans, car
payments and mortgages. Evaluate your debts and decide which ones have
the highest interest rates. Making it a priority to pay down these debts
first will save you more money in the long run.
Create a Budget
It’s never too soon to put yourself in control of your money and stop
letting it control you. A budget will give you financial peace of mind
and it can help you stretch the income you have. Calculate your income
and expenses and set your monthly budget. Though you may not be on-point
every month, the simple act of tracking your spending will be a huge
step forward in your quest towards responsible spending.
Source: BOA
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