How to Save Money using Credit Cards!
This year I am looking at every avenue of how to make the most of every dollar I have! One way I have decided to save a little extra money is buy using my credit cards, YES I said credit cards! Stay with me and I will show you how!!
Most credit card companies out there will give you cash back credits for spending money at specific locations like, grocery store, department stores, online shopping, and gas stations. Some give up to 3% back to shop at these locations. Also if you sign up for a new credit card through them they will give you additional savings like, spend $X in the first 3 months earn $X cash back credit.
A plus of signing up for a new credit card is that most cards will offer you 0% interest for 6 – 12 months if you transfer over a balance from another credit card that you are paying interest on. This offer alone can save you HUNDREDS of dollars. Remember you will want to pay that balance off before the time period is up so you are not hit with TONS of interest.
Now some of you might say WHAT WAIT, you want me to spend money to save money? O.K. keep an open mind here. If you stick to your budget and pay your regular bills with your credit card you will earn cash back!
I keep a very tight budget, I keep all my bills in an Excel spreadsheet, and follow it to a T! Here is an example of my budget. It really helps me keep my spending in check.
In this example budget I would be charging $640 a month to my credit card. Right now my current credit card is offering if I spend a $1,000 in the first 3 months, earn $100 cash back credit. So with this budget I will get there in two months, plus I will earn up to 3% on all my purchases. My cash back credits will equal to about $12 – $19 a month, plus the $100 bonus, which my TOTAL savings for the year will be $244 to $328. That is a month’s worth of groceries!
**Important note** to make this be worth it, you MUST pay the balance off in FULL each month to avoid paying any interest!
Tips for staying on track!
- Track your expenses in an Excel Spreadsheet or any other method that works for you
- Only use ONE credit card
- Pay the balance in FULL every month – I cannot stress this enough!
- Stick to your budget!
Wondering how to find the best credit card for you? Well thanks to my mom, she told me to use Credit Karma! Credit Karma is FREE!!! Credit Karma is so much more than just checking your credit score, they even help you with offers for credit cards that will be best for you. This is how I found a credit card that gives me up to 3% in cash back credits just for doing what I am already doing!
Check out my article on 15 Ways to Earn a $1,000 in 2017 – Click here
I would love to hear from you!!!
Tell me what you would like to see for my future articles on how to save or make extra money!
Happy Saving!!
90% of my coupons come from these 4 sources – Click on the links and see what you can save on!!!
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