Saving money

I pay most of my bills with a credit card to earn cash back and then at the end of the month I pay it off. I also carry a certain amount of cash around with me every week for regular spending. I put the remainder into a savings account.

interesting!!

What I like to do is to take only a certain amount of cash with me but try to keep the dollar bills as large as possible. The reason for that is simply that you won't pay a $3 burger with a $50 or $20 bill but you will definitely pay it with $10 or $5.

Hi Creditcardcube, that is a good strategy but you have to do a break even analysis. See if the money you spend of credit card purchases each other plus the interest and finance charges equal to or are greater than the money you get in the cash back feature. If not, then the cash back feature on your credit card is not worth it.

But if you pay off in full every month there will not be any finance charges or fees. Plus you can earn interest keeping the money in a savings account for the 15+ days a month. This is a good strategy especially if you use cards which have an auto pay feature where you don't even have to remember to set up the payment (like Chase Freedom).

But if you pay off in full every month there will not be any finance charges or fees. Plus you can earn interest keeping the money in a savings account for the 15+ days a month. This is a good strategy especially if you use cards which have an auto pay feature where you don't even have to remember to set up the payment (like Chase Freedom).
It depends on your credit card. There may be a day each month where if you have the total balance paid by, you will not incur any interest that month. Otherwise, it is typically based on your average daily balance.

yeah...first thing you gotta know is how your credit card work...now a days many product have payless 0 interest for 12 months..but still there is a catch...i had been a victim of that..hehe

I pay most of my bills with a credit card to earn cash back and then at the end of the month I pay it off. I also carry a certain amount of cash around with me every week for regular spending. I put the remainder into a savings account.

I also never carry any balance on my credit cards, and for me that's the only way to go.

Interesting way to utilize your reward card. I also take only a certain amount for spnding so everything is on a budget.

I currently have a credit card with a zero balance because my reasoning is that if it goes on the credit card it will be coming out of my checking account in a couple weeks anyways so it just saves me some time to pay for it with cash now. By doing that, I also save time and money because I don't have to go online to pay off the credit card balance and I avoid finance charges and fees if I forget to pay off my balance at the end of the month.

-EJP-
www.rmicsi.com

Well credicardcube!
That sounds like a safe personal finance strategy. But remember that the idea behind looking at a current credit report is to make sure your credit report is free of errors and is 100% accurate. Do not only concentrate on the trade lines (good or bad), be sure to check your name, addresses (past and present) and other personal details.
When I came across this site that mentioned this point www.mycreditdetail.com I quickly went back and checked out my statement. Imagine...I actually had a couple of accounts to dispute that were later verified and corrected.

I pay most of my bills with a credit card to earn cash back and then at the end of the month I pay it off. I also carry a certain amount of cash around with me every week for regular spending. I put the remainder into a savings account.

This is a must-try. Because I have no balance in my credit card, and so I'll try this and see what happens.

Unfortunately not all bills can be charged on a credit card.

I save cash by not carrying cash! Honestly, whenever I carry cash it's always gone by the next day and I cant remember where I spent it. I charge everything on my rewards card, track my spending monthly and receive points for every penny spent.

Right now I am carrying a Discover card that gives my 5% cash back. I applied for this card through the cardoffers website and they sent me a check in the mail for applying for it through them. :)

It is a good approach to save money, You can reduce your expenses in a better way by this.

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I pay most of my bills with a credit card to earn cash back and then at the end of the month I pay it off. I also carry a certain amount of cash around with me every week for regular spending. I put the remainder into a savings account.
That's sounds interesting. You can find here more tips about saving money http://www.financetrackr.com/

Well it all depends on how much necessary and unnecessary expenses you have.One more thing is that I use my credit card, that way I keep a better track of my spending's and since it comes with reward points, they usually add up for gift certificates and this is like a little bit of money to spend.

wow that's smart technique. i might try that, but i don't think i have enough discipline.

While saving money is always a good idea, but do not keep too much of it in the savings account because they never pay too much back. On the other hand where do you invest today, when companies are going down like crazy? Yes that is a serious question but this does not mean that the poor old savings account is the answer.

Approach a financial planner for professional advice. You know these guys are the experts and so, they can tell you what are the best options today.


Thanks & Regards.