Monday, December 17, 2007
Today's Tip: Use a Credit Card for Most Purchases
People often get scared when they hear the word "credit," but I would argue that
establishing and maintaining credit is imperative for both your credit score and personal
budgeting. It is imperative to keep track of all of your purchases, but I highly doubt that
you retain all of your receipts each time you make a purchase. By using a credit card, you
are accomplishing two objectives: 1) you are raising your credit (assuming that you are
making payments on time; and 2) you are creating a back-up paper trail in case you happen
to lose those receipts. All credit cards have the ability to allow the customer to log on to
their website and make easy payments or simply track purchase history. They also give
various types of rewards. You can get cash back, airline miles, or points to purchase
things such as gift cards at restaurants or movie ticket vouchers. While credit cards do
bring the risk of over-spending, there's really no better way to track your expenses than by
putting them all on a credit card so that you can truly evaluate your spending habits.
Have you downloaded the free budget yet? Our free budget spreadsheet is updated for
2008 and features a monthly account tracker and budget form!
People often get scared when they hear the word "credit," but I would argue that
establishing and maintaining credit is imperative for both your credit score and personal
budgeting. It is imperative to keep track of all of your purchases, but I highly doubt that
you retain all of your receipts each time you make a purchase. By using a credit card, you
are accomplishing two objectives: 1) you are raising your credit (assuming that you are
making payments on time; and 2) you are creating a back-up paper trail in case you happen
to lose those receipts. All credit cards have the ability to allow the customer to log on to
their website and make easy payments or simply track purchase history. They also give
various types of rewards. You can get cash back, airline miles, or points to purchase
things such as gift cards at restaurants or movie ticket vouchers. While credit cards do
bring the risk of over-spending, there's really no better way to track your expenses than by
putting them all on a credit card so that you can truly evaluate your spending habits.
Have you downloaded the free budget yet? Our free budget spreadsheet is updated for
2008 and features a monthly account tracker and budget form!
My Financial Profile - MyFinPro.com
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