First tip was get out of debt before trying to save as someone put it too me Dont try to fill a pool with holes in it though it is doable its just more work As another person told me Before making a hoard of gold make sure to kill the goblins stealing it (nerdy but true)
But my second tip is how to make debt work for you.
In the financial world building credit is crucial and to do this effectively you need to have some forms of credit most people have car loans, student loans, credit cards. My subject is on credit cards. To boost your credit score 3 credit cards is perfect. You never want more than 5 and instead of getting more cards you want to get higher limits on the cards you have. But the thing i want to touch on is how to make your credit work for you. My three cards are Discover- 1% cashback on every purchase and every three months 5% cashback on certain products or services. Pnc cashback-1.5% cashback on everything Amazon store card- 5% statement credit on all amazon purchases.
If you have a credit card that does not have cashback or rewards you want to change that. http://ift.tt/2noz1C4
Thats my referral code for discover where you will get a statement credit along with me. Win win lol.
But onto the advice. Debt is bad no doubt about it but everyone has expenses. Whether its filling your car, buying clothes, paying bills we must spend money. But why not get some money back? 1% might not seem like alot but look at it over a years time.
For me buying groceries, clothes for my kid, car insurance, and gas adds up quickly. But I do something most never dream of. Everything. And. I. Mean. Everything. (That i can) Is bought with a credit card. Depending on where it is is depending on what card i use. And then i pay off my card in full. I have not paid interest on a credit card in about 5 years and my credit score is 790 right now. Heres the trick and please if you are not good with self control or have very bad spending habits do not use this method it could backfire unless you are careful and care about your finances.
First and foremost do not spend money you don't have. Sounds simple right? But since the average American has over 10k worth of credit card debt its something that needs to be said. For me if I go out to eat and spend $33 on credit card it means i have $33 in my bank unallocated and that can be taken and put straight to my credit card. And heres how i do it. I have pnc virtual wallet which comes with 3 accounts if you use another bank just open a second checking account (as long as its free) My three accounts are Spend Reserve Grow My direct deposit goes straight to spend account (minus my bit i have aside for savings and investments) I make a credit card purchase for x dollars and i transfer x+3 dollars to my reserve account using my phone as soon as i get into my car or as soon as i get home. I check my credit card weekly and if my balance is more than 30% i pay it in full before the statement is created ( Credit is based not only on paying ur credit card on time but used/unused debt ratio as well and you never want to credit card statement to show more than 30% or more of your limit to grow your credit quicker even if they know ur paying it in full every month) My credit card is set up for automatic payments straight to my reserve account for the full balance on the due date (since i always put the money in plus a little extra i never go overdraft and never have interest payments) So every month things like car insurance gas and groceries (things i have to buy) are earning me a small amount of money. Mind you its not much but it adds up but more than that without going over 30% of my limit i am growing my credit. I also use sites like ebates if i am not using amazon to get cashback ontop of cashback. If your spending money anyway why not get something for it? ebates.com/r/SYRUS33 referral for ebates
Another tip always use referrals if theres anything you plan on doing like using a bank, signing up for credit card even some gyms have referral systems that save you money or give you free money as a start and it takes 5 seconds to check google for them.
Disclaimer I am not a licensed financial advisor and will be changing the names of my future posts to things learned by someone who isn't financially failing lol. This is all just my opinion and I take no responsibility or liability for any harm done by anyone who can not handle there finances responsibly.
Submitted March 19, 2017 at 11:32AM by Syrus375 http://ift.tt/2nAAiqh
