It’s surprising how helpful a reminder can be from time to time. Ask Siri to remind you a few days before your payment is due. This way you can organize your finances so that you’re prepared to make the payment. It also allows you the opportunity to make any adjustments to your spending if your balance is a little higher than you expected,
Don’t have Siri? No problem! Setting an alarm that goes off 3 days before my payment is due works like a charm! I also add it to my calendar for an extra reminder.
Treat each credit card purchase as a debit purchase.
We all know the beauty of a credit card is the ability to swipe and not have to worry about payment for the next little while – but if you have the money, why not just pay it right then? Using your credit card is great for building your credit score, but only if you’re paying it off on time and in full! I treat every purchase as if the money comes right out of my bank account, and transfer the funds from my account to my credit card through online banking.
Keep your limit low.
I’ve always kept my credit card limit low, for security reasons, but also for the added benefit of controlling my spending sprees! With a low limit, I’m forced to make strategic choices about when and where to spend money. If I know that my limit is low, I may hold off on too many large purchases in one month to avoid going over.
Set up a budget
Look at your other expenses to determine how much you can afford to pay each month. Use an interest calculator to determine how much your payments will cost and what they will be on a month to month basis.
Pay off whatever you can, whenever you can!
Maybe you got a Christmas bonus or birthday money? Whatever luck you’ve run into, make the difficult decision not to splurge on the latest new trend, and put it towards your paying off that credit card debt. Trust me, if you get into that habit now, there’s no stopping you in the future!
That’s it – five things you can do to make it easier to pay off your credit card, while protecting your credit rating. Although this might not be one of the easiest habits to break, by lowering your debt, you’re on your way to a bright financial future!