Techniques to manage your money with credit cards

We all struggle with managing our finances at some point in our lives. Money management is an art. However, there are certain techniques which can be employed to make the money management process a bit easier.

Most of these techniques need to be employed with due consultancy with financial experts, as every such technique, if not put to use correctly, has its own risks.

Nevertheless, certain techniques always come handy to ensure you follow an effective personal account management model. We present here five such techniques.

Keep an account of your expenditure

One should maintain a daily log of all expenses. Even if the expense is of minimum importance it needs to be taken account of in the calculations.

The expense log should also be monitored on a weekly basis. This practice will reveal the areas where you are spending unnecessarily.

This would help you in decide how to downscale your monthly expenditure.

Go plastic Keeping cash in one’s pocket is a major reason for unaccounted

expenses. This problem can be solved by employing plastic money as a regular mode of transaction.

Plastic money is taking over the economy at a very fast rate, with an increasing number of people embracing the practice of cashless transaction.

Cards, debit as well as credit also make life easy. It is always a good idea to change with time, and now, change demands a shift to plastic money.

Invest in a balance transfer credit card

You can purchase a balance transfer credit card to keep an account of your finances. Prepaid credit cards help to maintain an automated log of expenses.

The use of credit cards also make your transactions easier, quicker and safer. Moreover, the credit card service companies always have attractive offers to retain their customers.

It would not be a very bad idea if one starts using credit cards only to enjoy such benefits.

Invest in an international credit card

Expenses can be further streamlined by using the same credit card account globally.

It would help you in maintaining a consistent log, especially when you are traveling. International credit cards are available in the market with brilliant offers and benefits.

Keep multiple credit cards

Different credit card service companies charge varying credit card interest. Similarly, different credit cards offer different set of benefits.

These differences can be beautifully monetized by maintaining multiple credit cards and using them in a cyclical manner.

Keeping multiple credit cards also provides one with a shield if one of the cards is lost, stolen, or, gets damaged.

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