Make Money By Being Credit Free: Budgeting is a Key


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Make Money By Being Credit Free: Budgeting is a Key

Make Money By Being Credit Free: Budgeting is a Key

Updated: December 26, 2012

The content is accurate at the time of publication and is subject to change.
Most times, we overspend whenever we have funds, whether in cash or credit. But often times we fail to see the effects of our overspending and we end up with piled up credit card bills. One of the simplest things to get out of debts and credits is to start budgeting. At first it may be too challenging since you need to adjust y finances, but in the end you will have a greater benefit. Here are some practical ways to start managing our resources and budgeting our finances. 1. "Cash Base" living. It is better to spend cash than credit since cash out flow is easier to monitor. When you don`t have money in your pocket, then you know you can`t pay for a purchase. On the other hand, with a credit card, you have a higher credit limit than what you can actually afford; hence, spending is not limited. Aside from this, paying in cash spares you from paying interest rates and other charges. 2. When planning to buy appliances or expensive equipments, try to canvass first. Visit stores that offer items on sale. 3. Always account your expenses - from debt repayments, bill payments, groceries, fare expenses, and savings and others. Keep a record of any transactions you had in a day. This helps you monitor your daily and monthly expenses. 4. Keep only things that you need. You can put on garage sale things that you no longer could do with. 5. Spend only what you have. Most credits and debts are incurred due to overspending. Be a wise spender. You may decide to compile coupons which can help you purchase items on a lesser price. Remember, do not bite more than what you could chew. 6. Plan a weekly meal. If you`re an avid cook, planning a weekly meal saves you more travel time rather going to the grocer everyday, thus saving you gas. Make a list of the things you need to buy from the grocery. This way, you can stop yourself from impulsive buying. 7. Buy energy saving appliances, lights and light fixtures. Newer appliances consume lesser electricity which then leads to a lesser the electricity bill. Aside from this, there are several states which provide tax rebates for individuals who invest on Energy Star appliances. Moreover, it is also important to unplug appliances or devices when you`re not using it since plugged devices still consume energy even though it`s turned off. 8. Make an annual budget plan. This will help you forecast your yearly activities like vacation and holiday plans and big purchases such as car or room expansions. You can also set aside budgets for events and occasions. 9. Before engaging in business, always consider the feasibility, accessibility, and return of investment. A wrong business deal may lead to a bigger liability. 10. Never have more than one credit card. It is still best not to have one either. 11. Save on gas. Why not walk especially when your destination is only a few blocks away. Or perhaps take your bicycle for a ride. Make you start a healthy living while saving. Many experts can give you tips in saving, budgeting and getting you out of your debts. But the only thing that they will require you is this: The best way to start is to begin; the best way to begin is to start.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 8, 2018

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
The Best Credit Card for Earning Cash: Discover it® Cash Back

The Best Credit Card for Earning Cash: Discover it® Cash Back

Posted: November 2, 2018

You’ll have hundreds of dollars in your pocket in no time because you’ll earn money back on every purchase you make with this card. There are no restrictions on the amount of cash back you can get, and Discover even matches every penny you ... Continue reading
Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Posted: October 10, 2018

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!