While credit cards can be a viable financial tool, they are also common contributors to rising levels of debt. If you want to start looking for ways to stop using credit and strengthen your financial position, rest assured that there are definitely other options out there. Here are 3 easy alternatives to using your credit card.
Without a good budget, you will find it hard to stop using your credit card. Spend a couple of hours sitting down and assessing your finances, while making a comprehensive list of all of your income and expenses. Once you have this all organized, you can work on creating a budget that allocates your money where you need it the most. Give yourself a weekly spending allowance, set aside what you need for bills, and channel any extras into your savings account. If you have any outstanding purchases on your credit card, you should focus on clearing the balance as soon as possible.
Debit Card Advantage
Most debit cards can be used for any payments made online or over the phone, making it a simple and safe solution to using credit. Your debit card is directly linked to your account, meaning that the money you spend is your own. Unlike credit cards which put you further into debt with every purchase, using debit means that you can never overspend. In conjunction with a good budget, you will be able to use your debit card instead of your credit card and enjoy the benefits of staying debt free.
Sticking to a Cash Allowance
If you find that you are unable to resist the temptation of putting impulse purchases on your card, try leaving it at home and only carrying cash instead. By planning ahead and withdrawing money to cover your expected expenses, you remove the opportunity to give in to temptation and overspend on your credit card.
Want More Advice?
If you’re looking for some expert advice on how to get the best out of your finances and eliminate your credit card debt, look no further than Fox Symes. As one of Australia’s most respected debt solutions specialists, they are committed to helping you to reduce your debts and have a clear financial strategy for a more secure future. Simply visit the website or call for an obligation free consultation to see how they can help you get on track and out of debt for good.
Between your debit card and having a cash allowance, there is really no need for you to use your credit card. With your budget under control, you can work on reducing the balance on your credit card until it has all been paid off. Once you are free of your credit card debt, it is your choice whether to keep the card on hand for emergencies, or if you would prefer to cut it up or have it cancelled. Always remember that anything you buy on credit is putting you in to debt, so take control of your finances and kick your credit addiction today!