A Novel Idea!
Remember that while getting totally out of debt (except your house payment), it is necessary to deal in cash and to keep each month's money in the same month. However, if you are debt free, there are some options available that you can use. Some Credit cards are offering 5% cash back on gas purchases and 1% back on everything else. It's a whole lot more than savings accounts are paying right now - usually less than 1%. Depending on how you spend, that could mean a 2-3% saving. When it was first offered, I just enjoyed the reduction in our credit card bill (we use credit card for travel and gas purchases). Then I realized that it was a SAVING and began writing a check for that amount and putting it in one of our special savings accounts (emergency, furniture, etc).
***A way of keeping the expense in the same month would be to have cash for your monthly expenses and when you use your card, take that amount out of cash and put in a special place. When the credit card bill comes, take the cash and deposit it back into your checking account. You can then pay the bill on the correct month's allowance. This may take a little time, but you will be able to get the savings and not get yourself into credit card debt. Once you are out of debt - never go back! It's just a thought and strategy.
***A way of keeping the expense in the same month would be to have cash for your monthly expenses and when you use your card, take that amount out of cash and put in a special place. When the credit card bill comes, take the cash and deposit it back into your checking account. You can then pay the bill on the correct month's allowance. This may take a little time, but you will be able to get the savings and not get yourself into credit card debt. Once you are out of debt - never go back! It's just a thought and strategy.
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