Little Plastic in your Pocket

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Many people have created goals in their lifetime involving money. I’m sure almost everyone has had a goal at one time or another that was focused around money. The goal usually revolves around saving money and spending less. It’s easier said than done. Our wallets are full of little plastic cards that can get in the way of these goals.

Credit and debit cards are somewhat necessary if you are not a cash carrier. What else would you pay with? Contrary to some belief, credit cards are not evil. People in debt will say that irresponsible use of that little piece of plastic led them to a bad financial situation. You can either master the credit card, or be mastered by it. Don’t be careless and start swiping. You can’t rely on everything falling into place for you to pay it all off. However, credit cards are a useful way for you to start building up a credit rating. Research different credit card companies and understand the fine print before you apply.

Debit cards are linked with your bank account and automatically withdraw money at the time of purchase. Credit cards have you pay the bill at a later time. Before using a debit card, know the balance in your account. You don’t want to get declined in a store or deal with overdraft fees. Using a debit card is a great way to avoid overspending and that’s why it’s recommended that debit cards be used during the holiday season when buying presents.

Cash is another method to  avoid overspending. Once it’s gone, it’s gone. People are not always big fans of carrying cash because of the risk of losing it. Even so, some places don’t accept credit or debit cards, and having a little cash would come in handy.

No matter what option you use, be responsible, know your limits and control your spending. Stay Wise!

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