credit-cards

5 new years resolutions for your credit card spending

Making a New Year’s resolution is a great way to start the year with a sense of purpose and a goal you’d like to reach by the time it’s 2018.

When it comes to making a goal that relates to your credit cards, there are plenty of worthy resolutions that will put you in better shape for next year. Here are five ideas to get you started!

  1. Set a budget

When was the last time you set a budget and stuck to it?

Spend an afternoon noting down how much you earn and how much you have to spend on bills and living costs. Then, look at the remainder and decide how much of that you’d like to save each pay period. Even if you set the bar fairly low, any budget is better than no budget, and you may notice how simply having a goal in mind helps you rein in your spending.

  1. Redeem your rewards

If you’ve been using a credit card that offers rewards points, make this the year you cash in on them.

After all, those points and offers are probably the reason you signed up in the first place, so it makes sense to finally get your money’s worth and claim those goodies.

  1. Switch to a low interest rate credit card

One of the most important features on any credit card is its interest rate.

Take a look at what you’re paying in interest and shop around to see if you can switch to a low interest rate credit card. Not only would a lower rate card help ensure you’re paying less in interest each month, you may also benefit from a zero per cent rate on transfers when you move your balance over.

  1. Spring clean your wallet

Even though your wallet may be packed, you often only use a few of the cards in there.

Go through your entire wallet and clear out any cards you haven’t used in the past year. You may be able to close down a credit card account or two and save on paying fees for them, and you’ll almost certainly be able to carry around a slimmer and lighter wallet.

  1. Pay off your credit card debt

The ultimate goal is to reduce your credit card debt and eventually pay it off entirely.

Talk to your bank or a financial advisor about creating a plan that will chip away at your debt and bring it down to zero so you won’t be paying any interest at all.

Make a credit card resolution you can stick to and talk to the team at Beyond Bank to make it happen.



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