How to save money with more than one credit card!

How to save money with more than one credit card!

Posted by: consolidatecreditcard_admin on

Credit cards are always faced with numerous questions, shot by consumers every now and then.

These questions surround many trust factors and the usability of credit cards.
Like, how to save money on credit cards, how to use credit cards the best way, how to use multiple credit cards, and all such lookalikes!
This topic will be concentrating on one unique and interesting question, that is circulating the market in the present days.
I actually liked the question when I first saw it in a finance forum. I felt good realizing that consumers are actually becoming smarter than before, and have now started to take credit cards seriously and positively, more than ever.
The question is, how can you save money by using more than one credit cards(?). Wonderful, ain’t it?
The one line answer to this can be said, that you might save money profusely with multiple credit cards, if they are used the right and sensible way.
Let’s start to evaluate this topic point to point then.

One credit card is one savings account! Here’s how:

Many consumers in this country along with other dignified financial advisors believe, that a credit card can be appraised as a savings account.
This is however undoubtedly a debatable concept, that still needs a lot of refinement and brushing up.
But, I won’t be entering the debate or argument right now, rather just give you little basics, for why can a credit card function as a full throttle savings account.
Imagine, you open up a bank account, that demands a monetary savings only upto a certain limit. Like, you can’t save in that account more than $2000. This is just an example, don’t get fury or anxious right about now!
I know it is totally hypothetical but you have to follow me up, for the time being.
So, this account where you can save only till $2000, is already filled in by the bank, but comes with a condition, that your effort should always be to keep $2K in that account forever.
If you can’t, then you will have to pay a penalty!
Hence, you are getting a fixed limit savings account from the bank, which the bank has already filled with its own cash.
Therefore, whenever you are using money from this pre-filled $2000 fund, that the bank has offered, you have to refill it again as soon as possible, else you will be paying a penalty fee, on the amount used.
Now, shifting to a savings account, you can pretty well say that you are using money from a fund that you have created.
The same thing happens with a credit card, as explained above in the shape of a fixed limit savings account.
Except that this fund is created by the bank itself. But, the moment you use a portion of the fund, you are liable to replenish the used amount to prevent incurring additional interest charges, unlike a traditional savings account.
One way or or the other, all the payments you are making to your credit card is reusable! The money is going nowhere.

How can you save money with more than one credit card?

Based on the point discussed above, you can say that having multiple credit cards is quite equivalent to having multiple savings account.
All the money stored in the cards is accessible to you without any charge, if you can make all the due payments in time.
But, that doesn’t suffice well for how you can save more money with more credit cards!?

Have you heard of the balance transfer method?

This is a great money saving tip!
It is where you take out a separate new card to transfer all your existing credit card balances into it.
This method is also referred to as a subpart of credit card debt consolidation, but we won’t be going deep.
In the balance transfer method, try to take out a card that has a 0% APR (interest rate), and a credit limit equivalent to your total existing credit card debt.
Once you have successfully transferred your old balances to the new card, your old cards become 100% usable.
Also, you have successfully waived off all the interest charges. Hence, you have saved significant amounts.

Credit cards were introduced into the consumer market to promote small scale growth by helping people financially, to achieve their goals and opportunities.
If everyone has to wait for money, before they can buy absolutely anything, then a nation’s economy will fall down heavy hearted!
This will significantly decrease a consumer’s buying power, and development will slow down upto a huge extent.

This doesn’t mean, however, that you should take out as many credit cards as you can, and incur big debt amounts.
A credit card can help you to save money, if you can maintain at least the minimum monthly payments and not make excessive high amount transactions.
Keep all the aspects explained in this post, with proper clarity, and then go on with credit cards for day to day purchases.
Have a happy and debt free life.

How to live frugally when you have become a senior citizen

How to live frugally when you have become a senior citizen

Posted by: consolidatecreditcard_admin on

Just because you have retired recently, it doesn’t mean that you can’t live on your own terms. In fact, this is the golden period of your life, and you should enjoy it thoroughly. There is no tight work schedule or deadlines. You can spend quality time with your family, do the things you love, explore your hobbies, and enjoy your retirement.

All you need to do is, embrace a frugal lifestyle to do everything you want with less financial worries. When you’re retired, your financial resources are limited. If you don’t manage them properly, then you can run out of money faster than you have expected. Hence, you should always try to be a frugal senior and lead a frugal retirement life.

In this post, we will cover a few effective frugal living tips for seniors to make life less stressful.

4 Frugal living tips for seniors – Save money and reduce stress

Here are a few frugal living tips that seniors can use to save dollars and reduce financial stress.

1. Discontinue insurance policies:

Just because you’re a senior citizen, it doesn’t mean that you need to have all the available insurance policies. Some insurance policies like auto insurance, homeowner’s insurance, renters insurance are a must. However, there are a few insurance policies you can easily discard. For instance, disability insurance if you’re not working anymore.

If you don’t have any debt and you’re not dependent on anyone, then consider dropping life insurance policy. Analyze your insurance coverage and think of the policies that you don’t require anymore.

2. Take advantage of senior discounts:

Take advantage of senior discounts offered by Walmart to save money on grocery shopping. Some Walmart stores at specific locations offer discounts to seniors on specific days of the week. Some stores offer as much as 10% discounts to seniors. So try to shop on the senior discount day at Walmart.

Make sure you check out the senior discount age criterion before shopping at Walmart so that you don’t miss out the golden opportunity to save money.

Apart from the Walmart senior discount, there are some other grocery stores where you can get lucrative discounts, and they are:

Gristedes Supermarket – Senior discounts (10% off on the total bill) are offered on every Tuesday.

Kroger – Senior discount is available on the first Wednesday of every month. You can expect to get around 10% off on your purchases.

Albertsons – You can get discounts on the first Wednesday of any month.

Shoprite – You can get a 5% to 10% senior discount on either Tuesday or Wednesday.

Harris Teeter – You can get up to 5% off on your purchases every Thursday.

Apart from the ‘shoppers senior day’ offers, you can get senior discounts on auto insurance also. If you take a senior safe driving course, then you can expect to get a $20 discount on insurance premium. AAA and AARP offer this driving course online. So it isn’t that you would have to go to a classroom for completing this course.

3. Eat and travel at the off-peak time:

You can save tons of money on airfare, food, airfare, and hotels during the off-peak hours. Many hotels offer special discounts to tourists at an off-peak time. Many restaurants cut down rates just before the lunch hour and dinner hour. So try to reach the restaurant just before the dinner hour. It will not only help you to save time but also it will help you to save money.

4. Save on your property tax:

Believe me, you can keep your property tax at the current rate and stop it from going up. All you need to do is check if this benefit is available in your state and then submit an application form. Open the state’s tax department and check out the eligibility criteria. If you meet the criteria, then apply immediately.

Conclusion

The aforementioned thrifty living tips can help you save money and lead a comfortable life after retirement. Apart from that, you can explore frugal retirement forums to know how to lead an independent financial life without any debt.