Keep Track of Credit Card Payments

Suppose you’re in the habit of carrying balances on credit cards from one month to the next. In that case, you’re unknowingly incurring hundreds of dollars in interest. And though it may seem inconsequential at first glance, over time, you’ll end up losing the money you could have saved or spent on something else. The best advice? Pay attention to credit cards. Ensure to pay them off in full each month. This way, you can maintain a good credit score while avoiding unnecessary charges.

Credit Card Choices Matter. Pexels/Andrea Piacquadio

Use Credit Cards That Offer Rewards

A rewards credit card lets you earn cash back, points or miles on every purchase made. And the higher the purchase, the more rewards earned. You can then redeem those rewards for future purchases. This is one service you should definitely take advantage of when on a tight budget. Choose a credit card that offers rewards for your most regular purchases and put that money aside to offset future costs. An even better option is to get two different rewards cards—a flat-rate and a bonus category rewards card.

Reassess Your Bills

This option relates to monthly utility bills. Of course, we don’t expect you to live without the basic necessities. But when working with a small budget, you have to take steps to ensure not going completely bust. Finance and budgeting experts have suggested that reassessing monthly bills can help uncover wasteful spending. So if you identify any excesses, nip them in the bud. Do you really need to run so many loads of laundry each week? However possible, you should consider making changes that will help reduce bills.

Rethink Choices. Pexels/Liza Summer

Do a Spending Cleanse

Know how you start the year with a deep cleanse to rid the body of toxins and other unwanted substances? Well, your finances could do with a similar measure. At the start of each month, select an item you won’t spend money on. It could be anything from a new outfit to alcohol or even furniture for the home. The best part of this option is that you get to rotate the item each month. So it’s simply a matter of abstaining for a specific period rather than completely cutting yourself off from that luxury.