1. Fill up on a Wednesday – Statistics show that gas prices are actually cheaper on Wednesdays than any other day. (However, this may not be the case for each and every week, so take advantage of it if you see a great deal).

2. Drive the speed limit – Speeding puts your life and bank account at an unnecessary risk. Each time you press down on the gas pedal thing about the dollars and pennies that are literally falling out of your pocket just to pay for your impatience. Accelerate gently, and keep in mind that it will take 20-30 percent more gas to drive at 70 mph than 50 mph.

3. Remove unnecessary items in your car – Lugging around extra items in your vehicle while you drive around can put a damper on your fuel tank. Keep in mind that an extra 100 pounds in your  vehicle can actually reduce your MPG by up to 2 percent. Some say that putting your tailgate down on your truck can get more gas mileage, however this is disputable.

4. Idle away – Coast through a drive-through and save money on gas prices. Idling instead of  pressing down on the brakes will save you a lot of money. You should also be aware that even when your car is idling it still uses a “fixed amount” of gas, especially if your AC is on.

5. Use cash instead of credit cards – Some retailers will offer deals to customers who use cash instead of credit cards, and may even offer deals that are 5 to 10 cents less per gallon if paid by cash. If you’re really strapped for cash, you shouldn’t be using your credit card anyways unless you want to pay a ton of interest rates.

6. Don’t use your air conditioner – This of course depends on where you live and what season it is…but try to turn off your AC approximately 5 minutes before you park your car. Also, try switching your air condition to an “economy” or “recirculation” setting to help cut down on gas costs.

7. Apply for credit cards that offer gas savings – Some credit card companies will offer discounts or even frequent flyer miles whenever you use their card to purchase gas.

8. Join the club – If you’re a regular shopper at a particular gas station or grocery store, check to see if you can sign up for their membership and get great discounts on gas.

9. Don’t fill up on a holiday – Because families tend to travel more on holidays and weekends, companies will hike up gas prices just to make a profit. Apparently if you fill up three days before  a holiday weekend you will save loads on gas.

10. Make sure your car is in tip top shape – We all know how expensive replacing car parts can be. But if you fall behind on your car maintenance, it could actually be costing you more in gas.  Think long-term and shell out the cash now, otherwise you could have some serious financial  issues down the road. Look for worn spark plugs, misalignment, bent wheels, leaks, etc.

11. Park in the shade – Shockingly enough the gas in your tank will actually evaporate if your car is sitting in the sun for too long. Then your AC doesn’t have to work as hard when you start up your car again. If you can’t find a shady parking spot, then try parking your car so it faces the opposite  direction of the sun. Try and purchase a windshield shade as well, and be sure to keep your sun or moon roof closed at all times.

12. Do it all in one trip – Try to do all your errands and shopping when you’re either driving to work, or coming home from work. Avoid filling up your car on weekends altogether, as gas prices may be slightly higher.

13. Don’t spend forever searching for a parking spot – Even if the first parking spot you see is far away from your destination, suck it up and walk for an extra two minutes. Driving around a parking lot for an extra minutes will cost you more than a few extra pennies.

14. Fill it up all the way – If you’re the type of person who likes to spend $10 on gas one day, and then $20 on gas two days later, you could be doing a lot of damage to your bank account. Fill it up all the way and save a ton of money. It’s better for the environment too.

15. Don’t wait until you’re empty – Once your gas tank is down to a quarter tank will not only  save you money in the long run, it’s also better for your car because you’re reducing the risk of condensation in your fuel tank. Not only that, by running your car on less than a quarter of a tank it can actually damage your electric fuel pump.

16. Your GPS is your friend – If you already own a GPS, take it with you everywhere (even if you know where you’re going) so you can use it to help you calculate the shortest driving distance from where you need to go. If you don’t own a GPS but you know your way around the area, try to look for alternate routes that are shorter and straighter so you don’t have to press down on the gas pedal as much.

17. Don’t leave your car running – If you’re parked waiting for train to pass, or if you’re waiting to pick someone up after work. Just turn your car off! It’s so simple, yet a lot of people forget to do this.

18. Brake it – This is specifically for drivers who are stuck in traffic jams when they’re driving to and from work. Keep a distance between you and the car ahead of you rather than pressing down on the accelator just to brake a few seconds later. Not only will it get you 10-20 percent better gas mileage, it will also force everyone else around you to do the same. (Everyone wins!)

19. Check your tire pressure – You should be checking your tire pressure on a weekly basis. Statistics show that if your tires are five pounds underinflated, you’ll actually be using up to 30%  more gas!

20. Replace your air filter – Believe it or not replacing a clogged air filter can actually improve your gas mileage by 10 percent!

21. Get a rental car – If you’re driving around an SUV or a gas-guzzler, maybe you should park it for a few months and drive a rental car until the gas prices go down. (If they ever do…) Choose a smaller car that is great on gas and watch your savings go up.

22. Drive in silence – Charging your iPod or even playing the radio can actually increase your gas mileage. It may not be a lot, but desperate times call for desperate measures.

23. Carpool – Split the cost of gas with a friend or co-worker and cut down on your gas costs by 50%. If the thought or driving with your co-workers to and from work everyday makes you cringe…suck it up until the gas prices go back down.

24. Take the bus – Public transportation is there for a reason. Taking advantage will not only save you money, it will also help the environment too. Look for daily, weekly, or even monthly passes to cut down on transportation costs.

25. Ride a bike or walk – Spring is right around the corner, are you taking advantage of this beautiful weather? Take advantage of the beautiful weather while it lasts, and use your car only on rainy days or when you’re running behind so you don’t feel as guilty. Park your car and save hundreds of even thousands of dollars on insurance and gas costs.

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Bio: Lisa Shoreland is currently a resident blogger at Go College, where recently she’s been researching teaching scholarships as well as biology scholarships. In her spare time, she enjoys creative writing,practicing martial arts, and taking weekend trips.

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Maintaining personal finance with frugality

Frugality helps you to get the maximum value for your dollar as you spend less. The different ways to maintain both your finances and frugality are:

• Rent rather than own – Staying in a rented house is les costlier than buying a house. Buying a house does not only involve the cost of financing it and buying insurance for the same, it also includes the extra costs of maintaining and repairing the house.
• Stop impulse-buys – Stop yourself from buying things just out of impulse. If you buy an item out of your impulse you may find it useless later. Avoiding impulse buys helps you to save quite a lot of money that you can use towards making your credit card payments or other loan payments.
• Avoid getting new credit cards – In order to avoid getting into more debts and to save money, avoid getting any new credit cards other than the ones that you already have. Credit cards generally charge you high interest rates and so there is a possibility of incurring high debts if you miss payments on the accounts.
• Try saving on gasoline – Save some money on gasoline and if needed change your motoring habits. You should avoid warming up the engine for longer periods, or starting and stopping the engine simultaneously several times. You can also buy the gasoline for your automobile in the morning or in the evening when the weather cold enough to make the gasoline dense.
• Save some money on energy – You can save some amount of money on your electricity bills. Instead of using incandescent bulbs use compact fluorescent lights. Remember to switch off the fans and lights before leaving a room. It is also better to avoid keeping the refrigerator door open for a long time. Changing the filter of the A/C can save you money. One of the most effective ways to save energy is to use a Smart Power Strip that provides a power surge protection. It puts off all of the selected equipments if not used for some time.
• Take advantage of coupons and discounts – You can also take advantage of coupons and discounts to save money on daily expenses. You can strategically club together coupons with discounts offered by different stores. You can also save some amount of money through stockpiling.
• Review your credit reports – Other than saving as much money as possible you should also remember to review your credit report from time to time. You as a consumer are entitled to get a free copy of your credit report from the credit bureaus at least once in a year. So, remember to check your credit report at least once in a year. This helps you to remove wrong listings if any on your credit report and also helps you to better your credit.

So, you can see that frugality is minimalism. As you practice minimalism, you are able to save money for your future, for your financial obligations and also your tax payments. As it helps you save money it is one of the best solutions to credit card debt as said before. Thus, it is true that your personal finance benefits a lot from minimalism.

Photo credit:  http://freeloanfinance.com/

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Author Bio :

Ryan Smith is a contributory writer associated with the Debt Consolidation Care Community and has written several articles for various financial websites. He holds his expertise in the Debt industry and has made significant contribution through his various articles.

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So, how do you stay strong the next time you run into your local retailer? It’s actually a lot easier than you think if you follow our tried and true rules to take control of your spending and combat impulse shopping.

1. Wait it out. So maybe you would look amazing in those new heels. But are you sure they’re really going to make you as happy as you think they are? The simple way to

find out is to wait. Make a commitment to think it over for a week. Then, if you still think they’re a vital purchase go back for them. Or, if the item in question is on sale, give

yourself to the sale end date to go back for them. More often than not you won’t even bother.

2. Pay cash. One simple way to curb those impulse buys is to leave the credit cards at home and only pay in cash. When you do this your bank account will be instantly affected, as well as your daily budget. It’s a great incentive to spend less and save more!

3. Consider layaway. It’s not just for Mom anymore. Store layaways have made a big comeback since it allows you to really assess whether you’re willing to shell out the cash for the item over a period of time. Plus, since you’re forced to save up for the item before you can take it home, you’ll know for sure it’s worth it.

4. Compare prices. You may be tempted to jump on that 20% off deal with a particular retailer, but are you sure it’s really the best deal? Often, stores will jack up prices and then attach a sale to that higher cost so you are actually paying the same as you would at another store. Do your homework and compare prices before buying big-ticket items.

5. Know your triggers. For some people it’s a candy bar at the cash register and for others it’s a new book. Know which aisles in the store yield the most temptations and try to avoid them when you’re shopping. The old adage, “Out of sight, out of mind” really works in this case.

6. Stay out of the stores. It may sound simple but many people visit their local mall for entertainment rather than necessity. By staying out of mall or retail stores, you won’t be tempted and you may be inspired to find healthier activities. Remember, you can’t spend if you don’t shop!

Finally, ask yourself why impulse buying is such a temptation to you. Maybe you’re bored, lonely or are simply in need of a new hobby. Whatever the reason, make an effort to commit to saving – not spending!

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Maria Rainier is a freelance writer and blog junkie. She is currently a resident blogger at First in Education, where recently she’s been researching online kinesiology degrees and blogging about student life. In her spare time, she enjoys square-foot gardening, swimming, and avoiding her laptop.

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1. Trim your gift list. It may sound obvious but one of the best ways to spend less is to buy fewer gifts. If you and your family traditionally buy gifts for everyone, consider only playing Santa to the kids. Or, draw names so everyone makes a purchase for just one adult.

2. Set a limit. It’s easier to stick to your budget if you know exactly how much you can spend on each person. And with Internet shopping now so simple, you can search for gifts based on the price point and not get enticed by more expensive options.

3. Buy in bulk. If you know you’d like to get many of your holiday gifts from the same online retailer, buy them all at once. It’s a great way to save on shipping costs – and sometimes you can get discounts when you spend over a certain amount of money.

4. Pay with cash. When you spend only cash on your purchases, you won’t have to worry about costly interest rates when you get your credit card bill. Or, if you prefer the convenience of plastic, just use your banking check card.

5. Get creative. To cut costs even further, consider making gifts for everyone. For example, if Aunt Bea loves scarves, learn to knit. Or if Dad loves music, make him a CD of his favorite tunes.

6. Hit the sales. Some stores typically start holiday sales after the Halloween festivities end. And you’re not a fan of Black Friday crowds – don’t forget about the savings on Cyber Monday, which falls after the Thanksgiving weekend.

7. Recycle gifts. Try a white elephant swap to get rid of some unwanted gifts. Or, ask friends to pick out treasures at second hand stores. You’ll be amazed at how one man’s trash can be another’s treasure!

8. Opt for apps. Instead of a big sit-down holiday dinner, plan a lighter menu that features lots of appetizers. Your guests will have just as much fun, and you can save a bundle.

9. Hit craft fairs and flea markets. They’re a great alternative to the traditional stores, and you can buy interesting gifts you probably wouldn’t be able to find at your local mall.

10. Recycle your wrapping. One of the easiest ways to save on gift wrapping supplies is by reusing the ones you received the year before. You’ll be amazed at how quickly those gift bags can add up!

Remember that the holiday season is more about spending time with family and less about overdoing it financially. By setting spending goals up front and sticking to them, you’ll enjoy a stress-free holiday season. And remember, the earlier you start saving next year, the better off you’ll be. Happy Holidays!

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Maria Rainier is a freelance writer and blog junkie. She is currently a resident blogger at First in Education, researching areas of online degree programs. In her spare time, she enjoys square-foot gardening, swimming, and avoiding her laptop.

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It’s one of the basic necessities needed for life, but for most of us, clothing has become an excess that we spend too much on. We have closets of clothes, most of which we buy on a whim and never use more than once. Long gone are the days when clothes were supposed to protect against the elements; it’s all about fashion now. And that’s the reason why we end up spending much more on clothes than we should. It’s not wrong to want to be fashionable, but when fashion digs a deep hole in your pocket, it’s time to take make amends and start saving on your clothing expenditure. You can start by:

1. Using all the clothes that you own – when you buy clothes and let them hang idly in your closet, you’re wasting money.
2. Taking good care of the clothes you own – wash them according to instructions and maintain them well.
3. Buying clothes that suit your figure and face – it’s all well and good to follow fashion, but when clothes that look great on supermodels make you look stupid, you have to say no to them.
4. Buying clothes that are bound to remain fashionable for a few years – when you shop for extreme fashion that disappears in a month or two, you have to restock your wardrobe more often.
5. Not buying clothes on a whim – set yourself a goal where you aim to buy only one or two new sets of clothes every year. This way, you can rein in your clothing expenditure.
6. Making do with clothes that you already have when you want something new – mix and match pants and tops, skirts and shirts, tees and jeans to create stunning new outfits. Accessorize them with cost-effective yet striking jewelry and bags; no one will guess you’re wearing something you’ve owned for ages.
7. Choosing neutral colors for most of your clothes – louder colors don’t lend themselves to most occasions and so end up languishing in your closet.
8. Shopping out of season – buy winter clothes in summer and vice versa, when they’re cheaper, yet still in fashion.
9. Shopping at sales – you can pick up great bargains if you wait for year-end sales to buy clothes.
10. Avoiding brands – you don’t have to pay top dollar to be dressed well; very often, you can find unbranded quality clothing at less than half the price of their branded equivalents.

Use your head rather than your heart when it comes to buying clothes; clothes should make the man, not break his wallet.

Photo credit:  www.sxc.hu

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The key to good financial health is to know when and where costs can be saved – you may be good at spending only within your means; you may pay off all your bills on time to avoid huge interest rates; and you may know how to stay within your budget. But in addition to all these good financial traits, if you know how to cut costs on expenses that are necessary, then you’re never really going to find yourself in the difficult position of debt.

When it comes to medical expenses, there are some that cannot be avoided and others that can be prevented if you use your common sense and take the right precautionary measures. Most families spend way too much on medical care than they need to, and if you want to know how to reduce your expenditure, here are ten tips that are sure to help:

1. Shop around for the best insurance policy – when you take time to select the best policy based on the needs of your family, you don’t have to pay more than you need to by way of premiums and you ensure that you’re going to get the best and comprehensive care if you fall ill or need hospitalization.
2. Pay up on your premiums every month without fail – even one missed payment could prove to be costly if your policy lapses and you meet with an accident or a child falls ill.
3. Ensure that your family eats healthy food – it’s cheaper and healthier to buy fresh ingredients and cook all your meals at home than to eat out or buy takeaway junk food.
4. Exercise regularly and make sure your kids are involved in a sport or in a physical activity like dancing, swimming or skateboarding. If nothing, get them out to play once every week; make a day of it in the park or at the beach with your pets and balls and Frisbees. The outdoors air is good for health and you also indulge in some much needed physical exercise.
5. Avoid smoking and drinking too much alcohol – you not only set a good example for your kids but also safeguard your health and prevent cancer, lung disease and cirrhosis of the liver.
6. Don’t self-medicate – even with OTC medicines that you think are safe, you could go horribly wrong when you mix drugs or when you’re allergic to a compound in them.
7. If your doctor prescribes medication, ensure that you follow the prescription to the letter – don’t stop taking your drugs when you start feeling better and don’t take them for longer than necessary.
8. Don’t abuse antibiotics – they’re very powerful drugs that can mess up your immune system and leave you prone to all kinds of diseases if you take them without a prescription or if you stop taking them for the recommended period of time.
9. Keep your medical records in order and be aware of hospital procedures and treatment methods to ensure that you prevent medical errors and oversights.
10. Consider seeing a nurse practitioner instead of a primary care physician – they’re well qualified, they tend to spend more time with you listening to and taking care of your problems, and they’re more cost-effective than doctors.

Note from Alma:

Living a frugal life is a choice.  What I would like to say is that not prioritizing medical needs defies frugal living.  The tips above intends to help you minimize medical expense as YOUR health and that of your family should and must continue to be a priority.

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Pinoy Frugal Blog has featured several blog articles before about the art of saving while traveling. Traveling is, as we are all aware, one source of money drain. But the fact of the matter is that it doesn’t have to be a huge expense, and we all know that in the end, taking some much-needed vacation time to get away and be with the family reaps benefits that are well worth the costs. One thing to remember when you begin the trip planning part is that you don’t necessarily have to go to a heavily advertised “getaway resort” to have a great trip. If you have young kids especially, remember that children don’t really care about things like a nice hotel or fancy restaurants. For kids, any sort of trip is an adventure. Here are a few things to keep in mind when deciding where your next trip destination should be.

1. Look for options in your own backyard.

While we are all certainly seduced by the idea of going far from home to properly escape, you’d be surprised at the options you have that may be just a few hours’ car ride or a short plane ride away. Camping is an especially good money-saving option for young kids. Kids delight in the outdoors. For me personally, I had much more fun as a small tyke hiking with my parents on the family farm than I had when we saved up lots of money just to go to Disneyworld.

2. Go places where you have family or friends.

While the whole point of a getaway is completely escape your current life, and that may also include getting away from family and friends, there are many money-saving possibilities for going to locations where you at least know someone. For one, you’ll avoid the running around inherent in trying to figure out a place for the first time without an “insider’s” perspective. Also, your contact will necessarily know the best and cheapest places to eat, sleep, and play.

3. When planning an itinerary, incorporate lots of free time.

Although as adults, we want to see and do as many things as possible during a trip in order to make the most of our time, kids get easily tired, hungry, and bored. If you try to squeeze in too many activities, you’ll end up 1. Spending more money, 2. Tiring out the kids and 3. Causing more stress than it’s worth. By incorporating lots of free time every day of your vacation, you’ll surprised at how much more time you enjoy with the kids, how much less you spend, and how quick and easy it is to find spur of the moment activities that produce those unforgettable family moments.

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My eldest daughter is now 9.  She has a fixed allowance of a hundred pesos per week, and after a huge trial and error hilarity, she now know how to manage her allowance.  End result?  By the end of the week, she reports that she still have some cash left because she was being “economical.”  Such a huge word for a 9 year old.  I may have to consider talking to her about the science of supply and demand, but I think she knows that already but does not really understand that it is the same all over the world.

So how did I do it?

A year ago, I made a stupid mistake of forcing her to save.  Forcing a child to save will never work as they needed to learn the most important art of all.  I think it is important to encourage the art of spending first before teaching children how to save.  The more she understand the difference between wants and needs, you’d know you are in the right direction.

When teaching a child the art of spending, you must teach your child the ability to recognize that in every store, you always have a choice.  You need to check out prices between goods.  It is also important to allow your child to recognize the differences between certain products and why she thinks the other is cheaper or more expensive than the other.  For example, (I usually do this exercise at the groceries’ milk section).  From there, I ask my daughter what she wants first (I already know what her answer was going to be ofcourse) and we both said, “Pauls.”  Then I asked her why she prefers Pauls.  And she said cause it tastes good and Daddy said that Australian goods are better than the locals.  So I asked her, how much is the Pauls milk and she said its P69, Mom.  And before I could ask her the follow up question, the smart girl said, “Oh, Mom, we can get Paul because there is only P2 difference between the local milk and imported.”  Smart… she is making a huge display of preference here and she is prepared to justify that choice. Ok.

Then I asked, why do you think the local milk is cheaper by P2?  Then she looked at the shelf again said, “Ah, I really do not see any difference cause their boxes look the same. And both said 1 Liter.”  (Ahhh, observant…)  Then she said, “Ah, I know what the P2 difference is!!!  Its because Pauls is from Australia!  And it takes more money to bring it here than the locals.  Ahh, am I right?”

Then I said, yes you are right, kiddo.  So why don’t you go ahead and check out the rest of the aisle before deciding…  She walked down the aisle looking at the entire shelf of fresh milk and she said, “Hey, Mom!  Selecta Milk is only P34!  Hey, probably we should buy it… but I bet it won’t taste as good as Pauls…”  She started moving away from the aisle and I recognized that she was losing interest already, so I asked her, “Why do you think its cheaper, baby?”  She looked at both and said, “Ahh, they both look the same…  except that Selecta said its Fortified while Paul says its Fresh milk.”  Then she looked up to me and asked, “What’s fortified?”  Then I looked at her while trying my best to remember if fortified milk is best because its fortified with other vitamins and minerals to balance out the saturated fat in pure whole milk.

Learning the differences why products are priced differently from others is good. This help children to go beyond what they see-packaging. Although my children are highly influenced with brands because of what they see everyday (say– Jollibee, McDonalds, Colgate and Coke) Just because they see these brands on their faces, does not mean they are the best and not realistically most economical. (BAH)

Anyway, when children learn to identify and formulate how those prices are the way they are, they’d be able to more or less compare other products from one another and from there make smarter spending decisions.

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Here are simple ways you can curb that anxiety:

Assess and Decide on what is needed before the month of May.

Make a list of ALL the school supplies needed.  Before making your list, I suggest you inspect your children’s old school items before deciding what needed to be replaced and bought. For example, I found that my middle child’s school bag still looked good as new.  One thing about me is that although we only have enough money to go around, when it comes to clothing,  shoes and other frequently used items, I prefer buying high quality items.  I inspected their shoes and school uniforms and decided that some of them are still good to wear for another year and some of my eldest daughter’s skirt needed to be repaired.  Setting aside all those that needed repair, I decided how many blouses, skirts, polos and shorts are needed for this coming school year.

Call School Admission a Month before Enrollment.

I always call my children’s school admission office to check for school fees increase and schedule.  This helps me decide on how much I needed to pay during the enrollment.  Its also advisable to check how much the book fees not to mention those dreaded miscellaneous fees.

Make a Plan.

If you have not done this yet, make a short financial plan.  This should all be broken down as follows:

1) School Fees, including miscellaneous fees

2) School Uniforms including P.E. Uniforms

3) School Supplies

In my case, since I have 3 children, I broke down my budget per child. Once you have added up all the possible expenses, I suggest adding 20% for contingency.

Next plan out how you will be able to pay for those expenditures.  In my case, I have started saving for my children’s school expenses last year.  I try to be at least 6 months ahead when it comes to saving for my children’s education.  I suggest you try to make the habit of setting aside a certain percentage of your monthly income for your children’s education.

Plot your Schedule on your Calendar.

Doing the above will help you curb unnecessary trips to the mall.  It will also help to check out the stores at least two months before shopping and decide where you wanted to buy the school items.  I have also learned that 2 months before June, malls begins there mid year inventory which means there will be huge sales prior to these inventories.  This might be the best time to buy those expensive yet durable black shoes and school bags.

Plan your shopping day wisely and never go to the mall on a weekend.  Avoid the crowd and last minute shoppers.  Spend enough time in the store of your choice so you can still do a quick price comparison. When doing your shopping, stick on your list and let your budget known to your children.

Buy in Bulk for the Whole Year.

In my case, since I have 3 children in school, I save more money buying school supplies in bulk.  Instead of buying one pencil for each child, I opt to buy one box of pencils instead.  The same goes for crayons, markers, notebooks and paper.  Place these supplies somewhere where your children cannot touch them.  I have a school supplies cabinet in my house.  Children can make requests for supplies when necessary only.

So,

If you have done those necessary steps mentioned, you should be able to survive May and June without breaking the bank.  It is also essential to include your children with your planning so they will understand whats vs needs.  Shopping with children does not have to be stressful especially when they know you are hell bent on sticking to the list.  As always, remember to reward good behavior!

How did you do this month by the way?

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Below are a few straightforward rules of thumb you can adhere to in order to ensure that you enjoy the FULL benefits and avoid the problem that many experience with credit cards.

1. Find a good credit card.

Not all credit cards are the same.  Many have hidden fees and charge exorbitant interest rates.  When choosing a credit card, check their website first and compare interest rates, including annual fees and ofcourse the places where you can use them.  There are simply alot of credit cards in the country and you can bet that they wanted you to have one for several reasons.

Be careful with annual fees.  In my experience there are actually some credit card companies who waives annual fees IF YOU ASK FOR IT. You got that right.  You need to ask for it.  If you have good credit standing, the CSRs can easily waive these in mere seconds.

Check out their rebate offers. Some credit card companies offers monthly cash back!  Some are tied in with gasoline companies and stores from which you can earn reward points.  At one point in my life, we earned more than P35,000 of rewards point from Citibank which my husband used to shop in Marks and Spencer.

2.  Study your Credit Card Statements every month.

Be sure to review your statements as soon as you get them.  Take the time to check out the charges and if you keep credit card receipts, this is the best time to do a quick checking, and if you do find some weird charges, call your credit card company so they can check the charges and so you can also dispute the charges quickly.

3. NEVER use your credit cards for ATM withdrawal.

If possible, you’d want to avoid using your credit card for ATM withdrawals or quick cash. Most credit cards charge higher interest rates and sometimes an additional fee when you withdraw cash from your credit card.

4.  Pay your Credit Card balances in FULL each month.

This is one of my mantras.  If you do not have the funds to pay your credit card bills in FULL each month, then YOU SHOULD not use them at all.  Credit card interests can easily snowball and before you know it, you are in neck deep in credit card debt.  NOT GOOD at all.

If this post in not enough, then read Ramit’s blog and he will say it again,

Don’t carry a balance (if you do, pay it off as quickly as you can). Pay the maximum every time. If you can’t pay off a purchase by the end of the month, don’t buy it.- I Will Teach You To Be Rich

However, if you are already in debt, then I suggest going to your bank and re-negotiate the rates.  These banks what their money back and will do almost anything in order to get them.  And on alot of cases, banks can actually lower their interest fees and even create a pay plan that you can follow.

5. Make use of those Rewards Points!

Alot of people actually fail to maximize those reward offers.  I am only familiar with Citibank and they offer an entire BOOKLET that summarizes ALL the establishments they are in partner with.  You can enjoy 10% discounts on restaurants and alot of stores.  They even have partner hotels, spas and resorts that offers up to 30%-50%  low season discounts.

BOTTOMLINE:

There are alot of advantages on having credit cards.  But the disadvantages can outweigh the benefits if you have no discipline and the money to keep on paying your bills at the end of each month.  So use credit cards just like you have the actual cash.  When used properly, you can receive and enjoy great rewards and discounts.  If credit card is not your cup of tea, then what the heck, there’s always Debit Cards!

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