Tips for Getting Fiscally Fit
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Posted in Money Matters
Here are a few tips for getting into financial shape:
- Pay off all credit card debt immediately, even if only by moving it to a cheaper debt vehicle, such as a line of credit.
- From here on in, pay credit card balances off in full, at the end of each month.
- Avoid financing from retailers since most retail credit card interest rates are higher than most credit card rates.
- Be careful of the “Don’t pay a cent” interest trap. The interest has already been factored into the price of the item.
- Use any windfall money (tax return, year-end bonus, etc.) to reduce your debt, eliminating the highest interest debt first. (Don’t use it to buy an iPhone without telling your spouse!)
- Switch from a fixed-rate mortgage to a variable-rate mortgage if you can absorb periodic rate fluctuations.
- Leave your income in your bank account and use your credit card for all monthly expenses. Then, transter money to clear the balance. You’ve effectively used someone else’s money for free all month and you wiil have gained any rewards that are offered with your credit card.
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