Creative Ways to Lower Your Credit Card Bill this Summer
by April Lewis-Parks
Being strapped down with credit card bills can create stress and make it more difficult to save money. In addition, heavy balances take away from your ability to use your money in more meaningful ways, such as booking a trip or taking part in a new activity or class. One of the most common obstacles consumers face in paying down their balances more quickly is that they too often they follow the basic method of resolving their debt.
While budgeting your payments and paying more than the minimum are effective and necessary ways to chip away at your debt, getting creative about eliminating your balances can help you get rid of them more quickly and put your income toward other avenues. So this summer, follow MissMoneyBee’s overlooked tips for ridding yourself of debt once and for all.
1. Use your rewards to pay off your balance. If you have a rewards credit card, and are not actively using or planning to use the rewards, many lenders allow you to put the amount you have accrued toward your payment.
2. Plan for summer fun. It’s easy to drive up your credit card debt during the summer by impulsively buying concert tickets or booking a long weekend with friends and loved ones. But these unplanned splurges add up over time, and can cause your existing credit card debt to balloon to new levels. Instead, plan a list of events you want to take part in this summer and start budgeting early to avoid relying on your credit cards.
3. Perfect your cooking skills.Buying your lunch every day, going out to pricey dinners and purchasing a $4 latte each day can have a heavy impact on your wallet – and your health. You can save money by challenging yourself to try new healthy recipes to make your own lunch each day. And rather than going out to dinner with friends each weekend, host a potluck dinner to show off your new cooking skills and save money on the food tab.
4. De-clutter your home. Haven’t ridden that mountain bike in years? Sell it! The summer months are the perfect time to have a yard sale and get rid of unwanted items. You will not only create more space and Zen in your home, but you can use the money you make to make a larger payment toward your bill.