The skepticism that comes with the idea of having a credit card stops many people from applying for one, but then there are those who see having a credit card as being able to spend big money whenever needed. While there are pros and cons, you really have to know yourself to determine your intentions of using a credit card. Today we are joined by Jason Dittfurth of USAA, a project manager who designs credit cards with specifics relevant to USAA members. For perspective, USAA (United Services Automobile Association) is a financial company that provides services such as insurance and banking to the military community and subsequently their families. Jason makes it very clear that in order to form accountability with your financial plan there has to be high intention with how you spend with a credit card. The easiest way to make your spending habits a priority is to pay the bill on time. This way you can build your credit and eliminate debt.
“Is this something that your future self and your current self are gonna be equally happy with?”
Today’s Love and Money ideas:
- Every purchase used with a credit card has to be purposeful. In order to avoid debt, you have to know what you spend and keep a plan in place.
- Ask questions about the cost of financial products you want to use. Where money is concerned, you want to have all the information necessary before you make a purchase. You have to be sure that the product will be beneficial for you and worth the amount.
- The three types of credit card costs:
- APR – the percentage rate on a loan
- Fees – used for balance transfers, late card charges, annual card charges
- Rebates – reward offers
- The three type of credit card customers:
- Constraint – a person who cannot spend money using one source; they use funds from other accounts or gift/promo deals.
- Practical – a person who wants something simple, straightforward, and clear to understand.
- Aspirational – a person who always spends impulsively when they see something they want.
- Be honest about the type of support you need with financial planning. When you don’t understand something it’s best to get help for every step along the way. Know who you are and your capabilities throughout the process.
- Consider searching for low rate cards to help you learn to spend wisely. It essentially helps you to save money and lower your minimum payment amount.
- Create an exit strategy for any financial distress. Make a note of your wages and be realistic about where your funds can be valuable. Your financial goals should align with something specific that will improve your future.
- Though you can only physically take action in the present, being prepared for what’s to come will lessen scrounging later.
Do you know the difference between setting boundaries and putting up walls? Boundaries relate to values. Your values are fixed, but your preferences however can shift. Are you willing to negotiate on our preferences? What about negotiating when it comes to finances? Pushing the limits when it comes to your money means you’ll have more money. You have to try it more than once. It takes practice. Go out there and negotiate and get what you want.
Do you make good money but still feel broke sometimes? Does it feel like everyone else has the secret to financial success but you? Well I have something for you. We have an early access program for those who would like to try our group and one-on-one coaching at a deep discount. It’s only available for a limited time and you can still donate a portion of your membership to Allstate Foundation’s Purple Purse campaign.
Here are the links:
Free: visit http://kinecorder.com/money-course to join the free Prosperity Club, and take the Money Mentality Course and Quiz. Scroll down to the bottom of the page for the quiz.
$197 Wealth and Wellness Consultation: Visit http://kinecorder.com/consultation to get a consultation and a Prosperity Club Launch Level Membership. It includes
- Prosperity Assessment Course
- Navigating the Money Cycle Course
- Navigating the Life Cycle Course
- Facebook group
If you would like guidance getting on the path to happiness join our Early Access Program before it ends. Join now http://course.kinecorder.com
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