Don't waste your money
Don't waste your money
Don't make the rich richer
Don't waste your money, don't make the rich richer. Simple rules to live by, but so many don't. As a matter of fact most Canadians have credit cards and store cards and a large number of those do not pay off their cards regularly but make the monthly payments or just above the amount owing. Thus giving the banks and/or stores a large interest. Why do people give these rich bankers and stores more of their money? I do not have a credit card or even a store card and I refuse to use them as I believe that the card companies (VISA, Master Card Amex Canadian Tire etc) charge far too high interest. Besides, when I go to Canadian tire for example, a great Canadian Icon and I believe in supporting Canadian business they get money from me when I buy their product so why should I also give them more of my money by using their store card?
Simple steps to go by to save your money. Put money aside either in the bank or a home safe and use it to buy what you want. Do not use any form of a credit card. It may take longer for you to buy the item, but it also gives you a cooling down period so to prevent impulse buying, something else credit card and stores count on.
Some people also believe they need a credit card to rent a hotel room, you don't, I call the hotel ahead and tell them I will arrive on a specific date and time, when i get there I put down a payment and then settle the bill with cash when I leave. Most hotels/motels allow this.
Another waste of your money is buying a car. I refuse to buy brand new, we usually buy cars that are between 3-5 years old. We save and then pay cash. But if you can not do this then a suggestion is to buy one, used. But do not buy a new one when the payments are finished, once the payments are done, continue to put that same monthly amount into a savings account for when you decide to buy another car. You could buy it outright with cash then, preventing interest payments.
There are many ways to save, why give multi billion dollar corporations more of your hard earned money? There is no need. These companies want your interest payments, why give it to them, they don't need it, but you do, it is your money.
If however you still want to use your credit cards, make sure you pay it off before the interest comes into effect. This way your money stays with you.