How To Use an Online Credit Card to Control Your Monthly Spend and Get a Hassle-Free Life
Do you believe credit cards and budgeting don’t go well together?
When used mindfully, credit cards can be a great budgeting tool. With most credit card issuers categorizing purchases, you can track your spending in real time. This could help you stay on top of your expenses and avoid overspending.
Whether you’re trying to save for a big purchase or just keep your finances in order, utilising your credit card to its full potential can be a game-changer. Keep reading for expert advice on managing your monthly budget with your credit card.
Categorise Your Expenditures
Credit cards simplify budgeting by giving you a clear picture of your spending patterns. With access to all your credit card transactions, you can easily track your spending patterns and amounts. If dining out is your high-spend category, adjust your budget or choose a credit card that rewards for such purchases. Use your credit card’s convenience and insights to control your finances.
Set a Spending Limit
Set a monthly and daily expense limit and track your progress by regularly checking your credit card balance online. If you find yourself getting close to your limit in the middle of the month, reduce your daily spending or change your budget by raising it to a more reasonable level.
Calculate Your Expenses
Start your budget by including fixed monthly expenses like rent or mortgage, car payments, utility payments and insurance. Keep track of variable expenses, such as groceries and leisure expenses. Additionally, you must include recurring costs in your budget, such as gifts, travel, and educational costs. Set aside a small sum each month to build up a reserve for unforeseen expenses and prevent debt. Planning ahead and carefully managing your finances can save you time, money and stress in the long run.
Configure Account Alerts
Keep track of your expenses and payments with convenient email or text notifications from your credit card account. Many credit card companies let you set up alerts for when your credit limit is reached or exceeded or when payments are due. Use these convenient alerts in your online credit card account to stay informed and control your finances.
Automate Bill Payments
Effective budgeting means tracking every expense, including monthly recurring bills like phone, internet, and other utility bills. You can use a credit card to set up automatic payments for these bills to lower the chance of missed payments and earn rewards simultaneously.
Use Cashback Rewards as A Bonus
Utilise your budget to the fullest by considering credit card rewards as a bonus rather than a source of income. Set aside rewards to cover travel expenses or use them as a backup in emergencies. If you have multiple cards, assign automatic payments to the one that offers the highest rewards points or cash-back.
Mastering the art of managing money can be challenging.
But, incorporating a lifetime free credit card into your budgeting plan can help you keep track of your spending habits and accrue rewards. Pay attention to what is and isn’t working, and be flexible in adjusting your budget as spending fluctuates.
IndusInd Bank offers multiple Lifetime Free Credit Cards to choose from giving attractive reward points, cashback and brand offers.
Apply now for a free credit card to achieve your financial goals.