The Credit-Free Summer

At the beginning of the summer, I made a promise to myself to not use my credit cards for the next three months. Yes, the joke is on me. However, I’ve limited my use and figured out how to better budget for the lifestyle I want.

I only have two credit cards but it’s amazing how quickly each swipe adds up. I was casually using my card all of the time, not realizing how much I was spending. Now that moving out is becoming a real possibility, this summer was the opportune time to start the proper savings plan.

So for the last couple of weeks, while it’s been somewhat challenging, I’ve figured a couple of tricks that have helped increased my savings and not my spending.

• I made an actual budget spreadsheet that was divided into categories like transportation, fitness, food, etc.  Then I decided on a set amount for each of those categories as well as an amount to put into my savings at each pay check. I suggest using automatic online banking so the money is pulled right as you get paid. If you don’t see all the money, it feels like it wasn’t there!
• I’ve tried to limit eating out to once a week especially in New York City. When lunch is ten dollars a day, it quickly adds up. It’s more economical to buy food in bulk or head to your local farmer’s market and make meals at home.
• Gas continues to climb so be strategic about where you’re driving. Carpool if you can and have adult sleepovers if it’s more convenient! Your wallet will thank you.
• When you do get a credit card, find one that has a rewards program. My American Express card has a great program specifically if you use your card for gas or at department stores. Some programs will let you use these rewards dollars towards your bill or you can purchase something from their rewards store. Usually, there’s a lot to choose from.
• I leave at least one of the credit cards home every day. See no evil, can’t use the evil, it’s as simple as that.
• You are allowed to SPLURGE, you’ve earned it! Just be smart about when and what you’re spending your money on. Also, websites like Groupon and Living Social typically have great deals on more expensive items or experiences like massages or fitness classes.

While it hasn’t been the easiest to limit my credit card use, it has certainly been worth it! The summer isn’t even over yet and my savings has increased. Feel free to share any other budget tips with my in the comments section!

 

Tagged: American Express, Budget, Credit Cards, Groupon, Lifestyle, Living Social, Money, Savings Plan, Spending