Monitor Your Credit Card Usage for Financial Success
Article Submitted By: CA Hagy
Monitoring your credit card usage is an effective way to cut down your unnecessary spending and save money. But how can you keep track of your credit transactions without waiting until your bill arrives?
One of the things that can keep you from being financially successful is spending more money than you actually make. One way that people do this is by using their credit cards with their “buy now, pay later” mentality. Unfortunately, many people don’t even realize they have a spending problem until they take a look at their credit card statements at the end of each month and by then, it’s often too late to get a handle on it. If this sounds like you, consider the following suggestions to help you monitor and keep track of your credit card usage so you can begin your journey to financial success.
1. Sign up for a transaction alert.
Most credit card companies have a system where you can sign up for a mobile or texting alert every time your credit card is used. This will help you monitor the usage of your credit cards by the members of your family and yourself. It will also let you know if there is fraudulent activity on your card right away. When you get transaction alerts, you can get a better idea of your spending habits and get a better handle on them.
2. Get receipts.
You might think that a record of your purchase on your credit card statement is good enough, but this simply isn’t true if you want to monitor or keep track of your credit card usage. By the time you receive your monthly statement, you could have accumulated hundreds or even thousands of dollars of charges without knowing it. But if you get a receipt for each purchase and then add them up at the end of each day, you can see immediately how much you are spending on a daily basis. Add up the receipts and keep a written daily record so you can see where all of your money is going.
3. Find an online program to keep track of your spending.
There are several online programs that are free to use and they keep track of all of your credit, debit and checking accounts for you. Every time you pay for something using one of these methods, it logs it. With some programs, such as Mint.com, you can even categorize your spending and the program will automatically give you a pie chart or bar graph that shows where your money is going. You can compare month to month to see if you are progressively getting better or you can simply see which fast food restaurants you frequented during the month and how much you spent at each one. If you’re not accustomed to keeping track of your credit card spending, this program can provide a real wake up call for you and your family.
Monitoring your credit card usage is essential for budgeting your money and seeing where every dollar is spent. This can help you see patterns in your spending habits and make changes where necessary.