Many people are addicted to their credit cards. They have used them often to purchase anything and everything. The Covid-19 pandemic has made things worse as people are turning to online shopping for the things that they need. This means that they have to use their credit cards for purchases.
Often people that pay for things using their credit cards are using money that they don’t have. This means that they do not have the financial wherewithal to fully pay off their credit card bills every month and that they start to accumulate credit card debt. If you are in this situation then there is a way for you to curb your credit card addiction.
In this post we will share with you some proven short-term and strategies and a long-term strategy to curb credit card addiction. We recommend that you follow the advice provided here and start to work on curbing your addiction to credit cards today.
Short-Term Strategy 1 – Lock Your Credit Cards Away for Two Weeks
Put your credit cards in a drawer or other place that you can lock and give someone else the key. If you have a safety deposit box at the bank then you can store your credit cards in this for a couple of weeks.
This will help you to get used to life without credit cards for a while. It is an important first step to take as it will prevent you from reaching for your credit cards to make impulse purchases. You will become stronger by doing this.
Short-Term Strategy 2 – Create Lists for the things you need
You will need to buy groceries often so start the habit of creating a list for every trip that you make to the grocery store. Why not plan the meals for you and your family in advance? When you do this, take stock of what ingredients you have and what you will need for this advanced meal plan.
When you have your list estimate what each item will cost to buy and then add 15% on top to give you wiggle room. Take this amount of cash with you and not your credit cards when you go grocery shopping. Look for money saving coupons as well.
Short-Term Strategy 3 – Use a Spreadsheet to Track Expenses
Create a spreadsheet on your computer so that you can keep track of all of your expenses. For this to be effective you need to record everything that you spend. Don’t forget those takeout meals and that coffee that you buy on the way to the office and the sandwich you buy for lunch. Why not make your own coffee and sandwich and take this to work with you?
Short-Term Strategy 4 – Use Cash Instead
Take out a specific amount of cash from your bank to meet your shopping requirements. Leave your credit cards and debit card at home. When you know that you only have a certain amount of money available you will be less likely to indulge in impulse purchases. Try this for 2 to 3 weeks and see how you go.
Long Term Strategy – Seek Professional Credit Management Advice
Using the short-term strategies above you will have gone a long way to curbing your credit card addiction. In order to curb credit card addiction for good, we recommend that you seek professional credit management advice.
A good credit management professional can help you in many ways including the creation of a payment plan for your credit card debt that is realistic, improving your credit profile and helping you to develop long-term financial strategies.
At Credit Achievers we have been providing professional credit management advice to people for a long time. We have the knowhow and experience to assist you with any credit problem. Find out how we can assist you here.