5 Ways To Rein In Your Credit Card Expenses While Under Cupid’s Spell

By BankBazaar | February 13, 2017

5 ways to rein in your credit card expenses while under Cupid’s spell

Ah! Love is in the air. The feeling shrouds you like a warm blanket on a chilly day. There’s a spring in your step, the birds are singing, and all is right with the world. You spy the apple of your eye from afar and your heart skips a beat.

You slowly make your way up to him or her with a big smile on your face, and your significant other whirls around enveloping you in an intoxicating embrace. Your love’s lips move towards your ear, and you quiver in anticipation at the sweet nothings you’re hoping to hear.

‘’Sweetheart, can I borrow your Credit Card?’’

Your heart skips a beat again.

Cold sweat makes its way down the nape of your neck, while you feel your life-force slowly draining away. You never thought this day would come. The 6 most dreaded words known to mankind make their way through your aural orifices ringing every alarm bell in your head all at once.

With a trembling hand, you reach for your wallet with great reluctance and hand over your Credit Card. With a quick peck on your cheek, which ironically feels like the kiss of death, the love of your life runs off to wreak havoc on your Credit Score.

BB Tip – Tired of your loved ones borrowing your Credit Card all the time? Get them an add-on Credit Card with a limit.

Additional Reading: Here’s Why An Additional Credit Card Could Be A Great Idea

While you wander the streets alone waiting for the ground to swallow you up, you start receiving Credit Card purchase texts on your phone, which seem to be taunting you with every beep. Since you’ve obviously watched way too many clichéd movies on Romedy Now, you raise your arms to the heavens asking ‘’Why me?’’.

Well, you can quit being so melodramatic because your prayers have been answered. Here are 5 ways you can keep your credit card expenses in check AND keep your significant other relatively happy.

  • Choose a Credit Card with a manageable limit

When applying for a Credit Card, make sure you opt for one with a credit limit that is within your means. By doing so, chances are you’ll be able to pay back your dues quite comfortably even if you max out your card. This will rein in your spending and help you avoid going bonkers, especially when you and your partner go out shopping.

BB Tip – Remember, it isn’t good practice to max out your Credit Card. You should ideally only use 30% of your credit limit to keep your repayments at a manageable level.

Additional Reading: Things that matter when applying for a credit card

  • Make use of the EMI facility on your Credit Card

If you’ve made huge purchases on your card and can’t quite manage to pay if off quickly because you’re short on cash, you could give the EMI facility on your Credit Card a shot. You can break down your repayments and spread them over a period of time, which could range from 3 months to 2 years.

Sure, with the processing fees and interest charges that tag along with the EMI facility, you will eventually be paying more than what you initially spent, but it could buy you some much needed time to get your finances in order.

Additional Reading: Everything you should know about Credit Card EMI

  • Put your foot down

Whether it’s you or your loved ones, make sure you lay down the law when it comes to Credit Card usage. Stick to a stringent limit and never go past it no matter what. While this requires a lot of willpower and gumption, it will certainly save you from a world of grief.

Additional Reading: Manage your Credit Card

  • Exercise self-control

Make sure that you set a personal limit on how much you can spend on your Credit Card and stick to it no matter what. Resist the urge to buy anything and everything you lay your eyes on.

Sure, you may want to shower your better half with all kinds of fancy gifts and expensive thingamajigs but think of the consequences later. The last thing you want is a massive Credit Card bill landing at your doorstep.

Additional Reading: 4 Ways To Track Your Credit Card Expenses

  • Make use of your Debit Card

Make sure you have an adequate amount of money in your Savings Account at all times to fall back on in case you think you’re going a bit overboard with your Credit Card expenses. Use your Debit Card to keep you Credit Card spending in check.

However, make sure you don’t drain your entire bank account at one go. Practice discretion at all times and learn to juggle both cards efficiently and effectively.

Additional Reading: Debit Or Credit Card? Which Is Right For You?

Keep these tips in mind and you won’t need to buy brand new mountain gear to climb your way out of the debt abyss. Stay strong, stay firm, and learn to say no every once in a while. It could send you back to Singlesville, but hey, look on the bright side. At least you get to keep the shirt on your back.

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Category: Credit Cards Savings Accounts
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