return2ozmaWhat are your "poor person" money life hacks?
AmosBurtonDecide on a monthly, weekly, or daily dudget and use cash only.
So back in the day, I had a 10$ daily budget. So every month I would withdrawal 310$, and take 10 every morning. All plastic cards stay at home. If I wanted to buy something for more than 10$, I would have to save up.
This way there are no surprises.
Also, it led me to DIY most of the non tech things in my life.
Better yet, get a credit card that earns rewards and treat it like a bill that must be paid each month. I have a Citi double cash card that’s 2% rewards for all purchases that I use to pay for almost everything. I also have a citi custom cash card that we use for food exclusively, which is like 5% rewards for the most spent category. I keep upping the limit of both at every opportunity to try and keep spending below 10% monthly. Combined they generate at least 2k a year and I have a near 800 credit score and it’s no different than using cash if you are responsible. Free money.
Why are you trying to keep your credit utilization specifically of those cards below 10%? Is this a credit score thing?
Utilization has a short term effect on your credit score, ie one month with high utilization might temporarily cause your score to go down.
Going back to normal utilization the next month will bring your score back to normal range, and the effect is mitigated by having a longer history.
This is mostly just important if you’re planning something big like financing a car/home.