Here’s how to take control of your credit spending

Millennials have widely been dubbed as ‘Generation Instant Gratification’, having been raised in a time when access to information, shopping and more is convenient and instant. It’s easy to get sidetracked when it comes to spending, but if you’re practical about your spending, you can make the most of credit available to you.A credit card can be a lifeline at times, but the trick is to shop with your head and not with your heart. These tips will help you navigate shopping responsibly.

DON’T USE YOUR CREDIT CARD FOR IMPULSE BUYS AS MUCH AS POSSIBLE

What exactly is an impulse buy? It’s an unplanned purchase – when you make the decision to buy in the moment, whether it’s a new dress or concert tickets. Impulse buys are dangerous; they often result in buyer’s remorse (regret about the decision once the ‘high’ has worn off), and can create unnecessary financial strain because they weren’t budgeted for.

PLAN, BUDGET, AND THEN SHOP ACCORDINGLY

Having a monthly budget is crucial; it can help you to plan your spending, budget accordingly and know what you’re left with after all your fixed costs are accounted for. In these tough economic times, that’s not often much. When you need to buy something using your credit card, have a plan in place to pay it off before interest accrues. Here are a few tips on how to budget effectively.

TAKE ADVANTAGE OF ALL THE BENEFITS OF AN RCS STORE CARD

By understanding the benefits your credit card offers, you can use it smartly. With these easy-to-remember tips in mind, spending wisely and responsibly can become a habit. 

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