Thank you for this video and your channel. You remind me of myself when I was in college -- keeping track of every penny. Here is how I would have answered the (vague) question: Set up your credit card to automatically pay the full balance from your checking account every month. That way, the probability of ever missing a payment is zero and you will never pay any credit card interest. I was a Soldier in the U.S. Army from 1996 to 2016 and deployed to Iraq for most of 2003 and 2010. Especially in 2003, the internet access was barely able to handle text email and I had to wait in line for 30 minutes or more to even get to a computer. There was no wifi at all. So, my credit card had to be able to pay its bill without me. After the 2003 deployment, I liked that arrangement so much that I left it that way. For some credit card companies, you can set this up online. For others, you have to call and talk to someone. I always kept at least a few thousand dollars in my checking account which was more than enough to cover my credit card bill (usually under $1,000). I never worried about checking or savings account interest. Most (95% or more) of my net worth was and still is kept in index mutual funds in investment accounts.
Good system of yours. Never thought of doing that because of making minimum wage for so many years, that I just didn't see the point in having $1,000 as buffer. lol I still keep only $50-$100 as buffer.
@@AnnieMargaritaYang I would feel nervous about having a money management system that required you to never make a mistake. That's why I like to automate as much as possible. Automate saving and automate bill paying. The focus of your mental energy should be on continually increasing your net worth -- increasing your income, decreasing your expenses, and settling on an asset allocation in your investments that you like. Anyway, I think that it's great that you are thinking so hard about optimizing your finances and sharing the results on UA-cam.
I understand people using credit cards to get cash back bonuses/mileage, etc. I however prefer the cash envelope system and you nailed it on the spot when you mentioned about seeing a physical limit of how much you have. So many people have debt due to just nilly willy charging things on their credit cards, debit, etc and then wondering how come they don't have the money to pay for certain things. Great video!
I would LOVE to see a video regarding the excel spreadsheet you mentioned. I’m not very excel savvy so maybe seeing and learning from someone so we know how to create our own to budget would be helpful.
Because I always procrastinate, I got most of my credit card bills, internet, HOA and utility bills on auto pay. I schedule each of them on a specific date, usually 5 days before the due date and for the balance of that month. That way I don’t incur late fee or interest fee. I just make sure that there is enough money in my checking account. I also review the hard copy statements and reconcile the charges with the receipts I saved to be sure that the charges are correct and no fraudulent charges. If a company charges a fee for merchant services I.e. tax offices, some utility companies, some doctors/dentists,some insurance companies, and the HOA of our condo, and of course credit card companies, then I have auto pay strict from the bank. Those who don’t charge a fee, I put the auto pay charge on credit card. That way I get cash back. My favorite is the Costco Citi VISA card They don’t charge exchange fee on foreign currency exchange. Good when you go out of the country. You can use the ATM machine to get local currency without a fee. There are a few other cards with similar benefits. There’s also insurance on merchandise, accident insurance, auto insurance of car rentals and probably other benefits I don’t know about yet. It pays to do research. Don’t forget sign on bonuses and refer a friend bonuses. There are freebies out there that will boost your financial health for free. Happy savings!,,
Some Credit Card companies will send you a text or e-mail letting you know when you have hit a spending limit that you determine. This is a great way to make sure you don't overspend if you're on a budget. Find the "alerts" settings on your Credit Card webpage or app.
Really easy to understand and follow. Some great tips you shared with us, Annie!! Have you ever done credit card churning, or is it something you would even recommend doing? I've seen a few videos about it on UA-cam, and curious to know what your perspective is!
🤣 I also have a Charles Schwab, Ally Bank, and Amazon Credit Card combination. Great topic! One recommendation topic you could do: how to budget for your lifestyle. Or Is minimalism for you?
Very informative video :) it’s really hard to manage if you live beyond your means and your using your credit card to pay for that lifestyle.. living below your means is the key! Starting Dave Ramsey’s technique too :) thank you for this
I apply credit for petrol rebate.other credit card is to get rebate gsc ticket,which normal price rm15,but using credit card get rebate rm6.so total ticket price just rm9/ticket....so cheap
This is a non CC question. What is your opinion about claiming yourself ( single-1)on your taxes for a refund...or should you claim zero( 0 ) and make more money through out the year on your paycheck...??
Hi Kymm, I'm not a tax accountant and wouldn't be able to give you advice on what you should do. What I can say is I personally would rather try to make my deductions as close as possible to not getting a refund but also not owing the government any money either, basically breaking even when you do your return.
Nope there's never a balance because I have 13 4-week cycles, and the statements are 12-monthly cycles. My cycles always end before the due date and paid off balance in full up to the date of my budget period, not the balance of the statement.
@@AnnieMargaritaYang Sounds cool. I just dont like paying interest if I can avoid it. I hope you can do a budget making video sometime like simple spreadsheets. Its always good to see how other people do things so that one can get tips and adapt it to their needs.
I do get a lot of offers but I turned down a lot of them coz I realize that I don't wanna live my life relying on credit cards. I feel like I need more my cash.
Hi Annie, all your videos are outstanding. You work for a mortgage broker firm, why don't you do that, i would love to get a mobile home park commercial loan from you, got any tips about that. ;)
Sorry, I'm not a broker. I'm actually an accountant for a real estate firm. Maybe go on Facebook and join some groups for real estate investors. They have a ton of real estate professionals on there and you just need to make a post asking what you want and which state you need a commercial loan in.
Thank you for this video and your channel. You remind me of myself when I was in college -- keeping track of every penny. Here is how I would have answered the (vague) question: Set up your credit card to automatically pay the full balance from your checking account every month. That way, the probability of ever missing a payment is zero and you will never pay any credit card interest. I was a Soldier in the U.S. Army from 1996 to 2016 and deployed to Iraq for most of 2003 and 2010. Especially in 2003, the internet access was barely able to handle text email and I had to wait in line for 30 minutes or more to even get to a computer. There was no wifi at all. So, my credit card had to be able to pay its bill without me. After the 2003 deployment, I liked that arrangement so much that I left it that way. For some credit card companies, you can set this up online. For others, you have to call and talk to someone. I always kept at least a few thousand dollars in my checking account which was more than enough to cover my credit card bill (usually under $1,000). I never worried about checking or savings account interest. Most (95% or more) of my net worth was and still is kept in index mutual funds in investment accounts.
Good system of yours. Never thought of doing that because of making minimum wage for so many years, that I just didn't see the point in having $1,000 as buffer. lol I still keep only $50-$100 as buffer.
@@AnnieMargaritaYang I would feel nervous about having a money management system that required you to never make a mistake. That's why I like to automate as much as possible. Automate saving and automate bill paying. The focus of your mental energy should be on continually increasing your net worth -- increasing your income, decreasing your expenses, and settling on an asset allocation in your investments that you like. Anyway, I think that it's great that you are thinking so hard about optimizing your finances and sharing the results on UA-cam.
I understand people using credit cards to get cash back bonuses/mileage, etc. I however prefer the cash envelope system and you nailed it on the spot when you mentioned about seeing a physical limit of how much you have. So many people have debt due to just nilly willy charging things on their credit cards, debit, etc and then wondering how come they don't have the money to pay for certain things. Great video!
I would LOVE to see a video regarding the excel spreadsheet you mentioned. I’m not very excel savvy so maybe seeing and learning from someone so we know how to create our own to budget would be helpful.
Ok thanks for the idea
Credit history is important n Many people don't understand it or how to utilize it...i like your vid n your Awsome way of thinking.thanks for posting
Because I always procrastinate, I got most of my credit card bills, internet, HOA and utility bills on auto pay. I schedule each of them on a specific date, usually 5 days before the due date and for the balance of that month. That way I don’t incur late fee or interest fee. I just make sure that there is enough money in my checking account. I also review the hard copy statements and reconcile the charges with the receipts I saved to be sure that the charges are correct and no fraudulent charges. If a company charges a fee for merchant services I.e. tax offices, some utility companies, some doctors/dentists,some insurance companies, and the HOA of our condo, and of course credit card companies, then I have auto pay strict from the bank. Those who don’t charge a fee, I put the auto pay charge on credit card. That way I get cash back. My favorite is the Costco Citi VISA card They don’t charge exchange fee on foreign currency exchange. Good when you go out of the country. You can use the ATM machine to get local currency without a fee. There are a few other cards with similar benefits. There’s also insurance on merchandise, accident insurance, auto insurance of car rentals and probably other benefits I don’t know about yet. It pays to do research. Don’t forget sign on bonuses and refer a friend bonuses. There are freebies out there that will boost your financial health for free. Happy savings!,,
Great information Nancy!
You can set alerts on your cards for when you hit a set spending amount.
Some Credit Card companies will send you a text or e-mail letting you know when you have hit a spending limit that you determine. This is a great way to make sure you don't overspend if you're on a budget. Find the "alerts" settings on your Credit Card webpage or app.
Really easy to understand and follow. Some great tips you shared with us, Annie!!
Have you ever done credit card churning, or is it something you would even recommend doing? I've seen a few videos about it on UA-cam, and curious to know what your perspective is!
Thanks for the idea. Honestly I only heard about it two months ago (only been using credit cards for 10 months) but I will do the research.
Just found you on YT. GREAT info! Excellent explanations, tips and points-of-view on money and how we look at our lives. Please post more! 😊
Well done. Your videos are always high quality. Keep up the good work.
🤣 I also have a Charles Schwab, Ally Bank, and Amazon Credit Card combination. Great topic!
One recommendation topic you could do: how to budget for your lifestyle. Or Is minimalism for you?
Thanks for the idea
Very good, it's understandable
Really enjoying your videos. I do a lot of what your talking about and now I feel even better about it
Very informative video :) it’s really hard to manage if you live beyond your means and your using your credit card to pay for that lifestyle.. living below your means is the key! Starting Dave Ramsey’s technique too :) thank you for this
Good video👌
I apply credit for petrol rebate.other credit card is to get rebate gsc ticket,which normal price rm15,but using credit card get rebate rm6.so total ticket price just rm9/ticket....so cheap
Hopefully this video gets as many views as the saving money one!
Thanks for your support
Man, urs is abit complicated.. u still get a thumb ups
This is a non CC question. What is your opinion about claiming yourself ( single-1)on your taxes for a refund...or should you claim zero( 0 ) and make more money through out the year on your paycheck...??
Hi Kymm, I'm not a tax accountant and wouldn't be able to give you advice on what you should do. What I can say is I personally would rather try to make my deductions as close as possible to not getting a refund but also not owing the government any money either, basically breaking even when you do your return.
Really good.
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Video idea: How to build a wealth engine that has an output that exceeds your cost of living.
Thanks for the idea
What would u have done if your credit limit was only $5000?
No more than 30% utilisation. Carrying heavy balances month to month will hurt you long run
What is the cheapest home internet service? I reside in LA county in California
Can you teach us about entrepreneurship and different small businesses that you can grow by yourself?
Thanks for the idea
Good video. Do you see a balance on your cc bill sometimes paying that way? If so, do they ever charge interest on what is due?
Nope there's never a balance because I have 13 4-week cycles, and the statements are 12-monthly cycles. My cycles always end before the due date and paid off balance in full up to the date of my budget period, not the balance of the statement.
@@AnnieMargaritaYang Sounds cool. I just dont like paying interest if I can avoid it. I hope you can do a budget making video sometime like simple spreadsheets. Its always good to see how other people do things so that one can get tips and adapt it to their needs.
I love your videos
Great video! But why don't you pay the credit card directly from saving account instead?
I tried. For some reason the credit card's website wouldn't take payment.
I do get a lot of offers but I turned down a lot of them coz I realize that I don't wanna live my life relying on credit cards. I feel like I need more my cash.
Hi Annie, all your videos are outstanding. You work for a mortgage broker firm, why don't you do that, i would love to get a mobile home park commercial loan from you, got any tips about that. ;)
Sorry, I'm not a broker. I'm actually an accountant for a real estate firm. Maybe go on Facebook and join some groups for real estate investors. They have a ton of real estate professionals on there and you just need to make a post asking what you want and which state you need a commercial loan in.
Nice