She Strengthens

Mastering My Finances: A New Approach

As I continue to refine my budgeting strategy, I’ve made a conscious decision to maximize my credit card points by using my card for almost all expenses. The only exceptions are rent and electricity bills, which either charge extra or don’t allow credit card payments. This approach has simplified my financial tracking, as all charges are now in one place.

Paying Off My Balance

To avoid carrying a balance into the next billing cycle, I pay off my credit card in increments throughout the month. With multiple income sources, I allocate my main paycheck to cover rent and then distribute the rest among various savings accounts. My other paychecks go directly towards paying off my credit card balance, tackling balance transfer debts, and adding to my savings.

The Struggle is Real: Controlling Spending

While I’ve made progress in breaking the debit-to-savings cycle, I’m still working on limiting my spending to essential expenses. One area where I fell short last month was transportation costs, particularly taxis and Lyfts. Despite rarely taking cars, I spent over $100 on non-subway-related transportation due to airport trips and frigid winter days. I’ve realized that taking a cab once makes me more likely to justify it again in the near future.

A Valuable Lesson Learned

I wish I had read J. Money’s article “If You Can Afford to Spend It, You Can Afford to Save It” sooner. One of his readers shared a clever trick: whenever she wants to buy something she can afford but doesn’t need, she transfers the amount to her savings account instead. As an active saver with a fluctuating income, this strategy resonates with me, and I’m eager to explore it further.

Exploring New Savings Tricks

If you have a clever savings trick up your sleeve, I’d love to hear about it! In the meantime, here are some inspiring articles from fellow personal finance bloggers:

• Rockstar Finance: Introducing the first-ever Personal Finance Blog Directory!
• 20 Something Finance: How to Pay Taxes with a Credit Card (and Profit)
• Budgets Are Sexy: If You Can Afford to Spend It, You Can Afford to Save It
• Mr. Free At 33: What I Learned Having a Drug Addict As a Mother
• Even Steven Money: What I Do Differently to Achieve Financial Independence
• Montana Money Adventures: Your Highlight Reel
• Prairie Eco-Thrifter: Revenge Spending and Other Married Money Tricks