Wasted Money or How to Save Money

[RSKY]

After some of the discussions here in Rural Living I got to thinking about the bills we are paying by credit card on autopay. Things like Dish, Verizon, and other monthly bills. Since I have several credit cards that pay back different amounts and since some of these payments have been set up for years I went thru and looked at them.

AARRRGGGGHHHHH !!

What a dummy!

I have shafted myself out of over five hundred bucks the past few years.

Some items were being paid on a card that gave back 1% in a yearly check. Some items were on cards not giving back one single thing. Everything possible has now been shifted to a card that puts 2% of every purchase back into my IRA.

A penny saved is a penny earned. When on a fixed income one must take all opportunities possible to save money. What we are saving monthly now verses yesterday will more than pay enough to keep our I-Pads on wireless service plus maybe buy us a cheap meal at Hardees.

Not that we are that bad off but I am by nature a complete tightwad unless it is a restaurant meal, something for the grands, or something I really want.

Every single penny counts.

For example, I received the final bill for a surgery I had in November. It was for $1500+. Had the check made out and getting ready to put it in the envelope when I got to thinking. Two percent of $1500 is $30. So why I am spending $0.49 to mail a check I can pay online for $30 less.

And I saved $0.49 on a stamp!

Told you I was a tightwad.

RSKY

 

[4570Man]

I saved money by canceling the cable company. I saved money by driving a old truck. I’m a titewad on restaurant meals. A saved money with no landscaping.

 

[RNeumann]

I’ve never seen anyone get rich using a credit card. But we are reminded daily of the problems they cause. Divorce, bankruptcy etc.
Your suggestion is fools gold and reckless. The reality is they made more off of you in the last few years while you weren’t paying attention then you will make in two lifetimes of transferring the 2% into your IRA.

 

[Ford850]

I’ve never seen anyone get rich using a credit card. But we are reminded daily of the problems they cause. Divorce, bankruptcy etc.
Your suggestion is fools gold and reckless. The reality is they made more off of you in the last few years while you weren’t paying attention then you will make in two lifetimes of transferring the 2% into your IRA.

That's only true for those who don't pay the balance in full every month.

 

[Jcoon]

I believe there is some “money” to be made using credit cards with their points system, all credit card company’s are just banking on the average American to slip up and not be able to make that full interest fee payment every month and then they got you!

 

[Thomas]

We have one credit card when in need like to pay cash when able,also stay away or hang up on professional beggars.

 

[rekees4300]

RSKY glad you saw the light. :thumbsup: The secret to using credit cards is to pay them in full every month. The credit card companies still make money from the merchants but not from you. You profit from their cash back schemes if you avoid their outrageous interest rates. We charge all of our stuff to a card associated with Krogers. Each quarter we get > $100 back that is used to shop at Krogers. Food is good, especially when it's free.

 

[newbury]

I've never seen anyone get rich using a credit card. But we are reminded daily of the problems they cause. Divorce, bankruptcy etc.
Your suggestion is fools gold and reckless. The reality is they made more off of you in the last few years while you weren't paying attention then you will make in two lifetimes of transferring the 2% into your IRA.

Over the last 20 or 30 years I think I've spent about $6 on interest because I was out of town for work, my travel got extended and I had to pay a bill late. This was before I could do all of it online. I only get 1% back on my Navy credit union card. BUT the tellers, both B&M and online are VERY good at detecting bogus charges, easy to work with and all speak very good American English.
I've had several bogus charges that amounted to several hundred dollars caught and I didn't have to pay.
But then I always pay attention to my credit card charges.

 

[RSKY]

I致e never seen anyone get rich using a credit card. But we are reminded daily of the problems they cause. Divorce, bankruptcy etc.
Your suggestion is fools gold and reckless. The reality is they made more off of you in the last few years while you weren稚 paying attention then you will make in two lifetimes of transferring the 2% into your IRA.

In the past twenty years the only interest I have paid was once when I wrote a check and transposed numbers. I pay my bills every month two days before the deadline. It won't make anybody rich but can you understand the difference in paying a $1537 bill with nothing coming back and paying a $1537 bill with $36.74 going into another account.

We pay balances every month. Never carry a balance, never use the card as a short term loan, never buy anything with the card that we wouldn't buy with cash.

So I use the cards to my advantage. Like the Lowes card which gets me an instant 5% discount, paid off every month.

Or the $200 I saved by buying a freezer from Sears online, with a card, over buying the same thing with a different name at Lowes, Home Depot, or any other store. That price was for a credit card purchase which will be paid off with no interest or fees.

I buy nothing that costs more using a credit card.

Sounds like you may have been the fool that went bankrupt or got a divorce due to buying more than you could pay for.

Is it true?

RSKY

 

[farmeratheart]

In the past twenty years the only interest I have paid was once when I wrote a check and transposed numbers. I pay my bills every month two days before the deadline. It won't make anybody rich but can you understand the difference in paying a $1537 bill with nothing coming back and paying a $1537 bill with $36.74 going into another account.

We pay balances every month. Never carry a balance, never use the card as a short term loan, never buy anything with the card that we wouldn't buy with cash.

So I use the cards to my advantage. Like the Lowes card which gets me an instant 5% discount, paid off every month.

Or the $200 I saved by buying a freezer from Sears online, with a card, over buying the same thing with a different name at Lowes, Home Depot, or any other store. That price was for a credit card purchase which will be paid off with no interest or fees.

I buy nothing that costs more using a credit card.

Sounds like you may have been the fool that went bankrupt or got a divorce due to buying more than you could pay for.

Is it true?

RSKY

I got a Discover card the 1st year they came out which was 1986. In almost 32 years I have paid less than $20 in interest charges. Pay it off in full each month and treat it with respect. Even at the 1% rebate level I know I’m money ahead!