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Tracy Stewart, CPA
  • (979) 324-8179
  • (979) 324-8179
  • Location
  • Contact
  • Menu

Tracy Stewart, CPA

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  • (979) 324-8179
  • (979) 324-8179
  • Location
  • Contact
  • Menu

Peace of mind through financial clarity.

Life Planning 101: How should you use credit cards?

January 10, 2018 by Tracy Leave a Comment

Credit cards are a financial item that can be helpful, if managed the right way. So how do you use credit cards without derailing your long-term financial future?

In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to discuss whether or not you should use credit cards as you consider your life plans and financial goals.

Don’t get me wrong… I think credit cards can have their place. You establish credit by paying your bills on time and demonstrating your ability to repay debts made with them. But it’s when you spend money you don’t have for unnecessary purchases that you end up derailing life plans and financial goals — and it’s just not worth it.

Credit cards should be used carefully and sparingly. I would advocate for a well-funded emergency savings strategy before swiping a credit card — but emergencies do arise, and sometimes credit is your only option. Work to repay these debts as quickly as possible. The only other instance swiping a credit card makes sense is when you’re using it to make purchases which are already within your budget — and you repay the account immediately.

Financial independence is unbelievably liberating. Using credit cards haphazardly can quickly and easily take your plans off course — and why would you want to risk that? Build up long-term financial security by swiping wisely and spending within your budget.

Remember: You can subscribe to my YouTube channel for even more practical advice on making the most of your money and life in the next episode of Your Money Minute.

Filed Under: Financial Literacy, financial planning, your money minute

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