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Wednesday 18.07.2018 | Name days: Rozālija, Roze

Eight pieces of advice on how to effectively manage your virtual money

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Payment cards and credit cards have not only successfully replaced cash money and help with their storage and mobility, but have also become important budget planning and budget increasing tools.

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUExperts of Citadele Bank provide eight pieces of advice on how residents can effective manage their funds using payment and credit cards.

No more than three cards – think about how many payment and credit cards you actually need. It is highly possible that you will never use more than three cards in your everyday life.

All transactions should be visible – check the state of your internet banking account at least two times a month. This will help you keep track of your expenses, compare remaining money and the time remaining until the next payday. People often ask themselves ‘Where did the money go?’. Performing payments by card is an excellent way to keep track of your money flow for any period of time.

Make use of discounts or even make money that way – keep in mind the discounts provided by your payment card. Follow announcements and new offers that come every month. Discounts are also often provided during celebrations. Some of your favourite trade places – shop, restaurant, film theatre or petrol station – may offer discounts when customers pay using cards.

Apply for a credit limit that would not become a burden for you – credit cards provide psychological comfort for their owners. It provides a feeling of safety and financial independence – to be able to receive any necessary amount for any purchase immediately. People keep credit cards in their wallets as a form of insurance policy for emergencies. Nevertheless, it is important to keep in mind the size of the chosen credit limit so that it does not become a burden.

Comply with repayment terms – the credit limit should be transferred back to your account within agreed terms. It is also possible to apply for a regular payment system for the repayment of credit limits. There are credit cards owners of which can enjoy a credit limit with no interest rate addition up to 45 days. Be careful when paying back your credit limit so that it does not impact your credit history.

Be insured for travel – if you had bought insurance at some point in your life, make sure the card you use for travel also has enough money for your travel plans and making sure you have enough money as insurance for emergencies.

Acquire cash in stores – modern payment card technology allows people to acquire cash not just from ATMs or the bank, but also at the cashiers’ in different shops.

Made due without currency exchange – while it was necessary to exchange currencies before going to some foreign country in the past, perhaps it would be a good idea to have just a little cash with you and leave big spending for your card. This will definitely be more convenient than carrying and exchanging large amounts of money.

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