In today's finance world, there are plenty of pitfalls that nearly everyone will fall into. Remaining vigilant will not be enough, especially with so much finance moving into the digital world. One-click shopping carts are the bane of many online shoppers.
There are plenty of finance hacks that could end up saving your wallet from being pickpocketed by unscrupulous marketers. Here are five tips that could keep you out of even more debt!
1. Keep Multiple Credit Lines Open
Keeping multiple credit lines open can keep your credit score up. This means opening credit cards with various limits and simply turning them off or keeping them technically open. Not using them is key, of course. This increases your total credit limit and therefore makes new purchases on credit take up less of your total maximum.
This leaves padding for future purchases. Over time, this can make a huge difference for your credit, especially if you happen to run up your other cards for one reason or another.
2. Try Browser Extensions
There are plenty of browser extensions out there that can be great options for online shoppers like you. These extensions don't cost anything. Many of them offer even more cash back for your online purchases. The amount of cash back varies by the store, but department stores tend to offer way more cash back than more simple services.
3. Buy in Bulk Online
When the COVID-19 pandemic surged, many stores began offering bulk purchase options to consumers. These options are already available in brick and mortar stores. You can easily save money by using online bulk services. Many of these don't even require membership to utilize.
These services often offer pantry items in bulk. Depending on where you live, the amount with shipping can still be less than buying these items in bulk. If you don't have a car, you can often get out of having to walk to the store to get these items.
4. Record Online Purchases
There are lots of online services that help you to record your purchases for reviewing them later. These tools can aggregate your purchase data and organize your purchase information for you. If you seem to end up maxing out your credit cards often, this type of tool can help you manage your purchases and figure out where all of this debt is coming from.
Online purchases are usually tracked by your credit card company automatically, as well. If you use one card with a large limit for all your shopping, it can help sometimes. You may be able to benefit from the aggregated data to make more intelligent online shopping decisions in the future.
Your in person purchases can sometimes also add up to a good amount and can make a pretty large dent in your wallet. The benefit of not using an online credit card for all your purchases is that you'll be able to see the total impact of all of your spending. Your spending patterns can easily be changed with some perseverance and willpower.
Buying things instantly can be a problem both in real life and online. Keeping track of all of your purchases is key to knowing how you spend all your money and can help you organize your finances for your future.
5. Limit Unnecessary Purchases
If you're finding that your finances are too tight, limiting your unnecessary purchases is essential to figuring out where your financial tight spots are. Unnecessary purchases are sometimes life enhancing, but usually they should be prioritized after your necessary purchases.
Of course, if it's necessary for your life to continue, going into debt can sometimes be completely unavoidable. Blaming yourself for this type of debt is fruitless and shouldn't happen.
Assuming you have enough money to not go into debt, analyzing all of your purchases and categorizing them with tags into necessary and unnecessary debt can be of great help to your finances.
Your debt can be a hindrance to the rest of your life if it's left to spiral into collections. It's common to go into debt for one reason or another. Even if it lasts several years, going into debt can help to build your character and even your personality.
That being said, it's important to keep track of finances to ensure that you don't solely end up focusing on debt.