Broke.
You know why I’m broke? Bad planning and overuse of my AMEX. If I would think farther ahead, I would realize that racking up $500 of charges that have to be paid off right before graduation season is a bad, bad thing for my cash flow. You’d think I’d have gotten better at planning by now…
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why are you using AMEX in the first place – your NETWORTH IQ suggests you have over 14k in cash savings?
My cash savings isn’t for buying stuff – it’s for emergency stuff. I tend to use my AMEX when I know I don’t have the money in my bank account, but I will have it by the end of the month. It usually works, except for when I use the card without thinking ahead… I know I could borrow from the savings and pay it back… but I trust owing AMEX more than I trust owing myself. I might not pay myself back promptly, but I KNOW I’m gonna pay AMEX!
Hey, K! Long time no see
I kind of agree with Kathy. If the credit cards keep jamming you up, maybe stick to your debit card and/or cash and save the credit cards for travelling and internet purchases (for security purposes)? Some people do really well using credit cards for purchases and paying them off at the end of the month. I’m not one of those people so I don’t do that anymore.
Actually, it’s not so much the credit card jamming me up as it is my lack of planning (or patience) persuading me to use the card. It’s like a set of dominoes. Want the thing –> fail to plan so i don’t have the money –> can’t get the thing til I use the card –> use the card and make a bill –> must pay bill in full –> less money in my pocket –> want a different thing and don’t have the money. For ex: I traveled for a graduation ceremony and used the card for gas because I failed to plan ahead.