Community Chat

[gertrudecloset]

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@skatting44 wrote:

Well, that's up to the posters . For me it works that I pay off credit card  balance  each month . I learned a credit lesson  when I was 19. I bought  a recliner chair  and  a swivel chair as a gift to my Mother . I put it on credit  at a store where I worked. When I figured out how much interest , I was paying . I decided to never buy that way again unless, I absolutely had to such as when I had major  car repairs or needed big appliances unexpectedly . I manage my monthly account closely . I do have friends and family that spend alot and say they don't worry abt paying off their debit because they feel life is so short , so they enjoy themselves with whatever they want . I'm wondering if  my appraoch to finances is to old fashion ?

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That's wonderful @skatting44 .  Ever considered of getting a Charge card instead of a Credit card?  Anyway, this still is an intrusive set of questions.  I would never ask anyone about how they handle their finances on a monthly basis.  Not my business.

[SeaMaiden]

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@skatting44 wrote:

1)  Do you spend  even though you don't have the cash by putting all bills on credit cards.

2) Do you spend the amount you have saved or expect to be paid for working ?

3) Do you pay for most things on credit cards and then pay the balance off at end of month ?

4) Do you spend  by using credit cards and don't care if you ever pay off the balance ?

5) What happens when the  spending party stops ?

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I pay some bills with check...some with. Credit card. I use one designated credit card for all purchases through the month...groceries...this and that... then  all credit cards are payed IN FULL at the end of the month. No balances...no debit. My Fico  score is 850.

[Kalli]

@skatting44 I put most everything on my cc and pay it off in full each billing cycle.

Having said that, Dh and I have been in debt most of our lives.  It was investment debt.  There's good debt and bad debt.  I have a feeling you're talking about bad debt.  Not the kind that actually makes you money.  

[NicksmomESQ]

   I don't think it's an intrusive question. She didn't ask how much money we have. Everyone is free to answer it or not.A general question about managing one's finances isn't an indication of personal wealth. It's about wether you're  good with money management.

[Foxxee]

Ha!  Not sure you'll get many volunteers.  Money is a private matter.  

I put most everything on one credit card and pay the balance off several times a month.  Never carry a balance.  Just paid the balance off again today that isn't due until next month.  

A bank statement of all purchases is a good way to keep track of where my money is going.  

[skatting44]

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@froggy wrote:

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@Kachina624 wrote:

Now @skatting44    do you really think people are going to own up to some of your options?  Ninety percent of posters always say the pay their cc balances in full at the end of each month.  Nobody is going to admit to charging everything until their cards are maxed out. 

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@Kachina624  You are no doubt correct.

I had such contempt for the way my parents handled their finances I never wanted to be like them. They made decent money and had a good retirement income but my mother would throw a fit if my father said no to anything she wanted - furniture, appliances, cruises. So he would refinance the house, borrow on credit cards then declare bankruptcy every few years. He died before she did and left her with nothing except a small percentage of his pension and a tiny SS payment. She was none too happy when she ended up in a nursing home on Medicaid and about $100 a month to spend on herself. Of course I and my siblings bought her anything she needed but she hated it. Oh well.

Anyway, long story to illustrate why we pay our CC's every month, have our house paid off and pay cash for cars. I have to have the peace of mind of having no debt.

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 Thank you for sharing. I to had a relative that spent so much of her assets  who ended up as you described. My Husband and I  have been blessed  always saved first before spending , however now that we are much older we are still hesitant to spend  extra.  We both  wonder if we've denied ourselves. . A friend said he would spend on himself as it was not his intent to leave an inheritance  for his children.

[happycat]

All my online shopping goes on a discover card, which I pay off monthly, including wal mart. We never pay interest. 

Have never put bills on credit cards. Yikes.

Gasoline, hair care- anything locally I use debit card or cash. 

We don't have a budget, but we usually spend a general amount monthly and what is left, gets saved one way or another. 

[skatting44]

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@World Traveler wrote:

In my humble opinion, this seems like a very personal question to ask people to respond to. What is the purpose?

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 Well,  it atleast  gets everyone chewing abt something other than Meghan & Harry or Covid 19  related  issues.

[Tinkrbl44]

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@World Traveler wrote:

In my humble opinion, this seems like a very personal question to ask people to respond to. What is the purpose?

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@World Traveler 

Looks to me like the OP was just trying to make herself look good to others.  See post # 7.    Strange subject for a retail message board.  

[Carmie]

We spent the beginnings of our married life without much.  Sometimes we didn't have enough money to pay the basic things, so we always paid the mortgage and whatever we could on the utilities. We always had a carry over balance. We were married young at 19 and 20 years of age.

We never went out to eat or anywhere else because we couldn't afford it.  My children ware eligible for free lunch, but we didn't take a vantage of any government help.  We did it on our own.  We didn't have any CC's back then and probably wouldn't be able to get one.

We have no financial worries now.  As soon as a bill becomes due, it is paid.  My DH writes the checks immediately and mails the bills from the PO several times a week.

If he buys anything on line, he uses a CC...also uses one for gas and groceries and just about everything else.  CC's are paid in full every month.  We get cash back.

I use either a debit card or my CC to buy whatever I need.  I do not carry a balance from month to month either.

Both of us pay ourselves first.  We place a certain amount of money in savings every month.  I have a seperate account.  Both of us are one the account to pay for household expenses.

We are fortunate that we have no mortgage, no car payments or any other payments for big ticket items.  We worked hard for this. Both of us had more than one  job throughout our marriage.

What we don't do is spend money on things we don't need.  There are things that I want, but don't need.  It took me a while, but now  I don't miss spending money on junk.

I never, ever want to go back to just scraping by.  I taught me how to manage money, but kept me up at night.  It is a very uncomfortable feeling to have legimate bills and not enough money to pay them while supporting three children.

So, no, we don't spend money we don't have ahead of time and we are careful of what we spend money on.  Our family finances  always been run this way.