How do you run your monthly finances ? - Page 11

SeaMaiden · ‎03-10-2010

@CarmieThanks for the explaination I could see if you go into a marrige with money... and all your own accounts etc.. that you may want to keep your own money....

I think back when I got married and we both were making $3.50 an hour.. and had no money in the bank.... it was like we started from ground zero. We got a savings account together and out first REAL credit card from Sears together... everything we did we did together ... there was no mistrust or problems with secret spending or addiction or Debt... and we were both on equal money terms. I do have my own credit score.

Now both comfortably retired, we still have everything joint. No secrets about my money or his money or seperate accounts. That sounds complicated if say, one spouse passes away suddenly and nothing was layed out in a will where this secret money is?

Spurt · ‎03-20-2010

I dont think an open Forum is a good place to reveal that kind of information so I'll pass....But I am happy to see a thread that's not virus related....

Animals are reliable, full of love, true in their affections, grateful. Difficult standards for people to live up to.”

Kalli · ‎03-11-2010

@SeaMaiden I guess it's all about what works for each couple and that can vary. Dh never asked me to go back to work. I wanted to contribute financially and decided to do that once younger son was in school.

There was a distinct advantage, though, for me to go back. My husband was and will always be self-employed. So while my job never brought home the same income as his, it provided a few things his job didn't: A guaranteed biweekly paycheck, a cadillac healthcare plan for the 4 of us which lasted until sons were either 26 or no longer fulltime students, and a retirement pension. Once I was back working, the separate budget on some stuff worked well for us. If the time comes that it doesn't, we'll have to revisit and revise.

FatCatinCT · ‎07-14-2019

I buy everything on my credit card, pay the bills I can with it as well to rack up air miles and cash back. I pay them off in full every month so no interest is ever paid.

If money is tight, I just don't buy that month but money is normally ever an issue, thankful for that.

gertrudecloset · ‎02-13-2021

@DiAnne wrote:
@gertrudecloset

Most credit cards charge a fee to the seller also. It is only "borrowed money" if you charge more than you can afford. If you need to borrow money the worst deal you can get interest wise is a credit card. Store credit cards are often charging higher interest than even Visa or Mastercard. I don't know anyone who carries balances on credit cards except in an emergency.

@DiAnnepaying off your credit every month is not beneficial to the credit score. Thus, the reason it can cause cancellation of the card.

I'm not going to do any more than tell you to look it up for yourself. The fees don't account for nearly the amount of income for Master Card and Visa (as companies, respectively) or does the annual membership fees. because they get more bang for their buck with the interest rate on your card. Remember each person has an interest rate different from others. Many times my low interest rate to your higher rate really depends on a lot of factors (credit reporting; how much debt you have, risk, etc).

I will advise YOU and the rest who holler that the credit card companies won't close your account if you don't run a balance to do your own research. It's out there!

A Negative Mind ~ Will give you a Negative Life

gertrudecloset · ‎02-13-2021

@77yangya wrote:
@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.
NO! You are wrong. I pay my cc balance in FULL EVERY month. Why should I accrue all kinds of interest? What a waste! The one I use would just love it if I had a balance. That's NOT gonna happen. I DO believe you are right in saying most posters say this so because of the "crying wolf" syndome, I don't blame you if you did not believe me....

@77yangyaIt's how it will be reported to the credit card agencies and how it will affect your overall score. But you go ahead and do what you gotta do. I will use by charge card (which doesn't allow me to carry a balance). Now please don't ask me what charge card is. While you're on the internet you can find that information.

A Negative Mind ~ Will give you a Negative Life

FatCatinCT · ‎07-14-2019

@gertrudecloset wrote:
@DiAnne wrote:
@gertrudecloset

Most credit cards charge a fee to the seller also. It is only "borrowed money" if you charge more than you can afford. If you need to borrow money the worst deal you can get interest wise is a credit card. Store credit cards are often charging higher interest than even Visa or Mastercard. I don't know anyone who carries balances on credit cards except in an emergency.
@DiAnnepaying off your credit every month is not beneficial to the credit score. Thus, the reason it can cause cancellation of the card.

I'm not going to do any more than tell you to look it up for yourself. The fees don't account for nearly the amount of income for Master Card and Visa (as companies, respectively) or does the annual membership fees. because they get more bang for their buck with the interest rate on your card. Remember each person has an interest rate different from others. Many times my low interest rate to your higher rate really depends on a lot of factors (credit reporting; how much debt you have, risk, etc).

I will advise YOU and the rest who holler that the credit card companies won't close your account if you don't run a balance to do your own research. It's out there
@gertrudecloset
My husband and I have three cards, use them and pay off every month for years, no interest ever paid. They have yet to complain, close, what have you.
My score was well into the 800's when I purchased a new vehicle last June. The only monthly "payment" we have is our mortage and of course my new vehicle which has 0 percent interest. Does not have any effect on our credit score, hubby's is actually higher than mine for some reason or other.

gertrudecloset · ‎02-13-2021

@novamc1 wrote:
Posters have given some good info about how credit cards make money without charging cardholders any interest, because they do charge transaction fees to sellers each time a customer's card is swiped.

I seriously question why anyone would question people who say they pay their card bills off entirely every month. It has never been done any other way in our house. And we've never had any card canceled.

Why would a card company cancel the card of a user who is in good standing on their account and frequently uses the card?

Paying off the card monthly is part of the reason some people are able to save more money than others---They refuse to pay the exorbitant interest rates that card companies charge on outstanding balances.

Nope, no, nada! @novmac

First, the bank who issues your card in conjunction with either MasterCard, or Visa doesn't owe you a thing. They are lending you money by giving you a credit line. You don't get to dictate how they run their money making business. When you pay off your balance every month, after month, each month, all your life (I doubt anyone does this with a credit card anyway) it will appear to the credit bureaus that

"Your FICO Score was hurt because you are not currently demonstrating active revolving credit management.”

You figure out the rest. Good luck!

A Negative Mind ~ Will give you a Negative Life

gertrudecloset · ‎02-13-2021

What happens when the FICO scores go down? It affects your credit worthiness. This is what happens when you pay off your balances every month. You take a hit to your credit score.

Go do some research everybody!

A Negative Mind ~ Will give you a Negative Life