How do you run your monthly finances ? - Page 3

skatting44 · ‎07-26-2019

@Carmie wrote:
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.

Thanks for sharing. I was married young and had similar experience . I was blessed as the yrs went on by furthering my education for a good career and saving money each month.

kaydee50 · ‎02-07-2011

#3.

gertrudecloset · ‎02-13-2021

Won't these "paid off credit cards each month" soon be cancelled? I mean the companies aren't making any money off of your spending habits (if you Pay it off each month). They make money by charging you interest and carrying a balance. Charge cards are better for closing your balance at the end of every month. Credit Card issuers expect you to carry a balance (at some point) in order to make money. Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

A Negative Mind ~ Will give you a Negative Life

skatting44 · ‎07-26-2019

@gertrudecloset wrote:
Won't these "paid off credit cards each month" soon be cancelled? I mean the companies aren't making any money off of your spending habits (if you Pay it off each month). They make money by charging you interest and carrying a balance. Charge cards are better for closing your balance at the end of every month. Credit Card issuers expect you to carry a balance (at some point) in order to make money. Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

Yes, I read someone else's post who indicated that was happening , so far my company hasn't changed anything . I have paid mine off each month in full for atleast 40 yrs .

kaydee50 · ‎02-07-2011

@gertrudecloset Completely false. I've had my Citibank Mastercard for 20+ years and have always paid it in full. They have never threatened me with closing the card. I believe the cards get their money from the vendors that pay them. That's why some places will give a credit for paying in cash. The store does not want to pay the credit card company's fee.

And I don't understand the difference between a "charge" card and a "credit" card????

proudlyfromNJ · ‎05-01-2010

Deleted. Don't like being called a liar by other posters.

Desertdi · ‎03-13-2010

@gertrudecloset wrote:
Won't these "paid off credit cards each month" soon be cancelled? I mean the companies aren't making any money off of your spending habits (if you Pay it off each month). They make money by charging you interest and carrying a balance. Charge cards are better for closing your balance at the end of every month. Credit Card issuers expect you to carry a balance (at some point) in order to make money. Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

@gertrudecloset The merchant also pays a fee to Visa/MC, etc. for the privilege of accepting credit cards at their place of business. Cards are not revoked because you pay in full monthly.

♥Surface of the Sun♥

gertrudecloset · ‎02-13-2021

@kaydee50 wrote:
@gertrudecloset Completely false. I've had my Citibank Mastercard for 20+ years and have always paid it in full. They have never threatened me with closing the card. I believe the cards get their money from the vendors that pay them. That's why some places will give a credit for paying in cash. The store does not want to pay the credit card company's fee.

And I don't understand the difference between a "charge" card and a "credit" card????

Well it has happened to me @kaydee50 , so you can't say it was completely false. However, mine was a store card. So yeah....it did happen to me. Annie Sez chucked me!

A Negative Mind ~ Will give you a Negative Life

lkat · ‎07-23-2014

@kaydee50 wrote:
@gertrudecloset Completely false. I've had my Citibank Mastercard for 20+ years and have always paid it in full. They have never threatened me with closing the card. I believe the cards get their money from the vendors that pay them. That's why some places will give a credit for paying in cash. The store does not want to pay the credit card company's fee.

And I don't understand the difference between a "charge" card and a "credit" card????

I agree with this. I have multiple credit cards that I've had for many years and have never carried a balance or paid a penny in interest. I have had cards that were cancelled or had the limit lowered due to lack of activity, not due to paying off the balance. That is fine with me. It has happened with a few store cards that I got mainly because of the better coupons/deals they offer if you have their card. If I stop shopping at the store, the card usually will end up getting cancelled after a few years of non-activity.

I also wonder about what one means about charge vs credit card unless they're talking about a store credit card vs a major credit card.

aroc3435 · ‎09-30-2010

@kaydee50 American Express is a charge card. You must pay off the total balance of items/services you purchased each month in full. No "credit line to pay over time" is offered.

Hope this helps to clarify the difference.

aroc3435

Washington, DC