Manage Credit & Spend Wisely

This morning, I just received my latest
credit card statement from Citibank. To
my surprise, I don't have to pay a single
cent because I have zero expense last
month. This is a good news to me as I have
been paying debts for the pass one year.

I used to have more than 10 credit cards
two years ago. As a results, I overspent
and got stuck financially. I realized this
is a serious matter because my expenses is
much more higher than my net income.
Even additional income I earned through
working extra hours cannot help me to
solve the problem, not to mention about
savings.

The first thing I did is to cut down the
number of credit cards that I owned.

My considerations to keep the cards are:
1. No annual fees
2. great rewards system

I can have a better control on my credit
card expenses by owning 2~3 cards. On
top of that, by consolidating my spending
power, I am able to achieve my gift target
much more faster.

But then, we should factor in your personal
life style and hobbies in determining which
cards you want to keep. You will have more
options in certain situation. My observation
shows that most of the credit card company
focus in giving special discount for dinning.
But I like to travel and I used to travel back
to my home town Miri, Sarawak few times a
year. Therefore, I appreciate a card that can
give me the opportunity to win free flight or
discount on the air ticket.

As a cardmember, we should educate
ourselves how to use the credit wisely. If you
are interested for some financial literacy tips,
you can get more information from here.

Manage your credit and spend wisely.