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What are your "poor person" money life hacks? (lemmy.world)

submitted 11 months ago by return2ozma@lemmy.world to c/asklemmy@lemmy.world

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Let's get a list going. Like with a Target debit card you can get $40 cash back and it takes 1 to 2 days to be withdraw from your checking.

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[-] ryathal@sh.itjust.works 3 points 11 months ago

On average people spend around 5% more with credit cards. That 2% cash back is a partial refund of increased spending.

[-] GiddyGap@lemm.ee 8 points 11 months ago

Yeah, don't spend more. Use it as a debit card.

And, again, make sure to be financially responsible and literate before you get a credit card.

[-] SeabassDan@lemmy.world 0 points 11 months ago

Any place to get a proper gist of what financially literate means in this context? I know maybe a few basics but always wondered about the best way to utilize credit to a long term benefit.

[-] GiddyGap@lemm.ee 2 points 11 months ago

Basically use any credit card as you would any debit card. That means never spend any money you don't already have in your account. And always pay the full statement balance every month on time to avoid paying interest.

That way you will get all the rewards and none of the drawbacks.

[-] SeabassDan@lemmy.world 0 points 11 months ago

And what happens when a big purchase comes along that I really need, like my car breaking down or just a new mattress? I always figure that's where the utilization starts going up and there's only so much that can be paid off before the next billing cycle.

[-] GiddyGap@lemm.ee 1 points 11 months ago

Do whatever you would do if you didn't have a credit card.

[-] SeabassDan@lemmy.world 0 points 11 months ago

Which has usually been borrow to buy things.

this post was submitted on 05 Dec 2023

307 points (96.9% liked)

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