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Money Monday Discussion Thread: Monday July 3rd, 2023 (self.finance)

submitted 1 year ago by gyrfalcon to c/finance

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Howdy! After the success of last week's discussion thread, I figured we should keep going. Feel free to comment below with anything and everything money related that is better suited to a conversation or a quick question and answer than a full post. Some ideas include:

Journaling about an ongoing job search
Asking for ideas about how to manage an emergency fund
Logging recent stock trades
Talking about the impact of inflation on your budget
Your plans for maximizing the rewards on a credit card

Again, those are just suggestions, if there’s really anything you’d like to talk about related to finance in your life, feel free to put it here.

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[–] shortwavesurfer@monero.town 3 points 1 year ago (7 children)

To maximize the reward from my credit card i dont have a credit card. Best solution. I am rewarded constantly by seeing others pay 20+% while i dont do that.

[–] zagaberoo 4 points 1 year ago (4 children)

What 20% do you mean? The interest rate?

If you treat a credit card like a charge card and pay it in full every month there's zero cost to you. You don't even pay interest on the time between the purchase and the payment as long as you pay everything off on the first statement it appears.

Having a credit card is good for your credit and can save you money in the form of cash back. As long as you can keep disciplined about only spending money you already have and paying in full every statement, it's all upside.

[–] shortwavesurfer@monero.town 1 points 1 year ago (2 children)

Yes, you are right. However, how many people do you know who absolutely pay the whole balance every month without fail. I dont personally know of anyone including myself. I fell into that trap for a while and then paid them all off and cut them into tiny pieces and no longer use them

[–] shanghaibebop 1 points 1 year ago

I grew up very poor and would budget out the grocery with my mom every week. But we were extremely fortunate and disciplined to have never needed to take out debt. So I’ve always carried that mentality that debt was only for appreciating assets, and if it’s for someone I’m intending to consume, then I can’t afford it.

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