How To Manage Credit Cards

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  • Опубликовано: 8 сен 2024
  • HOW TO MANAGE CREDIT CARDS | Do you have a system for managing your credit cards? How do you incorporate using a credit card into your budget? Or are you just lucky enough to have such a high income that regardless of how much you spend on your credit card, you can simply pay and get away with not planning stuff out? Haha. Well that's not most of us, I'm sure.
    There's many ways to manage your credit cards. I used to pay every week due to feeling anxious from seeing my credit card balance rise, even though I had enough money to pay. But I don't feel that way anymore, so I have a different way of doing things, as shown in this video. This is just MY way of doing it. Hope it inspires you to establish your own.
    ✦✦✦TIME STAMPS✦✦✦
    Things You Need:
    1. Checking account 03:12
    2. Savings account 03:54
    3. Budgeting and recurring expenses to charge to your credit card 04:54
    4. Credit card.... Know your credit limit too 06:05
    The System:
    Budget example 06:55
    Cash flow management 07:56
    Why I do this 08:56
    Timing 09:26
    ✦✦✦LINKS✦✦✦
    Subscribe: bit.ly/annieyan...
    Read Blog: bit.ly/annieyan...
    Buy Book: bit.ly/1001SAVE
    Connect On LinkedIn: bit.ly/annieyan...
    ✦✦✦CONTACT✦✦✦
    For business inquiries or video requests only: Hello@AnnieMargaritaYang.com

Комментарии • 48

  • @mikeg9b
    @mikeg9b 5 лет назад +12

    Thank you for this video and your channel. You remind me of myself when I was in college -- keeping track of every penny. Here is how I would have answered the (vague) question: Set up your credit card to automatically pay the full balance from your checking account every month. That way, the probability of ever missing a payment is zero and you will never pay any credit card interest. I was a Soldier in the U.S. Army from 1996 to 2016 and deployed to Iraq for most of 2003 and 2010. Especially in 2003, the internet access was barely able to handle text email and I had to wait in line for 30 minutes or more to even get to a computer. There was no wifi at all. So, my credit card had to be able to pay its bill without me. After the 2003 deployment, I liked that arrangement so much that I left it that way. For some credit card companies, you can set this up online. For others, you have to call and talk to someone. I always kept at least a few thousand dollars in my checking account which was more than enough to cover my credit card bill (usually under $1,000). I never worried about checking or savings account interest. Most (95% or more) of my net worth was and still is kept in index mutual funds in investment accounts.

    • @AnnieMargaritaYang
      @AnnieMargaritaYang  5 лет назад +2

      Good system of yours. Never thought of doing that because of making minimum wage for so many years, that I just didn't see the point in having $1,000 as buffer. lol I still keep only $50-$100 as buffer.

    • @mikeg9b
      @mikeg9b 5 лет назад +1

      @@AnnieMargaritaYang I would feel nervous about having a money management system that required you to never make a mistake. That's why I like to automate as much as possible. Automate saving and automate bill paying. The focus of your mental energy should be on continually increasing your net worth -- increasing your income, decreasing your expenses, and settling on an asset allocation in your investments that you like. Anyway, I think that it's great that you are thinking so hard about optimizing your finances and sharing the results on RUclips.

  • @tsimekwatala1525
    @tsimekwatala1525 4 месяца назад

    Very good, it's understandable

  • @pinkeeluvr
    @pinkeeluvr 5 лет назад +5

    I would LOVE to see a video regarding the excel spreadsheet you mentioned. I’m not very excel savvy so maybe seeing and learning from someone so we know how to create our own to budget would be helpful.

  • @mikek1402
    @mikek1402 5 лет назад +6

    I understand people using credit cards to get cash back bonuses/mileage, etc. I however prefer the cash envelope system and you nailed it on the spot when you mentioned about seeing a physical limit of how much you have. So many people have debt due to just nilly willy charging things on their credit cards, debit, etc and then wondering how come they don't have the money to pay for certain things. Great video!

  • @Mike-cp5ch
    @Mike-cp5ch 5 лет назад +3

    Credit history is important n Many people don't understand it or how to utilize it...i like your vid n your Awsome way of thinking.thanks for posting

  • @LifeBetweenTheDash
    @LifeBetweenTheDash 4 года назад

    Really good.

    • @victorydan9967
      @victorydan9967 3 года назад

      If you need a real legit vendor @Darkcard15 on telegram is the best legit vendor. he sells fullz,bans,cc with high balance.
      Tested and trusted 💯💯

  • @Cyd1057
    @Cyd1057 4 года назад +1

    Just found you on YT. GREAT info! Excellent explanations, tips and points-of-view on money and how we look at our lives. Please post more! 😊

  • @ron623tt
    @ron623tt 5 лет назад +1

    You can set alerts on your cards for when you hit a set spending amount.

    • @ron623tt
      @ron623tt 5 лет назад +1

      Some Credit Card companies will send you a text or e-mail letting you know when you have hit a spending limit that you determine. This is a great way to make sure you don't overspend if you're on a budget. Find the "alerts" settings on your Credit Card webpage or app.

  • @Je.rone_
    @Je.rone_ 5 лет назад +1

    Good video👌

  • @brucecollins7424
    @brucecollins7424 5 лет назад +2

    Well done. Your videos are always high quality. Keep up the good work.

  • @darrenroberts637
    @darrenroberts637 3 года назад +1

    Man, urs is abit complicated.. u still get a thumb ups

  • @nancylam7250
    @nancylam7250 5 лет назад +1

    Because I always procrastinate, I got most of my credit card bills, internet, HOA and utility bills on auto pay. I schedule each of them on a specific date, usually 5 days before the due date and for the balance of that month. That way I don’t incur late fee or interest fee. I just make sure that there is enough money in my checking account. I also review the hard copy statements and reconcile the charges with the receipts I saved to be sure that the charges are correct and no fraudulent charges. If a company charges a fee for merchant services I.e. tax offices, some utility companies, some doctors/dentists,some insurance companies, and the HOA of our condo, and of course credit card companies, then I have auto pay strict from the bank. Those who don’t charge a fee, I put the auto pay charge on credit card. That way I get cash back. My favorite is the Costco Citi VISA card They don’t charge exchange fee on foreign currency exchange. Good when you go out of the country. You can use the ATM machine to get local currency without a fee. There are a few other cards with similar benefits. There’s also insurance on merchandise, accident insurance, auto insurance of car rentals and probably other benefits I don’t know about yet. It pays to do research. Don’t forget sign on bonuses and refer a friend bonuses. There are freebies out there that will boost your financial health for free. Happy savings!,,

  • @mattmichaels5195
    @mattmichaels5195 4 года назад

    Really enjoying your videos. I do a lot of what your talking about and now I feel even better about it

  • @ChrisInvests
    @ChrisInvests 5 лет назад +1

    Hopefully this video gets as many views as the saving money one!

  • @aac8033
    @aac8033 5 лет назад

    I love your videos

  • @KristineVerzoPinayMinimalist
    @KristineVerzoPinayMinimalist 5 лет назад

    Very informative video :) it’s really hard to manage if you live beyond your means and your using your credit card to pay for that lifestyle.. living below your means is the key! Starting Dave Ramsey’s technique too :) thank you for this

  • @sylviahernandez9412
    @sylviahernandez9412 5 лет назад

    What is the cheapest home internet service? I reside in LA county in California

  • @lordkent8143
    @lordkent8143 5 лет назад +1

    🤣 I also have a Charles Schwab, Ally Bank, and Amazon Credit Card combination. Great topic!
    One recommendation topic you could do: how to budget for your lifestyle. Or Is minimalism for you?

  • @Josh-Kim
    @Josh-Kim 5 лет назад +4

    Really easy to understand and follow. Some great tips you shared with us, Annie!!
    Have you ever done credit card churning, or is it something you would even recommend doing? I've seen a few videos about it on RUclips, and curious to know what your perspective is!

    • @AnnieMargaritaYang
      @AnnieMargaritaYang  5 лет назад +1

      Thanks for the idea. Honestly I only heard about it two months ago (only been using credit cards for 10 months) but I will do the research.

  • @mikelarkins5415
    @mikelarkins5415 2 года назад

    What would u have done if your credit limit was only $5000?

  • @tanchinkoon
    @tanchinkoon 5 лет назад +1

    I apply credit for petrol rebate.other credit card is to get rebate gsc ticket,which normal price rm15,but using credit card get rebate rm6.so total ticket price just rm9/ticket....so cheap

  • @kayReneeEL
    @kayReneeEL 4 года назад

    This is a non CC question. What is your opinion about claiming yourself ( single-1)on your taxes for a refund...or should you claim zero( 0 ) and make more money through out the year on your paycheck...??

    • @AnnieMargaritaYang
      @AnnieMargaritaYang  4 года назад

      Hi Kymm, I'm not a tax accountant and wouldn't be able to give you advice on what you should do. What I can say is I personally would rather try to make my deductions as close as possible to not getting a refund but also not owing the government any money either, basically breaking even when you do your return.

  • @watcbd
    @watcbd 5 лет назад +1

    Video idea: How to build a wealth engine that has an output that exceeds your cost of living.

  • @GRSAFseventhousand
    @GRSAFseventhousand 5 лет назад

    Nice

  • @acrylitearon687
    @acrylitearon687 5 лет назад

    Can you teach us about entrepreneurship and different small businesses that you can grow by yourself?

  • @JK20239
    @JK20239 5 лет назад +1

    No more than 30% utilisation. Carrying heavy balances month to month will hurt you long run

  • @SimplestcreatureOnEarth
    @SimplestcreatureOnEarth 5 лет назад

    I do get a lot of offers but I turned down a lot of them coz I realize that I don't wanna live my life relying on credit cards. I feel like I need more my cash.

  • @iazndreamuri
    @iazndreamuri 5 лет назад

    Great video! But why don't you pay the credit card directly from saving account instead?

    • @AnnieMargaritaYang
      @AnnieMargaritaYang  5 лет назад

      I tried. For some reason the credit card's website wouldn't take payment.

  • @QUM0KO
    @QUM0KO 5 лет назад

    Good video. Do you see a balance on your cc bill sometimes paying that way? If so, do they ever charge interest on what is due?

    • @AnnieMargaritaYang
      @AnnieMargaritaYang  5 лет назад

      Nope there's never a balance because I have 13 4-week cycles, and the statements are 12-monthly cycles. My cycles always end before the due date and paid off balance in full up to the date of my budget period, not the balance of the statement.

    • @QUM0KO
      @QUM0KO 5 лет назад

      @@AnnieMargaritaYang Sounds cool. I just dont like paying interest if I can avoid it. I hope you can do a budget making video sometime like simple spreadsheets. Its always good to see how other people do things so that one can get tips and adapt it to their needs.

  • @markcarter917
    @markcarter917 4 года назад

    Hi Annie, all your videos are outstanding. You work for a mortgage broker firm, why don't you do that, i would love to get a mobile home park commercial loan from you, got any tips about that. ;)

    • @AnnieMargaritaYang
      @AnnieMargaritaYang  4 года назад

      Sorry, I'm not a broker. I'm actually an accountant for a real estate firm. Maybe go on Facebook and join some groups for real estate investors. They have a ton of real estate professionals on there and you just need to make a post asking what you want and which state you need a commercial loan in.