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The Payoff: Use Credit Cards & This Method to Be Debt Free

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56CNe9 on Make A Gif, Animated GifsQuickly answer this: Do you keep track of what you put on a credit card?

Or even better, will you be able to pay the balance in full when the bill comes due?

I’m thinking the answer is no.

This is a major problem.

You only have so much money to go around, and if you’re only relying on your memory of what you spent, you’re making a big MISTAKE.

You need an action plan that works.

The Pay Off As You Go Method Will Give You Happy Feet

Have you ever opened an extra savings account with an online bank? If yes, you’ll know it can really help you allocate money for a set purpose. You can set up as many savings accounts as you like. If not, it looks like this:

I name the account after the credit card I have.


Whenever I make a purchase on one of my cards, I send the money straight to the savings account labeled with the name of the card I just used. When the bill comes due, I know I’ll have enough money to pay the bill because I already put it away for safe keeping.

I recently purchased clothes for my kids online and for other people who are hard to buy for since they are finicky. Shh! I used promo codes and the Pick2Pay app to maximize all of the rewards and savings possible but the most important part of the process is transferring what I just put on the credit card into the savings account. It really doesn’t matter how much savings you score, if you don’t have enough money to pay the bill. . . is that really savings?

This is awesome for four reasons.

Reason 1

You can stash away cash  to make sure you can cover your credit card bills in full.

Reason 2

It moves you away from dipping into your emergency fund, if you have one. I hope you do.

Reason 3

It allows you to avoid credit card debt.

Reason 4

You can take advantage of discounts, rewards, points, etc. that credit cards offer without paying any interest. This is meant for people who do not have credit card debt. It’s for those who want to use their cards responsibly for the benefits. Paying in full and on time helps you avoid interest and late fees. This “how to” is for informational purposes. I am not a financial planner or credit card expert. Be sure to consult with a  professional. Also be sure to read and understand the fine print of any offer before making a financial decision.
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Now you can do a happy dance!
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4 responses to “The Payoff: Use Credit Cards & This Method to Be Debt Free

  1. I was actually just thinking about this over the past couple of days. We’ve stocked up on a few things thanks to holiday sales. I’m thinking I’m going to get an unpleasant surprise at the end of the month. So it would be nice to be able to sock it away somewhere. Glad to know this idea works!

  2. Hi, It helps tremendously. I always sock the money away. I sometimes write on the receipt “put in account” so I remember to do it. I try to be vigilant about it.

  3. Your plan is good and it will certainly help you avoid credit card debt. But how about if one is already in debt? I see a lot of people asking for help because they simply cannot afford to pay if they want to.

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