Should we all go for “Credit Card Diet” for end of this year?

Yes, it is that time of the year, where our shopping hormones are running high. We are surrounded by companies who have perfected their skills to lure us with all kind of sales flyer, marketing emails, discount coupons, pre-approved credit cards and much more…

There intentions are clear and focused- let the customer spend…spend…more spend…

Marketing department of Wal-Mart, Amazon or any other large corporations have spend millions of dollars to track your spending habit via credit card, face book likes, pictures, and many other several ways. Their main targets are holidays where customers walk out of their homes with credit cards inbuilt in their phones and ready to roll to go on uncountable shopping spree..

Did you know? The United States is a bad role model, carrying a debt of 17 trillion dollars. Almost 20 million customers are addicted to shopping and have no control over their behaviors.

People are constantly filling the empty space of sadness in their life by going on shopping spree, which usually last for maximum 48 hours, and then they are back to normal- feeling depressed again. Some of us have no idea, how much we bought and how much we really have and the primary question is DO WE NEED ALL OF THIS?????

My husband and I spend several days in the month by analyzing our shopping habit for previous months or rest of the year to keep us on track. I want to share with you my tips, hoping this would help you and your family to stay away from credit card debt

1)   Admitting you are a shopaholic is the first step to success. Take help from your family, partner or children to come clean over this issue.

2)   Take an inventory of things you have in the home. Sort them out in two tabs- “absolute necessary” and “can live without it”- Once you compile- your “can live without it” list- keep that handy on your phone, tag it on your fridge or make a color copy and hang it in your bedroom. The point here is to remind yourself- No need to buy unnecessary things.

3)   Companies send sales flyer every day especially before holiday to tempt people to go online and shop~ BLOCK THOSE EMAILS OR DELETE THEM RIGHT AWAY

4)   Open a savings account for your child or yourself- keep transferring set amount every month as a your future savings. Over the time, increasing amount accumulated in your account will motivate you with a positive mindset to save more.

5)   Don’t get lured by 15% or 20% additional discount you get, when you open stores credit card. Their goal is to sell you things, credit and much more. Say NO to store cards or any coupons.

6)   Shop with cash and only cash. Put in place envelope system to divide your monthly expenses and use cash as much as possible.

7)   Finally use MINT.COM or ENVELOPE app on your smart phones and tablets to keep eye on your spending.

Hopefully our tricks will help you to save money and live debt free life.