I am on Month 5 of jars now and getting into a bit of a routine and pattern with it. Still room to fine tune and improve though. I have noticed, that obviously, the AirMiles I received with my BMO Mastercard have dwindled to nothing and that is something that I'd like to regain.
I am trying a short term experiment to see if this works for me. I will still pull out the cash each week for gas, spending, household, groceries and dining out, but I will put as many purchases as possible on the credit card, always keeping in mind how much I have in the jar for the week.
When I get home, I transfer the $ from the appropriate jar into a new jar labelled MasterCard and then at the end of each week, I pay it off so that the balance remains zero. If there isnt' enough in the jar to 'buy' something, it does NOT go on the credit card.
I can hear anti CC folk frothing as we speak and that is completely fair. This would NOT work if the balance could not be paid off weekly.
It's a few more steps of work each week so I may not enjoy that. We shall see.
Tuesday, Nice weekend!
1 day ago
7 comments:
just wanted to say that your new layout looks UBER-pretty. It's soo.. Well. SPRING. :)
awww thanks. I found the webpage via another blog to get it. I adore butterflies.
good for you --- good luck & make sure you are keeping track :)
That's what I do to make sure I maximize the cash back benefits on my credit card. Except instead of taking the money out in cash, I just transfer at the end of each day from our account to the credit card.
I also put as many household bills on the credit card as possible and transfer the money from our account to the credit card as soon as the utility bill comes in the mail.
Hope it works for you and you rake in the air miles!
Have you had good luck in using the miles? I have always gotten frustrated with so many black out dates, etc. It's great if it works for you. Too complicated for me though! ;)
The miles are my annual gift to my only goddaughter. She uses about 1300 of them each year to visit family on the East Coast. We started this about 5 years ago and to date there have been no problems yet though those airport taxes really get ya.
I use this method sort of. I track my spending in an excel sheet, it doesn't matter how I pay for it (plastic or cash) the same amount of money leaves the house every month (usually unless I mess up the budget lol).
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