As it becomes possible to pay for more and more everyday goods and services with plastic--whether with a bank debit card or a personal credit card - keeping track of expenses can become tricky. Among the tips I suggest are:

1. Instead of using plastic, give yourself an allowance--in cash--and stick to it.
   
   
   
2. If you have to use plastic, try using only a bank debit card which should limit your spending to your bank account balance.
   
   
   
3. If you must use a credit card, limit its usage to necessities and pay the bill in full when it is due. If you have to carry a balance make sure you carry it on the credit card with the lowest interest rate.
   
   
   
4. Know your charges and credit limits. Charges and monthly payments should not be a surprise when the bill arrives. Make sure you are charging only what you can afford.
   
   
   
5. Consider a consolidation loan. Paying off multiple credit card bills with a single, lower interest rate loan can reduce your monthly payments. But, be careful that you don't just extend your payments over more time, and thereby increase your total cost of borrowing.
   
   
   
6. Keep at it. Changing financial habits requires time, patience, and discipline, but the rewards are well worth it, especially financial peace of mind!
   
   

Learn proven strategies to improve your personal financial situation from Barak Strickland, Personal Financial Coach. E-mail him or visit his web site at http://www.strategies-unlimited.com

Taken from the March In Touch magazine, © 1999 In Touch Ministries, Atlanta, GA. Used with permission.