Mar 9, 2013 / 5:00 am
"How will you pay for this today?"
Maybe it’s time to change the way you answer this common checkout question.
With more payment options than ever, consumers can find easy ways to save money, simply by using a different payment method.
Some merchants will provide discounts for cash purchases of goods or services. Using cash can also make it easier to stick to your budget. But watch how you access your cash. Use an automated bank machine (ABM) owned by your financial institution – withdrawing from a different institution’s ABM could cost more than $8.00 per transaction. Avoid taking cash advance on your credit card since interest will be charged on those funds right away.
Debit cards can carry costs
Debit can be a good option, as long as you are not paying extra fees per transaction. Check how many free debit transactions are included with your bank account package.
Make your credit card work for you
Credit cards can be a convenient and safe way to pay for purchases and services. Some also offer benefits and rewards. But they can encourage “buy now, pay later” spending habits that may lead to financial trouble. “Carrying a balance on a credit card increases the cost of everything you purchase with the card due to the amount of interest you pay,” says Ursula Menke, commissioner of the Financial Consumer Agency of Canada (FCAC). Aim to pay off your balance in full every month to avoid interest charges that mean you actually pay more than the price tag.
If you have any questions regarding saving money or building credit please call us today (250) 862 1086.
Read more Home Finance articles
- How to save with the way you pay Mar 9
- Lifetime approach to better fiscal fitness Feb 23
- Checking out your new neighbourhood Feb 9
- Teach your children how to save Jan 26
- Time to make a move Jan 12
- Goal setting & resolutions Dec 29
- High credit score for borrowing Dec 15
- Managing your mortgage Dec 1
- Building your financial muscle Nov 17
- House hunting: the right fit for you Oct 20
- Organize important home documents Oct 6
- What is your mortgage rate? Sep 22
(Click for RSS instructions.)