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Finding your Recession busters is the first step to financial freedom.
Let's start with a few credit card tips.
- Try and choose a credit card that matches your needs. For example a card with maximum interest free days can be good for paying for every day purchases such as filling the tank and feeding hungry mouths.
- When you dine out with friends offer to pay and let them fix you up with cash. Use a card with 55 interest days and you will have some interest free cash.
- Pay off cash advances as soon as possible.
- Set up a direct debit from your bank to pay the credit card so you never pay fees for missing the minimum payment.
- Check whether BPAY is looked upon as a cash advance with your card.
- Don't forget that interest free days only apply when you pay in full for the month. If you miss you will be charged interest back to the purchase date and you must pay in full before you get the interest free days back again.
- If you know you will not be able to pay back your debt in the prescribed interest-free period, you would be better off to apply for a card without an interest-free period as they normally carry lower interest rates.
- With a cash advance there is no interest free period.
- If card balance has blown out you may be better off paying the more expensive card with a cash advance from a card with a lower rate.
- Remember that rates vary greatly with different store cards. Many of these cards are issued by companies that charge a higher interest rate and offer little or no interest free period.
What about a few phone tips?
- Minimize calls during peak periods and take advantage of STD call rates in the evenings that may be capped.
- Try using Skype for long distance and overseas calls.
- Don't call mobile to landline or landline to mobile.
- Pick up voicemail messages from your landline.
- If possible avoid 1900 calls. Information costs money.
- Try SMS instead of talking. You are charged at a flat rate and avoid paying the flagfall.
- Check for off peak call specials on your plan and network to ring at these times with family and friends.
Some Tips for buying Appliances.
- Buy seasonally eg. Buying a heater in winter will cost you more then in summer.
- Ask. If you don't ask about price negotiations they are unlikely to happen. Remember cash is King!
- If you research (eg. Choice magazine) about the different models you can wait until the one you want has been superseeded to get a better price.
- Never be under pressure to buy today.
- Be confident to trade off retailers for best price.
- Keep receipts and brochures.
- Don't throw out a box before testing out your appliance.
- Check what your warranty covers. It may be wise to extend.
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