Year by year, Indians are falling more in love with consumerism, which is making a significant impact on credit cards. According to the Hindu Business Online, credit card usage has expanded by a massive 24.3%, the biggest increase of its kind – ever. If you’ve become more reliant on credit cards to pay for things like dining and shopping recently, there’s no reason to stop swiping your card. Instead, you can become credit-savvy and look to utilise money-saving tricks. There are plenty of ways to maintain your lifestyle and joy for shopping without breaking the bank or putting yourself in financial peril.
Getting the best rates
Credit cards are a great way to pick up new styles while also protecting yourself from fraud. Despite overwhelmingly being diligent with payments, you don’t want to be responsible for excessive interest rates. Interest rates are often defined by credit scores, which can be affected by unexpected factors. These can include fines and utility bill defaults. The savvy shopper should seek out how to get a repo off your credit along with the likes of defaults. This will produce better offers from credit companies, making your situation easier to manage.
While part of the fun of shopping is heading down to the shops and browsing, it’s wise to do the bulk of your shopping online. According to money gurus The Balance, shopping online is generally cheaper, in part to the greater variety of products available and the ability to finely tune what it is that you want to buy. There’s also greater control over window shopping, especially if you use an ad blocker. Take control of your purse by going online and wait for deals on the items you’re looking to purchase.
An often-used tactic by modern shoppers combines the best of both worlds – experiencing the high street, and finding savings online. This tactic, called show-rooming, involves shoppers heading into brick-and-mortar shops and trialling products before returning to the web to get the best deal. This is most often done with phones, where a good idea of the benefit of the product can be established before looking to retailers online who will be able to give preferential rates. This way, you can also deploy online-only offers through deal and voucher apps.
With the Indian economy growing, it’s not easy to stop spending. Rather than plumbing ahead with the same methods, take a look at your spending habits and rituals, and think – where can I improve? There are numerous ways to make your money go further if you just have a little determination.