Browse Category: Personal Finance Tips

Millennials: Afraid of Paying with Plastic? Think Again

Millennials—like any other generation—are wary of a number of things… like cable and sketchy Tinder dates. And, as it turns out, also credit cards.


In fact, a 2016 Bankrate survey found that only 33 percent of 18- to 29-year-olds own a credit card, which is an alarmingly low percentage. As a 24-year-old, I understand why younger adults who are still trying to get a good grasp on their finances are hesitant to really utilize that piece of plastic. After hearing horror stories of how unpaid bills destroyed someone’s credit score and cautionary tales of drowning in debt, how can you blame us?


My younger self was also scared to use that shiny piece of plastic. I felt more secure with my debit card, and had peace of mind knowing I had the funds to back up my (sometimes frivolous) purchases. Credit cards, in my mind, were like a gateway drug. Would I get addicted to spending money I didn’t have? Would I ruin my life by letting unpaid bills stack up? Yeah, I’ll stick to swiping my debit, thank you very much.


But, eventually, my thirst for financial freedom outweighed my fear, and I slowly started using credit cards. I steadily built a solid credit score, used cash-back rewards to pay down my bill every month, and learned how to responsibly use credit cards. Because that’s the thing: You’ll only benefit from the perks provided by credit cards if you pay your bill off on time, every month.


Admittedly, that can be easier said than done. To remind myself to use my credit cards responsibly, I would stick Post-It notes all over my planner, reminding me to pay that dang bill. I would slide my credit card in the back slot of my wallet whenever I went out for a night of drinking to help curb the temptation of spending more money than I had. I would constantly stress over due dates, balances and credit utilization ratios.


However, when it comes to adulting, there are just some things you have to boss up and do. Like figuring out what a 401(k) actually is, scheduling your own doctor’s appointment and eating a vegetable every now and then. I know… ick.


Teaching yourself how to use credit cards responsibly (and why they aren’t as scary as they might sound) is one of those adult lessons they often don’t teach in school. It’ll take a little patience, organization and self-discipline. But once you do figure out a system that works for you, and which credit cards give you the most bang for your buck, your credit score will climb and your savings will skyrocket.


Now with Debitize, credit card beginners have a tool that does all that hard work for them (I swear, Gen Z is so spoiled!). My advice? If you’re a credit card newbie, sign up STAT, and start plotting how you’ll use all those rewards you’re about to rack up from finally paying with plastic.


About Sarah Berger, The Cashlorette

Sarah Berger


Sarah Berger is the author of The Cashlorette (a Bankrate Inc. company), a personal finance blog for young women. The Cashlorette’s mission is to empower young women to live the life they want, without sacrificing savings or going into debt.


Eating Out

How to Save Big When It Comes to: Eating Out

Here’s the first entry in our new How to Save Big series. With this series, we show you how to curate big savings in all aspects of budget without changing up your lifestyle. We start with showing you how to save when it comes to eating out.

Would you believe that the average American spends over 4.5% of their annual stated income on prepared food, such as restaurants and takeout? Translated that to an annual salary of $55,000 – this constitutes almost $2500 spent on eating out! Though dinner prices seem like they are what they are, there are actually several ways you can save. Here are a few tips.   Continue Reading

6 Ways to Stay Within your Wedding Budget

Weddings are an occasion many people dream about for years. Let’s fast forward to the big day. You’ve finally found the person you want to spend the rest of your life with. You’ve diligently planned your wedding budget, only to realize that – you’ve overspent significantly. This is the case with 74% of American couples, all of whom go over their wedding budget by an average of $12,000 dollars.

We’ll show you six ways to stick to your budget and avoid this common wedding mishap.  Continue Reading

saving money

An Intern’s Guide to Saving Money

I thought my financial woes would go away with my first paycheck. Boy was I wrong.

If, like me, you’re fresh out of school and find yourself suddenly swamped with grown-up matters — disposable income, rental fees and striking a balance between living comfortably and sufficiently saving — you probably also thought: I need a strategy to save more money. Read on and find out how I do it!
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tips for budgeting as a couple

4 Tips for Budgeting as a Couple

When tying the knot, you’re committing yourself to a shared life and financial responsibilities.

Financial problems, if left unchecked, can ruin marriages. It is important that you and your plus one have a common understanding about each other’s attitude and values about money, agreement on financial responsibilities, and how you want to budget and plan your finances. When it comes to managing a household together, it is important to work as a team. Here are some helpful tips:

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Do You Know the Difference between Current Balance and Statement Balance? (You Should)

It’s one of the more confusing things when it comes to your credit card – the difference between current balance and statement balance.

When you check your credit card balance, you’ll typically see two different numbers – a current balance and a statement balance. What’s the difference? And how much do you actually need to pay to avoid interest fees? 53 percent of Americans don’t “completely understand” their credit card terms – don’t be one of them!

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8 Traits of Debt-Free People

Unfolding the Secrets of  Debt-Free People

At a time and age where one in four millennials owes more than $30,000 in college debt, being debt-free seems almost impossible. While many are continually on the look out to refinance their student loans, there are people graduating from college with almost nothing in debt.

Similarly, there are many who are earning average salary who are debt-free and actually closer to financial freedom than those who are making millions yet can barely keep up with their piling debt. What, then, is the secret to being debt-free?

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First Credit Card

Best Credit Cards for First Timers 2017

If you’re looking for the best credit cards for first timers, look no more!

It’s perfectly normal to feel overwhelmed by the myriad of choices out there, especially so as credit card companies are competing hard to offer the best deals and get your business. In this post we rounded up this year’s best credit cards for first timers, just for you.

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