HOW TO COPE WITH JANUWORRY
The first month of the year is a good time for each of us to analyse our finances and stabilise our spending habits
THE festive season has come and gone – and so too has the bulk of your bucks.
Now Januworry sets in – how are you ever going to make it through to the end of the month?
Here are a few short-term remedies to help tide you over during this often-trying time of year.
In other words, payment is due within your account statement’s 30-day cycle plus 25 days.
So if you make a purchase on day one of your account statement cycle, you’ll have 55 days to pay off the purchase before interest will be charged. A purchase made on day two of your account statement cycle will give you 54 interest-free days.
Settling credit card debt timeously is good for your credit record as it shows you’re a responsible, low-risk credit consumer. If you don’t pay the instalment in time you’ll immediately be charged interest.
NOTE Interest-free days are usually only applicable to over-thecounter purchases. Using your card to pay for petrol or for transactions such as withdrawing or transferring cash incurs instant interest. Credit cards usually come with monthly administration fees as well as penalties for late payment and cash withdrawals.
Because using a credit card is so convenient, it’s easy to get into debt. Use yours only when you absolutely have to and always try to pay off the debt within the interest-free period.