Scrimping and Pinching

Saving money is kind of my hobby. Sounds weird right? I always am looking at ways I can squirrel away cash. I kind of love to look in my savings account and see all the money I have saved. I am quite proud of it usually. Now, with a wedding in my future, you would think that it would be easy to save large amounts of money in two years. Wrong.

Being an adult is hard! Every time I turn around there is another bill. Sometimes I think the bill collectors get together and plan it so a bill comes out every week for the whole month.

So I had to get creative, and make the bills work for me. I have opened up a cash rewards credit card. I am pretty sure this is one of my genius moments. The first thing I did was research. Never ever assume someone is going to give you cash without some sort of catch.

The first thing to look for in a cash rewards card is NO annual fee. You may look at the percentage you get back and think it’s awesome, but then realize you have to pay an annual fee of $50 or more. You don’t want to be charged to have a credit card. After you’ve eliminated the cards that have an annual fee, it’s just a matter of picking the card with the best percentage cash back offer. After some comparison shopping, involving my mother, who always has good tips and advice for me, I settled on the Chase Freedom Card.

Chase Freedom offers unlimited purchases with 1% cash back and 5% cash back on certain purchases on different months. For instance, right now I am getting 5% back on all my gasoline and Amazon.com purchases.

The drawbacks to this sort of thing are the penalties should you miss your payments. The interest rates on these types of cards are astronomical. Since I am entirely too anal retentive for my own good, I am always making payments on the card and am constantly monitoring my statements. If you are not a person who is diligent in keeping track of your finances, this method of earning cash is not for you.

It has really paid off, right now I have made $109 from the card and that check is on it’s way to me! So in addition to never going out to eat, only buying what we absolutely need and working as much overtime as we can, we are making our credit card pay us for things we would be spending our money on anyway. It’s a pretty wonderful feeling.

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3 thoughts on “Scrimping and Pinching

  1. I also have the Chase Freedom card. It’s the card I use most often because of the great rewards, which you mentioned. I pay all my bills with it, then pay off the balance at the end of the month. There’s definitely a temptation to spend more though, because you’re getting cash back for every purchase. As long as you don’t spend more than you otherwise would and pay off the balance every month, rewards cards are great!

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