How to Organize Credit Card Expenses

Video Transcript

"I am going to present a topic on budgeting. Again, with the help of Expert Village, hopefully we'll be able to help people and assist people in terms of developing a budget. Hi, in this clip we are going to discuss another budget item, which impacts the budget, which is loan payments. This is a topic I really like to focus in on, loan payments. These are going to be credit cards, department store cards, gas fuel cards, Visa, MasterCard, those kinds of things. And this is a thing that actually, it's going to be one of the things you are going to have the biggest flexibility in terms of the cash flow, when we talk about the end of the budget and how we add all these items together. We will go through them real quick as far as loan payments. Credit cards, and I wanted to be real generic here, most people if you look in your wallet and you're honest, you are going to have a Visa or MasterCard. And again, unless you are paying it off on a monthly basis, you are going to have a balance and normally there is a minimum amount that you are required to pay or whatever that you developed to pay, you need to include that in your budget. So this is a big item that you definitely need to put in your budget, would be your Visa or MasterCard type payment. Department stores, these would be whatever your local department store you go to. Normally they are going to offer you a credit card as soon as you walk in the place, you get 10 percent off. We all got them in are pockets and purses, so that's another thing that you need to take a look and see, if you are making monthly payments, how that impacts your budget. Then gas and fuel cards, this is real popular. Most of your gasoline stations are going to offer some type of a credit card. Again, you need to put that in the budget, because there is probably a minimum monthly payment associated with that. So again, the loan payments, I generally like to use this topic to be all credit cards, be it MasterCard or Visa, department stores, or gas or fuel cards. Those are probably the biggest ones, but you got credit cards for everything. So again, a general topic, credit cards, look at those items and include in the budget and you should be able to get this information. A lot of times you can go on the vendor's website, and pull up old statements and see what your spending has been. And you can actually, and I encourage you to do this, you can look up the year-end statements, and this will tell how you how much you are spending on an annual basis and it will break it out on a monthly basis. A lot of people don't realize, if you go to their website and put in your information, you can pull up old statements and a year-end statement to show you what you are spending on a monthly basis."