Pay Down Debt and Start Your Points Wealth With Your Tax Return!
Many Americans are completing there tax returns and getting nice pay checks back in the mail over the next several weeks. Although many will be tempted to use the money to go buy the latest fashion or tech items let’s focus on paying down debt.
But don’t just pay down debt with a check or direct deposit. Let’s start your points wealth by paying down debt with the latest Chase Sapphire Preferred offer and by leveraging Plastiq to pay down debt for companies that don’t accept credit card for payment.
Strategy Moving Forward
Over the next several weeks following our plan you will start understanding and following your expenses in greater detail. Do you have a quick view to know how much your spending in popular categories by month?
If not I recommend signing up for a great service to start managing your finances. Mint.com can simplify your financial view by connecting to your accounts securely and gives you one spot to understand all of your financial wealth and expenses. Understanding your monthly expenses is the first step for developing a successful strategy to Points wealth.
Going forward we are going to start Tracking or STOP paying for anything without a credit card. Every purchase no matter how big or small adds to your points wealth from pack of gum to a diamond ring. Achieve the most value per purchase or payment possible.
At the end of each Month we will look at our expenses throughout the month and understand how effective we were in achieving max value!
We will leverage the data collected from Mint to understand what credit card offers provide the most value based on your spending and monthly expenses along with weighing the pros and cons of each.