Thoughts on my Credit Card...

So many things came up in 2008 that made me realize how much I value my credit card:

• Car Emergency - My car broke down thankfully in a town where I was able to get it fixed.
• Wisdom Teeth Removed - Ouch to my teeth and Ouch to my credit card!
• Season Pass to a Ski Resort - Yes, I didn't need it, but I hope to save money in the long run.
• So many good sales, so many new clothes!
• New laptop computer - I bought it refurbished, so I saved quite a bit of money.
  
• A few more car repairs.
  
• And of course, holiday shopping!

So, you can see that I do not want to cancel my credit card, I have needed it on more than one occasion. But now I have started 2009 with a balance, and I'm sure that I'm not the only one. So, in the spirit of the new year I have some new rules for my credit card:

1. Pay more than the minimum amount due on each bill. This way I can pay off my credit card faster. I plan to pay a set amount every time I get paid so that I don't really miss it out of my paycheck.
   
2. Stop using my credit card for every day purchases. My credit card should only be used for emergency and big ticket items that I don't want to pay in cash. No more spur of the moment shopping with plastic money!
3. Save for the big ticket items! I'm more of a spur of the moment shopper, so I opened a Secondary Savings account specifically for large purchases that might come up. (Like a laptop, or a ski pass, or holiday shopping...)
   
4. Continue to carry my credit card for emergencies. When my car broke down, I was in a small town and was about 2 1/2 hours from home. It's nice to know that if I need the money, I have access to it.

My credit card is a valuable tool, but like anything I just need to use it more responsibly. If I stick to my plan, maybe I'll start 2010 without a balance on my credit card.

Happy New Year!!