With all the options for making purchases and payments, it can be difficult to know which payment method to choose. Is there really a "best" way to pay for things? Should some methods be avoided altogether? If you've been pondering these questions, the following should help you determine which payment methods best suit your needs.
When deciding when to pay by cash, debit or credit, consider your spending habits (carrying cash can help you manage daily spending) and how well you keep track of your finances (paying with debit or credit gives you easy access to a record of your purchases). Contrary to popular belief, it is not always best to pay with cash. Debit and credit cards can be a better payment method in certain situations. You might be looking to build your credit score, you might want to keep better track of your weekly/monthly spending or you might be in a situation where carrying cash isn't safe.
Here are some tips to help you decide which payment method is best for you:
Time to take action: You are the one who makes the decision whether cash, debit or credit (or a combination) best suits your lifestyle and habits. Carefully consider the benefits of each payment method before making a purchase. Deciding your payment methods ahead of time can help you keep better track of your money, and you won't be stumped at the checkout line when the cashier asks "cash," "debit" or "credit."