A New Creative Approach To Credit Card Management

By: Justin Leung on August 16, 2012

Who ever would have thought of using a condom to reign in credit card spending? Alright so it’s not an actual condom more of an envelope to contain the card while paying down debt. It’s no secret household debt in Canada is still at extraordinary levels and there are now many creative solutions to help citizens on tight budgets keep that spending under control. One of these creative ideas is to apply the same method for hitting a bar to hook up to the cards in your wallet; always be sure you are covered up.

The condom or envelope itself is just part of the method of tightening spending habits. What’s encouraged is to make an envelope the size of a credit card so the card can fit comfortably inside and just like with condom wrappers, warnings should be written on the envelope. By writing a little note to yourself as a reminder of how much you owe already and whether you can afford that amount as it is, the message resonates in your mind to hold off. Without that reminder spending may continue; and just like hitting the bar, having protection is always for the best.

Another idea is to use the condom as a tracker for a savings goal, either for planning a trip or just to have a rainy day fund. The idea is to write that goal on the condom and each time you are able to withhold spending any money on the card; transfer that money you would have spent into a savings account, and add the total on your condom. This way you keep specific track of how much money you are saving to reach your goal while keeping yourself from going into any further debt.

Along with the credit card using a condom for the debit card would be a good idea for saving too. With the same kind of message applied to the debit card condom, it will help control spending money you do have on things you don’t need, in addition to the credit card condom keeping you from adding to debt. Together these two methods of protection will help keep financial plans on track and avoid adding any further debt to overburdened household budgets.

If a little note is not enough sometimes a picture says a thousand words. Drawing a little sketch of a savings goal can be a visual reminder for you; it could be a house to plan for down payments or your kids to put money into RESPs, but any little reminder that triggers in your mind can help control further spending. Tightening spending is crucial for Canadian households and the economy as a whole so any creative ideas to rein it in are being encouraged nationwide. So go grab a pack of condoms and cover those cards; protection will keep you safe.