Employees get cheque for shorted pay

While some employees can use their back pay for a shopping spree others may follow suit with a credit card.

10:46 03 June 2013

Some employees recently received money back after claims that they had been paid less than what they should have been paid. The average payout for these workers was approximately £300.

 

For those of us who don’t have such a cheque waiting for us there is always the credit card, if say we could do with a little cash to go shopping with. Here’s how to avoid going overboard when shopping with your credit card. 

 

• Wait-ultimately the best things you can do are waiting and save up cash for the items that you want. There are a few exceptions to this, such as when you’re trying to establish a credit rating.

 

If you aren’t in a position to wait for the amount to be saved, or better, if you will be able to pay off the credit card within thirty days then your purchase should not negatively impact your finances.

 

If you’re just shopping for something extra, try waiting two to three days before making the actual purchase. You might find you don’t really want that item you saw at the store or online.

 

• Limit yourself-give yourself the spending limit you can afford (assuming it’s less than your official credit card limit). Even if you have a £5,000 credit limit, know how you feel about your monthly bill situation and how much of a payment you can handle, as well as how long it would take you to pay off the expense.

 

Large amounts should really only be used for emergencies. Ask yourself if there will be a problem if you make the purchase, and your heater goes out next month.

 

• Choose one credit card-if you choose one credit card that has a better interest rate, you’ll already save yourself money. Just make sure to leave any other credit cards that you have at home so you don’t feel tempted to purchase more.