★ Money Challenge #8: Create a Credit Card List!

Posted January 23, 2017 6:00 am by with 7 comments

track credit card list

This is part of our Weekly Money Challenge series.
Be sure to check off any you’ve missed!

If you’ve ever experienced losing your credit card or being hacked, you might remember how annoying it is. Not only in canceling it and awaiting for a new one, but having to then go back and remember all the places that card was linked to.

Was it only Amazon and Netflix that was connected? The cell phone bill? Utilities?

Crap…

Insurance? (Here come the emails and warnings that your card was declined!!)

Before you know it, you’re almost more mad at yourself than you are at the hacker who put you in this mess!

But there’s a cure for this madness…

This week’s challenge: Make a list of all the places your credit card/debt card(s) are linked!

Put it in a spreadsheet, email draft, write it down on paper – it doesn’t matter. Just make sure you have it *somewhere* for whenever the next time you get a new card happens (and believe me – it’s going to happen again).

This will bring you four major benefits:

  1. It will make updating spots in the future much, much easier (and quicker!)
  2. It will prevent late fees from happening, or worse – shutting off of services since you remembered what to update!
  3. It keeps stress levels to a bare minimum (never totally avoidable, but definitely better)
  4. And it forces you to re-evaluate all the services/apps/products/bills you currently have set up to see if it’s still worth including in your life. If not, cut ’em and save!

Our boy J. Money started doing this years ago and swears by it.

While you are accomplishing this, think about the areas you love spending money on and those you don’t. Which services/bills make you happy? Which are annoying?

Let us know down below or in the forums, and let’s laugh together at all the random stuff we ended up cutting from the list :)

Derek, Master of Challenges

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PS: Click here to see how the last challenge went for people!


UPDATE!

One thing I love about doing these updates is sharing all the unexpected ideas from the community over in the forums. By the time each week is over the original challenge has grown into a really cool collaborative effort. The folks over in the forum always add super helpful tips, trick, stories, and ideas that strengthen each challenge and wrap things up nicely.

Anyway, take some time to either join us in the forum or make sure to read these updates on each challenge!

Here’s some of this weeks highlights…

I did this not long ago when my hubby and I were going on a long trip. I sent our financial details to a trusted family member with some other instructions (just in case) and included details about how certain bills were paid and what accounts we have. My boys are 18 and 17 so they would need help from their uncle in the case of something serious happening to both of us. –Mrs_Need2save

geckovision gave us this fantastic idea of creating a money map. Here’s three posts on the idea, each one with great illustrations on how to map out your money…

  1. Using Multiple Bank Accounts to Control Your Spending
  2. Mapping Out Your Income for Multiple Streams of Income

  3. Multiple Income Streams: Five Easy Steps to Map Out Your Money Flow

MaximizingMinimalist also added to the discussion of creating a money map…

Not to hijack the thread, but, Yay, Money Maps! Never heard of it before, but I totally have to do this anytime we make a tweak to our system. We always talk about/draw it in terms of “flows”. And call our accounts “buckets” (that once they are full can flow into other buckets). Then, when all out buckets/buffers/emergency funds are full, we call it “Shields Up”, like we’re the USS Enterprise or something. No splurging til Shields Up! Read the rest of how this money map works.

 

 

Derek heads up the Weekly Money Challenges here at Rockstar Finance and over in the Rockstar Money Forums. He also runs an outrageous blog and podcast over at HowDoIMoney.com - check it out!

7 responses to ★ Money Challenge #8: Create a Credit Card List!

  1. lyn January 23rd, 2017 at 10:40 am

    I utilize different cards for different savings but I can never remember them all. The solution: Set the payment date of each credit card as a repetitive task on the phone. So each month I get a reminder and not missing out any payments.

    Reply

  2. Mrs. Picky Pincher January 23rd, 2017 at 11:02 am

    This is a GREAT suggestion and I have no idea why I haven’t done this before.

    My card has been stolen a few times and it’s a nightmare updating your credit card payment information. And this is something we can do easily with a Google Doc between Mr. Picky Pincher and myself.

    Reply

    • Derek Olsen January 23rd, 2017 at 11:21 am

      Exactly! It’s so simple and helpful, but it’s also one of those things that you don’t think about doing until it’s too late.

      Reply

  3. Miss Mazuma January 23rd, 2017 at 1:06 pm

    Ohhhh – great idea!! I know when I fly overseas I take pics of my cards and passport and send the file to my BF and mom… you know, in the event I go missing. But this is a great idea for normal day to day. I know where I’m linked but don’t have it down in one spot. Oh, and this makes it cery useful to update my address when I move next. I just have to go through the list and update all accounts! Challenge accepted!!

    Reply

    • Derek Olsen January 23rd, 2017 at 1:48 pm

      Great ideas! I didn’t even think of using this same list for when you travel and move.

      Reply

  4. Go Finance Yourself! January 23rd, 2017 at 9:52 pm

    This is great advice. I use my credit card to pay any bill possible, which includes recurring bills like utilities. On occasion when fraudsters get a hold of my card and it has to be canceled and reissued, it becomes a pain to remember every vendor that is linked to my card. A few years ago I started keeping a list on my budgeting spreadsheet. This has saved a ton of headache whenever my card number gets stolen, which thankfully hasn’t happened recently.

    Reply

    • derek January 24th, 2017 at 12:50 pm

      Keeping the list on your budget spreadsheet is a fantastic idea. Thanks for sharing!

      Reply

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