Technically, you'll be saving money, at least initially. But if you can manage to implement this strategy, you will end up making money - lots of it.
First, examine your spending habits. Do you use your credit cards very much? Yes? Great. Now, stop using them and get them paid off. That may take a while and require a lifestyle change, but really, you know you need to.
Now, with that accomplished, (By the way, pat yourself on the back. Eliminating credit card debt is nothing to sniff at!) take a look at how you used your credit cards. This strategy will have the most impact if you used your cards to pay for daily expenses like gas and food, but it will work if you used your card occasionally for larger purposes.
Identify your lowest credit card interest rate. Now, whenever you buy something you would have used your card to purchase, take that percentage of the purchase price, and put it into savings.
For example, my credit card rate is 8.5%. I bought a tank of gas (with cash) for $50. So I will deposit $4.25 into my savings for that purchase.
Is it crazy to add 8.5% to my expenses? Maybe, but that's what I was doing before I stopped using credit cards. Why not pay myself like I paid the credit card companies? I like myself a lot better.
As your savings grows, it will earn interest, and will eventually total enough to invest in mutual funds or an IRA, thus making you money as you spend it!
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