Debitize Review and $20 bonus

If you’re a regular reader of my blog, it should be no surprise to you that I am a big proponent of taking advantage of credit card rewards. Credit cards are great for many things including: cashback from every day purchases, cash sign up bonuses, and taking all inclusive trips for free with points. Many people are missing out on these benefits due to being scared of credit cards so they instead use a debit card for all purchases. Not only does using a debit card cause you to lose out on earning points or cashback but it also causes you to lose additional protections on purchases that many credit cards offer. So what makes people so scared of credit cards that they are willing to give up all of these benefits? In my conversations with people it’s usually that they don’t trust themselves to use the card responsibly. This irresponsibility manifests in two ways; either they spend more on the credit card than they have in their checking account or they miss payment dates. Wouldn’t it be great if both of these things could be taken care of for you which would allow everyone to take advantage of credit card benefits with no worries?

This is where Debitize comes in. When I first heard about how Debitize works, I instantly knew it was a good idea and was mad at myself for not thinking of it myself. Basically with Debitize, you link your credit card to your checking account and then go about using your credit card for purchases with no worries. Every time you make a purchase with your credit card, Debitize automatically removes the amount that your spent from your checking account and moves it to a reserve account. The funds then sit in that reserve account until your credit card payment date, at which time Debitize automatically pays your bill for you from that account. This eliminates the irresponsibility of overspending with a credit card because if you do that, Debitize will alert you immediately when you are running low on funds in your checking account instead of getting to the credit card payment due date and realizing that you’re in trouble. This also saves you from having to remember to track due dates and remembering to pay your credit card bills. One less step and one less thing to remember is always beneficial for busy people.

I really think this is a great idea and an awesome service that will allow everyone to take advantage of credit card rewards. I’ve been using their service for about 5 months now and have enjoyed the extra simplicity with my finances. If you sign up for an account through my referral link, you will receive a $20 bonus once you link your accounts and start using the service and I will receive $20 as well. This is a great incentive to give it a shot. I believe that once you link your accounts you will appreciate the ease of using the service and the $20 bonus will just be icing on the cake. If you decide to try Debitize, let me know what you think and how you like it!

Progress to Financial Independence- October 2016

Although October has 31 days, it really flew by this year. Whitney and I got a little more settled into our new assignments, we took a weekend trip back home for a wedding, and I turned 28 years old but besides that, not much excitement this month. We are really enjoying the weather in North Carolina which has still been in the 80’s on most days even though it is now November. Our jobs are going very well and we are planning on trying to extend our contacts for another three months if we are able.

Financially, I did well with savings this month because we didn’t have any unexpected surprises but I still fell a little behind due to a rough month for the stock market in general. My portfolio dropped by about 2% in total this month but I won’t let that bother me because I’m in it for the long haul, unlike in the past. Based on my calculations this month, I’m still on track for FI in August, 2020 which is two months before my 33rd birthday.

Hopefully next month will provide better investment returns, but I’m not holding my breath. Market valuations remain very high which usually means lower returns over the short and intermediate term. I am now beginning to stockpile some cash so that I will be able to put a down payment on an investment property once I have two years of work history to qualify for a mortgage. I’m still about seven months away from having a two year work history but by the time I get there I should have a big cash reserve. In the meantime, I will continue to read and learn about real estate investing as much as possible so that I will, hopefully, have an easier time with it in the future.

We are trying to plan a couple of weekend trips to visit nearby attractions but overall November should be pretty quiet. Hopefully that means hitting my savings goal for the month but we will see how it plays out.