There is a way to keep your money longer by using credit cards and autopay. I have been using this strategy successfully for several years. It has evened out my cash flow and put money and rewards in my pocket. This strategy is only effective if you pay your credit card statement balance in full every month. Here how it works.
​DATES are important. You need credit cards with different closing dates throughout the month. Credit card transactions are billed at set times called billing cycles. The last day of the billing cycle is the account statement closing date. The due date is the date by which you must pay your credit card statement balance. There is a grace period between the statement closing date and the payment due date. By law, the credit card company is required to offer a grace period of at least 21 days. This is the period of time from when you get your statement to make a payment before interest is charged on new purchases. That is 21 more days to keep your money.
The credit cards I use:

1. Discover closing date 26th due date 21st of the following month
2. MasterCard  closing date17th due date 14th of the following month
3. Visa 6th due date 3rd of the following month
4. I also use my wife’s cards if the closing date is more advantageous.
5. Closing dates can vary by a few days based on the credit card billing cycles. For example, the 23-day billing cycle may have different closing dates after February, July, August for example. So don’t cut this too close. The credit card due date will always be the same.

You can often change your current due date if contact your credit card issuer. Most will let you switch your due date. So if you already have multiple cards you can spread the due dates and get started. Changing your due date will change your closing date by a corresponding number of days also.
All transactions since the last closing date will be included in your credit card statement. Credit card transactions are billed at set times called billing cycles. The last day of the billing cycle is the account statement closing date. You have a grace period between the statement closing date and the payment due date that’s roughly between 21 and 25 days, depending on the card you have. If your card has a grace period, the credit card company is legally required to offer a grace period of at least 21 days from when you get your statement for you to make a payment before interest is charged on new purchases.

• DTE autopay on the 27th of the month. Statement closing date the 17th of the next month. The credit card due date is 14th of the next month. 
• Autopay DTE March 27. I get a credit card statement on the 17th of April. Pay credit card in full on May 14. That is 47 days, I get to earn interest on my utility payment.

Resist temptation. You can’t spend the money on anything else. You must pay the credit card bill when its due.
I use this strategy with reward credit cards for cashback or travel rewards to help maximize the benefits. I love accumulating miles or cash from paying for utilities. I use the same strategy for cell phones, cable/internet, streaming subscriptions, and natural gas.
If you actually deposit the deferred payments into an interest-bearing account you may even see a modest gain over a year.
Other considerations You must monitor your credit card statements closely. Auto-pay amounts can change. I do not auto-pay my credit cards. This forces me to interact with the website to pay the bill. Therefore I get to monitor my statement before I make my payments.
Using this strategy will allow you to pay your bills on time and keep your money longer while doing it. 
 

Continuing Series on the 6 Financially Healthy Behaviors
Often when it comes to money some of our behavior can subconsciously be influenced by our money habitudes or by one or more of the four external financial health influencers. This can result in frustration and missing your money goals.
Money is like food in a lot of ways. It is something that we consume and is necessary to live. Just as improper behavior in relation to food leaves you in ill-health; an improper relationship with money can prevent financial well-being. Crash diets and get rich schemes may provide short-lived results but without a fundamental behavior change the results will not last.
Here are 6 financially healthy behaviors working-class households can use in the journey to financial well-being. These 6 financially healthy behaviors will increase your financial capabilities and lower your money stress.
In no particular order of importance, the first financially healthy behavior is “uses an effective range of financial tools.” 
​

Since hominids roamed the Rift valley into the plains of Africa, effective use of tools gives a person the ability to alter an environment for their benefit. That is true for your money environment also. Each household operates within a larger economy. That larger economy creates an environment ranging from wholesome to toxic that generates irresistible forces that impact households. Altering that environment for your benefit through the effective use of some financial tools will help you succeed in your financial evolution.

Credit cards are a necessary part of life in 21st century America. They can be a bane or a blessing depending on ownership. By that I mean, “Do you own your credit cards or do your credit cards own you?” 
A well-managed credit card can provide increased monthly cash flow and lifestyle enhancements through rewards and other cardholder benefits. Cash advances can also be used as part of a last resort safety net or emergency fund. Credit cards should be proactively managed for rewards, utilization ratios, and annual limit increases.
Poorly managed credit cards lead to high-interest rate debt, stress, and a diminished lifestyle. This is like using a tool on yourself instead of on your circumstances. This is what happens to the undisciplined money managers and impulsive spenders. If this is your situation, there is hope. You don’t have to stay that way.

Everyone engages with the economy through Financial Services. These services and products are sold by a variety of entities. Accessing these services requires both prudence and due diligence. Buyer beware! There are many “trick and trap” instruments promoted to the ill-informed and desperate. Loans of all types can have such terms: Payday, Title, Student, Mortgage, Auto, etc. 
Strategically accessing capital when you need it is a good thing. Of course self-funding, though not always possible, would be the best course. There is nothing wrong with borrowing. But do so when it is the only option left. Borrowing should never be your first option. Do you really need to borrow? What are the terms? Can you maintain the payments even if your income is reduced?

Checking/Savings accounts are necessary to engage the economy. These deposit accounts give you access to cash and the ability to make payments. Your deposits are held securely until you access them through cash withdrawals, debit cards, wire transfers, or ATMs. Lack of access to these basic services has left many “unbanked” at the mercy of the unscrupulous and greedy. Those that do have access must be ever vigilant of fees and other balance reducing charges that are profit centers for some financial institutions.

Continuous financial education must be a value that you fully embrace. Thanks to Google, YouTube, MoneySmartLife.org, and a plethora of financial websites and books you can always be informed about your money. Being informed will help you make better decisions and plan for success. You don’t have to be an Accountant per se, but you should be fluent enough to discuss your situation with one.
Be aware when consuming financial information of its source and affiliations that may result in bias or steering. Look for objective sources of information like MoneySmartLife.org. This is not to say there isn’t great information on commercial sites. There most certainly is. Just be aware of whose paying the piper for the tune being played.

Investments are assets you have above your living expenses and emergency fund. They generally have a long term purpose or goal such as capital appreciation or income. Whether you engage a Financial Advisor or decide to go it alone, the basics must always be satisfied. Those are your time horizon, risk tolerance​, and the suitability of the investment. All three should be satisfied before you invest or engage an advisor.
The main thing investments should do is put you on the positive side of the interest equation. Which side of the interest equation is more characteristic of your money; paying it or receiving it?

Insurances are part of your risk management strategy and disaster recovery plan. Having appropriate coverages can help you offset a loss due to a covered event. Life, health, home, auto, business, renters insurance markets are highly competitive. This means you should regularly review your coverages and seek competitive quotes. Make sure whichever company you choose has a reputation for fairly paying claims.

Money paid in taxes doesn’t contribute to your wealth. Therefore utilizing available Tax Shelters lets you keep more of your money. Shelters don’t have to be elaborate but simply available such as charitable contributions, self-employment expenses, 401(k), HSA, or mortgage deduction. Paying taxes contributes to the quality of life. It is the irrefutable responsibility of every person to pay some taxes. But you should not pay more than you owe. As an American, my attitude toward all forms of taxation is the same. Tax evasion is a crime. Aggressive tax avoidance is our patriotic duty. Since tax law frequently changes this should be a part of your continuing education.

A Credit Score can be a tool. Maximize your credit score. Excellent credit (750++) will allow you to take advantage of sales incentives like sign and drive or 0% interest car loans. You will also get lower interest rates when you do borrow. Move your credit score up above 775 strategically and on purpose. 
Your ability to borrow should be viewed as part of your safety net. Your credit card cash advances and spending limits are criticalcomponents that can be managed to help mitigate some of the impacts of an emergency while buying you time. An excellent credit score can give you immediate access to additional money during an emergency. It is a MoneySmartLife strategy to responsibly and proactively expand your borrowing capacity annually. Just as your net worth expands annually so should your credit capacity.
These 8 money tools are available to most working-class people. Know how to use them capably. The cliche applies, "it is a poor worker who blames the tool." 
The World Bank defines “Financial capability as the internal capacity to act in one's best financial interest, given socioeconomic environmental conditions. It, therefore, encompasses the knowledge, attitudes, skills, and behaviors of consumers with regard to managing their resources and understanding, selecting, and making use of financial services that fit their needs.”

​Ultimately the responsibility of learning how to manage money rests with the individual. If you think somebody cares more about your money than you do; you have another think coming. Effectively using all available money tools is on you.

Financial shocks are inevitable during a lifetime. “Stuff happens” according to the PG-rated version of that cliche. When it does my language is more NC-17. Nevertheless, happens it does. The most common financial shocks for working-class families are:

• Medical
• Major household and automotive repairs
• Family emergencies meaning anybody you would choose to help rather than pay your rent.
• Criminal justice system interactions always cost money to win, lose, or draw.
• Temporary loss of income through reduced hours or layoff.

An emergency fund is foundational for achieving financial well-being. Having one increases your capacity to absorb financial shock. It enhances your resilience or ability to recover from the shock. To torture an analogy, in the prizefight of life,  it is not that you got knockdown; rather it is how long you stay down and what you are able to do after you get up that determines the outcome. An emergency fund can provide more solution options.

What is an emergency fund? It is a "liquidity buffer" between you and ruin. If you have very little saved — say $200 to $500 — each additional dollar you set aside dramatically reduces your likelihood of falling into financial hardship. It can be any of these items. Some are decidedly better options than others:

•  Cash on hand
• Liquid savings 
• Readily sold assets such as jewelry, stocks, bonds, guns, collectibles, 401(k), your body and time, etc.
• Credit Card Cash Advances
• Food on hand
• Family
• Accounts receivables or anybody who owes you money who is good for it now.
• Credit Score

How much is enough for an emergency fund? Emergency funds are highly individualized. The answer depends on a variety of factors including your health, your age, your temperament, dependents, housing situation, the stability of your job, your risk tolerance, and more. Just be mindful of the truism, "It’s better to have money and not need it; than to need it and not have it." Your emergency fund can’t be too big. Its size may determine how it is stored but not its existence.

​Forget the 3 to 6 months of take-home pay that is commonly parroted throughout financial media and literature. This goal is often unattainable for low-income wage earners. A more realistic minimum target is $2,467. A fund of this amount will be sufficient for most emergencies. Having such a fund stops you from getting stuck with short term remedies with long term consequences like being late on rent or borrowing from a payday lender. Often creating a cycle of cash draining late fees and prolonged financial insecurity.

Building an emergency fund is your #1 priority. You should well establish an emergency fund before you divert resources to the very prudent debt reduction strategy necessary for your long term success. You should continue or start making all minimum payments on time and continue to do so until your emergency is well funded.

Debt reduction is achieved by consistent application of payment to the principal balance. Having an emergency fund will let you maintain a good payment history so you won’t have to “rob Peter to pay Paul” when the inevitable happens. One missed credit card minimum payment can close off what may be a critical asset during a financial emergency and put a big hole in your safety net. Modified universal default terms may render a late payment to one lender a catastrophe in your creditworthiness regardless of your actual payment history.

Your ability to borrow should be viewed as part of your safety net. It creates capacity and demonstrates financial capability. Your credit card cash advances and spending limits arecritical components that can be managed to help mitigate some of the impacts of an emergency and buying you time. An excellent credit score can give you immediate access to additional money during an emergency. It is a MoneySmartLife strategy to responsibly and proactively expand your borrowing capacity annually. Just as your net worth expands annually so should your credit capacity. They weave your safety net tighter and softer.

1. Aggressively save money now. Cash is King during a recession. Have as much of it on hand as prudent. Build your emergency fund. This prepares you to withstand “stuff happens” and seize the opportunities a recession always provides.
2. Layup 30 days of food for your household. A loss of income can be softened by knowing how the family is going to eat. Having food on hand will allow using your money on other things.  Start by setting aside 3 days, then 7 days and finally 30 days. This food store is also used for disaster preparation and recovery due to weather events, natural disasters, and non-economic factors. Having a food reserve on hand is a MoneySmartLife strategy. This isn’t extreme prepping but it is being prepared.
3. Start a profitable side hustle. The loss of income is how most working-class families are impacted by a recession. That loss of income, if sustained, also causes a loss of wealth. The loss of wealth has a more enduring impact and must be avoided. The best way to do this is by having multiple streams of income. Make sure that your entrepreneurial endeavors are recession-proof by providing products or services torecession-resistant businesses and their employees.
4. Understand the difference between "wants" and "needs," then spend accordingly. Wants and needs are different for everyone. They are subjective and often emotionally driven. Despite those individual differences, everyone still spends in both categories. You may need a car to maintain your income. But the kind of car you purchase, beyond reliable transportation, is more a function of your wants. You know it’s a “want” rather than a “need” if you spend time justifying or rationalizing the upgrade.
5. Maximize your credit score. Excellent credit will allow you to take advantage of recession heightened sales incentives and lower interest rates. Both borrowing and buying become cheaper in a recession. Having excellent credit will allow you to access these credit-driven opportunities. Move your credit score up above 775 strategically and on purpose. During a recession, having and managing credit cards can be a component of your safety net. If your score is bad or takes a hit, start the recovery process now.

Okay the BK is discharged. Now let's start rebuilding your credit score. This not a quick fix. It also assumes you have effectively dealt with whatever caused you declare bankruptcy whether it be situation, lifestyle, or lack of financial capabilities.

This strategy is front-loaded with a long term payoff because of the BK credit restoration timeline. A BK can be on your credit report for up to 10 years. The good news is that its impact lessens on your credit report the further removed it is from the present. You may be eligible for a mortgage or auto loan in much less time if your other factors are strong.

​Here are the six steps to rebuild a perfect credit score:
1.Be wary of credit repair companies. 

• They can't do anything you couldn't do for yourself at little or no costs. The information to DIY is freely available from credible non-commercial education sites or non-profit counseling agencies.

2. Start now. Be patient.

• The length of your credit history impacts about 15% of your score. All accounts included in your BK will no longer impact and eventually disappear from your credit report in 7 years or less. After BK stops reporting you will have 7-10 years of pristine credit accounts. At that point, only active accounts will be reporting.

3. Become an authorized user
4. Check your credit reports 90 days after BK and then at least annually thereafter. 

• Fix everything that is wrong on your report.

5. Use financial services products that build credit.

• Get a secured credit card quickly, if it's your only option. All types of credit cards, secured, unsecured, gasoline, store, etc are revolving accounts. Also, these are generally low limit cards. 
• This category makes up 30% of your credit score. Therefore you must optimize this credit scoring factor if you are going to have a future score above 750.
• CUR or your credit utilization ratio is what impacts your credit score the most. Pragmatically, this not much of a factor so soon after a BK. Its impact on an already bad credit score isn't the only factor that will stop you from getting a loan at this point. 
  • A credit utilization ratio of 10% or less will be your goal. However, achieving that can be difficult with low limit credit cards. A $500 limit secured credit card would only yield $50 credit usage.
  • What is more important than your CUR at this point in your rebuilding journey is that you develop the habit of paying your credit card statement balance in full every month by the due date. You should focus on building a solid revolving credit payment history without CUR concerns at this point.
• Get an unsecured card ASAP. If you do well with your secure card, you will start to get offers for unsecured cards. The terms on these credit cards are often not pretty but they are unsecured. Once you get one of these, you no longer no need a secured card. You will be able to get your security deposit back.
  • Be careful closing this account too fast. Unknowingly doing so can set your credit score improvement efforts back significantly by devaluing your length of credit and payment history. After you obtain your second or third unsecured card you can probably close the secured card with negligible future impact
  • Pay close attention to the CUR on this card and all other revolving accounts. Pay the statement balance in full by the due date each month.
• Get a share loan from a credit union or bank. In the worst-case scenario but guaranteed approval scenario, you will need money to do this, just as you do for a secured card. In essence, you go borrow an amount of money equal to or less than you have on deposit with the financial institution. They will use your funds as collateral. Then repay the loan over the full term to generate maximum payment history. Do it again at the end of the first loan, if necessary.
  • Installment loans payments impact your credit score the same regardless of the amount. Here’s one case when size doesn’t really matter. Payment history and account type do.

6. Create Credit Diversity