Tips for saving on credit cards and shopping

Even as the cost of living goes up, there are still ways to save some cash when out shopping or using credit cards.

Even as the cost of living goes up, there are still ways to save some cash when out shopping or using credit cards.

CTVNewsOttawa.ca looks at some more lessons from CTV Morning Live's Super Savings Week.

A credit card can be a powerful tool to build your financial profile, but it can also lead to debt if not used properly.

Certified Money Coach Janet Gray joined CTV Morning Live to offer some tips on the best way to manage your credit cards.

"We're loaning ourselves money. We're borrowing our future money that we have to pay interest on, unless we pay it within the statement period," Gray explained. "If you can't pay the debt in 30 days, then you're creating debt and paying 20 per cent interest, likely. That's pretty high interest."

Gray says you should think about your financial goals before breaking out the credit card.

"Is your goal to save for a house? Well, if you're saving for a house, you might need more money than unconsciously spending on more things on your credit card," she said. "Once you're clear on what your longer-term goals are, or maybe your short-term goals, then that may help you to use your card less, or use it more responsibly and pay it off."