Now, the award-winning Infinity Group Australia offers services in debt reduction, wealth creation, property investment, and retirement strategies. And unlike many other companies, Infinity Group Australia continues to support and guide families on the journey to financial fitness.
Graeme Holm and his team help families find financial success using a variety of strategies. Avoiding credit cards, while challenging, is one strategy that is extremely effective.
About Graeme Holm and Infinity Group Australia
Graeme Holm is an MPA Top 100 Broker and the director of Infinity Group Australia, located in Bella Vista, Cronulla, Melbourne, Brisbane, and Port Macquarie. Holm’s career in financial services spans over 17 years, with his first decade spent in a Big Four banking environment.
There, Holm became frustrated with Australian families receiving a poor deal. He noticed that his clients suffered from a lack of ongoing support, services, and guidance. In 2013, Holm, combined his passion for finance with his desire to get a better deal for Australian families, and Infinity Group Australia was born. Holm’s first office had just a couple of desks and even fewer employees, but his supportive client-first approach rapidly took off.
The business has expanded to five locations, and Infinity Group Australia’s unique approach gets results: With help and resources from Holm and his team, clients eliminate an average of $41,000 in debt within 12 months. 100 percent of clients pay more off their home loans in just three months with Infinity Group Australia than in the full 12 months prior.
To ensure such successful results, Infinity Group Australia acts as a “personal trainer” for client’s finances, providing coaching, performance reports, detailed reviews, and plenty of tips, including giving up credit cards.
Why Avoid Credit Cards?
Credit cards aren’t all bad, but they are a tool that’s very easy to mismanage. Ultimately, credit cards can add to your debt and prevent you from building wealth.
Avoiding credit cards means avoiding hazards like identity theft, interest costs, and late fees. With credit cards, you end up paying more than the original price of the item, sometimes even twice as much.
When you stop using credit cards, it becomes easier to track and manage your spending. You’re also likely to make better financial decisions and spend less money. If you want to start tackling your debt, avoiding credit cards is a powerful first step.
Of course, giving up credit cards is often easier said than done. Here are five tips to help you put away the plastic.
Leave it at home.
The best way to avoid using credit cards is to eliminate the temptation entirely. One option is to cancel all your credit cards (once debts are paid) and cut them up. Problem solved!
If you’re looking for a less extreme strategy, try leaving your credit cards in a drawer at home. Delete them from online shopping sites to limit accessibility. To avoid annual fees, downgrade your accounts to the version without annual fees for cards you aren’t using.
You may want to keep a credit card on-hand for emergencies, such as your car breaking down, but be sure to use it only when necessary.
Create a weekly budget.
When you plan ahead with a weekly budget, you can ensure that you don’t run out of money and won’t have to lean on credit cards. Budgets also help you steer clear of impulse purchases.
At Infinity Group Australia, Graeme Holm and his team sit down with families for multiple meetings to develop a budget. They start with a thorough fact-find into the family’s wants, needs, and household expenses. This information is used to develop a weekly cash-based budget for expenses such as fuel, groceries, travel, and entertainment.
Using this approach, you don’t have to worry about falling short and continuing the cycle of credit card debt. Not only will you feel less financial anxiety, but you’ll also significantly improve your family’s financial fitness.
Save money for an emergency fund.
Many families rely on credit cards in case of emergency. To avoid this, try to build an emergency fund, ideally one that can cover 3-6 months of family expenses.
If this amount isn’t practical, create a plan to set aside $1000 for emergency situations. Having an emergency fund helps you protect your savings and avoid credit card debt.
Use cash or a debit card.
Carrying a credit card may be convenient, but a debit card offers many of the same benefits. The added benefit of a debit card, of course, is that you’re only spending money you already have. You won’t incur interest, debt, or late fees.
Using cash can be even more helpful for your finances. While swiping a card is easy and often painless, handing over hard-earned cash often makes you think twice about how you’re spending your money. Cash makes it easier to track your spending, and you’re likely to end up spending less than usual.
Graeme Holm says, “If you can’t pay cash, then you’re not buying it! At Infinity Group Australia, we give every dollar a purpose and focus on teaching the difference between a want and a need while keeping you accountable to your goals.” Infinity Group Australia clients are allocated a personal banker who helps families track their cash budget and make adjustments as needed.
Don’t be swayed by rewards programs.
Credit card rewards programs convince many consumers that they’re saving money or getting a great deal out of their credit cards. The reality is that these programs only pay off if purchases are always paid off in full and on time. Otherwise, interest payments may negate or even exceed any positive gains.
Additionally, some consumers are tempted to “chase” credit cards rewards. Being close to a threshold in a rewards program, for instance, could push someone to increase spending. While these rewards programs are attractive, they don’t typically help you and your family in the long run.
Reviews of Infinity Group Australia
If you’re still hesitant to give up your credit cards, keep in mind that Infinity Group Australia’s advice has produced proven results. Infinity Group Australia reviews confirm that, with help from Graeme Holm and Infinity, clients can achieve even their loftiest financial goals.
Client Lyn Anderson says, “[Infinity Group Australia] has helped me to get to a long-term goal of having an investment property and managing to save money so that I can hopefully retire early and have a better life.”
Andrew and Karene Shepherd share, “An expert told us that we were not in a position to buy an investment property. Since joining Infinity, we have four and own our own home.”
Aisha Aboud adds, “Our finances are now in control. we are no longer spending on a whim and if there is a need for any other expenses we can consult with our personal banker. We feel in control at all times and we know where our money is going and what it is doing.”
Putting an end to credit card spending may be a challenge, but it’s one that will help you build a secure financial foundation for your family.
Like personal fitness journeys, personal finance journeys aren’t easy. They require time, commitment, and discipline. But with resources like Graeme Holm and Infinity Group Australia—and helpful tips like avoiding credit cards—achieving financial fitness is within reach.