The 5 Biggest Credit Card Mistakes Coaches Make

Hey Coach,

Credit cards can be a powerful tool—or a painful trap.

As coaches, we’re used to grinding, stretching our dollars, and making things work. But when it comes to credit cards, one wrong move can turn convenience into chaos.

Let’s break down the 5 biggest credit card mistakes coaches make—and what to do instead.

💳 Mistake #1: Using One Card for Everything

When your personal life and coaching hustle are all charged to the same card, it’s hard to know:

• What you actually spent on coaching

• What you can write off

• What’s costing you too much

Fix:
Open a dedicated coaching credit card.
Use it only for coaching-related expenses—like gear, travel, camp supplies, and marketing.
This keeps your records clean and tax season simple.

💸 Mistake #2: Carrying a Balance for Too Long

It’s easy to justify: “I’ll pay it off after the season.”
But those interest charges stack fast—especially with APRs often over 20%.

What started as a $500 purchase could end up costing $700 or more.

Fix:
Only charge what you can confidently pay off in 30 days.
If you need more time, build a repayment plan and stop putting new charges on the card until it's paid down.

🧾 Mistake #3: Not Tracking What You Charge

You can’t improve what you don’t measure.
Too many coaches “swipe and forget”—then wonder where all their money went.

Fix:
Use a simple tracker (spreadsheet or app) to log coaching purchases.
Review it monthly.
Pro tip: Categorize expenses so you can see where your money’s really going.

💥 Mistake #4: Using Cards for One-Time Splurges

New gear. Team gifts. Fancy meals at tournaments.
It feels generous—but if it’s not planned, it’s often debt in disguise.

Fix:
If it’s not in the budget, don’t charge it.
Set aside money each month for big coaching expenses—or build it into your pricing.

Remember: Your generosity shouldn't cost you peace of mind.

🚫 Mistake #5: Ignoring the Fine Print

Some cards have:

• Annual fees

• Variable interest rates

• Late payment penalties

And many coaches miss the perks:

• Cashback

• Travel points

• Extended warranties

Fix:
Read your card’s terms.
Pick one that rewards the way you spend, with low fees and simple benefits.
If you’re not using the perks, you’re leaving money on the table.

🧠 This Week’s Game Plan

✅ Review your current credit card setup
✅ Open a separate coaching card if you don’t have one
✅ Log your last 30 days of purchases
✅ Pay off high-interest balances first
✅ Create a monthly plan for coaching expenses

Bottom line: Credit cards aren’t the enemy—bad habits are.

Used wisely, a credit card can help you stay organized, earn rewards, and build business credit.
But used carelessly, it’ll quietly drain your profits and your peace of mind.

Let’s coach your cash like you coach your players: with discipline, strategy, and long-term vision.

Coming next week: The Top 5 Credit Cards For Coaches

See you next week,
Coach Mike Klinzing
Founder, Wealth4Coaches
"Coach smarter. Save better. Live freer."