There are hundreds of articles on the value of using cash over credit and vice versa. Tons of credit cards now offering points and rewards are great if you can pay off the balances before you accrue all the interest.
I no longer have a choice, I am a "cash only" kind of girl now. Here is one of the many articles about why this lifestyle can be good and I have read a bunch like it this past month.
My questions about my "cash only" lifestyle is: is it preferable to withdraw a lump sum of cash at the beginning of the week or use my debit card like cash?
As long as I have had a debit card I have wondered about this, and I have never studied my spending habits enough to come to an accurate conclusion.
Right now I am going with the lump sum cash option. I take a fixed amount out at the beginning of the week and the only thing I use my debit card for is to put $ on my Charlie Card (public transportation pass).
For me I find having a specific amount of money in my wallet a true test of what I can afford. When the money is gone it is gone, even if there is more in the account.
I would love any comments on others experiences with this issue, thanks!
I think there is a lot to be said for the lump sum approach because one can physically see the money. You can count and touch the money you have (and from what I've learned about how people learn, being able to do this actually helps you remember the amount better). Money in an account is more abstract, and thus, more difficult to remember.
ReplyDeleteThat said, I actually keep very little cash because I end up spending it on silly things (that usually add to my waistline). Cash is too quick and convenient for me; I'm much less willing to spend if I have the hassle of paying on the machine. Internet purchases are another story, though...way too convenient!
BTW...I can't figure out how to get my real name on here...it keeps posting my blogger ID. It's Amy G :) loving the blog and reading every day!
ReplyDeleteHi Amy! I followed the link on your comments to your blog and figured out it was you :)
ReplyDeleteI totally agree with the cash being too easy and in the days before my budget I would shy away from cash for the simple reason I usually spent it on coffee and candy.
That was when I would fall back on the money in my account though and I am not letting myself do that. If I spend all my cash on coffee by day 3 I am really hungry by day 7.
Thanks for following along!
I haven't used a credit card in years. I do tend to use my debit card for everything but would probably be better off sticking strictly to cash only.
ReplyDeleteOh and in response to your tip of the day and they organization you did a few weeks. Since I'm leaving the beach in a few weeks I wanted to get a head start on packing and organizing. I had lotions and potions all over the place between my bedroom and bathroom. I decided today to run to Walmart (yes I hate that store but it's the only store near me) and got some small clear plastic bins to put all that stuff in. I realized I probably won't need to buy any body lotion, deodorant, mousse or shampoo and condition for the next year and a half. I have so much Eucerine that I'll never use it all and would like to know if there is somewhere any of that can be donated?
Martha, I am sure a place like The Women's Lunch Place or Pine St. Inn would love donated personal care products. Check out there websites for info! Congrats on getting organized :)
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