I went on a cash diet a few weeks ago. Last month I talked about how I was spending too much on the small things. If I had cash it was gone. I was trying to focus on saving money through the big things and ignoring the fact my money was trickling out of my bank account $10 or $20 at a time. I’m glad I came to that realization because that’s when I decided I was going to quit cash cold turkey for awhile.
Since giving up cash I’ve noticed that I’ve been doing so much better in paying attention to how much money I’m spending. I think before I swipe my card. I’m not buying things on impulse any more.
I am still old school and keep a check book register. I hate having to write down a million transactions and then wait for them to clear, so when I don’t spend as much, I don’t have to record as much! Less work for me. Another bonus is that when I only use my card, I can track where the money went so much easier. When cash is gone, it’s gone, and there’s no record of it. I don’t know if it’s just Generation Y or not, but it seems like a lot of people think that if they don’t see the transaction on online banking, mobile banking, or their bank statement it’s like it never existed. I’m totally guilty of that.
Going without cash has really helped curb my spending. I’m really excited about the positive changes, and hope I can keep it up!
Do you save more money when you go cash only or debit card only?
image from zwitwicky