Trying Two Weeks Only Cash To Curb Spending
Posted on: September 18, 2008 by Matt
So I have decided that in an attempt to save a little bit of extra money that I would use cash only until the end of the month for all purchases except gas (I will still use my debit card at the pump for simplicity and to add to my Upromise account). I have all my bills mailed out for the month and only have one expected additional check to write between now and the 30th.
I have not opted to utilize an envelope system per Dave Ramsey’s method but instead have just taken out $300 from my checking to cover expenses. I am hoping that this will allow me to pay more attention to the areas I spend frivolously. I have also noticed that when paying cash for something I consciously count the cash out and hand it over. Something about watching the money trade hands really makes me pay attention to where the money goes. No more swiping the card and just looking at numbers in a checkbook, it is cold hard cash crossing hands.
To sum it all up I hope to:
- Identify areas where I tend to spend frivolously.
- Reduce these areas therefore saving money.
- Allow my bank account to settle down and all transactions and checks to post. I like to let my bank account settle from always using my bank card every few months as a form of verifying my checkbook reconciles. When transactions get crazy I take a break.
- Be a conscious member of the transaction (It is really hard for me to watch the cash go from my wallet into their drawer).
- Have a little left over in my checking account at the end of the month to pay down debt and / or move to savings.
I hope to have some good news to report with my cash only spending at the beginning of October!
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TagsCash, Debt Reduction, Savings, Upromise Filed Under: Budget, Debt, Debt Reduction, Savings
Good Luck on using all cash. I look forward to seeing the results.