Now, I have to tell you that switching over to using cash is one challenge that I've not yet taken up. I can't even tell you how many times I've seen it, read it, or heard about it, but I just have not gotten myself together to do it. Why? Because I'm a chronic swiper! I've just gotten so used to using a debit card that I absolutely despise having to carry cash around. Not to mention it makes your wallet a lot heavier than if you just carried a piece of plastic right!? And, people can't really tell if you have money or not when you use a debit card since the actual transaction goes on behind the scenes. It's like magic! Who doesn't love a magician?! OK seriously, I think I'm actually going to try it this time. I'm doing a pretty good job at paying down my debt, but it's definitely time to kick it up a notch. I love a challenge, and this whole cash thing is going to be one. The one comment that I've read in several different articles is that you simply have to do what's best for you. The area in which you're more likely to overspend is probably a good start. Perhaps you'll commit to paying for groceries, entertainment, and restaurant food in cash. Of course setting up a budget for this is going to take some trial and error at first, but it can be done. Using cash will help us develop better discipline when it comes to our spending. If you know you only have $20 to spend on entertainment for the week, you'll probably end up picking dinner or the movie, but not both because it will put you over budget. If you don't know what you're spending in these areas now, monitor your receipts for the next 2 weeks or so to get a feel. At least you'll be in the ballpark once you finally switch over.
One of the things that I've learned through this process is that money management is an on-going journey. No matter where you are right now, you can always get better and find new ways to maximize what you have. I'm willing to take on a new challenge that will hopefully propel me further ahead and closer to freedom. Are you?
If anyone is already using this method, please share with the rest of us. We'd love to hear from you! For everyone else that is joining me in the challenge, repeat after me: "Swiper, No Swiping!"
Change requires action!