I don’t like cash.
I don’t like to think about how filthy it is–where it’s been and who has handled it.
I don’t like to have it in my purse. I’ve never misplaced money, but to me, it just feels more “losable.”
When I have cash, I spend it and I don’t remember where it goes.
So, I carry just a tiny bit of cash. I have a $20 in my glove box in case I’m out and absolutely need cash, and I regularly get rolls of quarters so I can do my laundry. That’s about it.
Instead of toting twenties, I prefer plastic.
I use my Visa debit card everywhere–Aldi, other groceries, drugstores, whatever. There’s a small rewards program linked to our debit cards, and we’ve earned enough to get a $50 gift card to Outback steakhouse. It should be here soon!
What’s more, I like how my debit card can help me track my spending. I don’t have to write down that I spent $10.26 at a store. My bank already has it logged, and I can link my online bank account to a financial program (such as Microsoft Money or Yodlee) to help me categorize my spending.
I use my credit card for online purchases. I know that I can use my debit card there, but I prefer credit. I can generate a one-time use account number, and it makes me feel much safer.
However, I know that for some people, using a cash-only system works best. You can withdraw a certain amount of money for your weekly expenses, and when it’s gone, it’s gone until your next paycheck. A cash system can work well in those cases.
And, not all stores will accept plastic. I’ve had to leave a few stores empty-handed because of their policy.
What do you use? All one thing? Or maybe a hybrid system?
Hmmm, I prefer plastic as well (pay off balance every month, only buy things you need). I never thought about how dirty money is.
Thanks alot. Now I have another cleanliness phobia.
I use strictly plastic for the ease of use, and the cashback bonus money. I pay it off monthly and I try to only buy what I need, but sometimes I find it easy to buy items that I want. Which makes me wonder if I should only use the credit on items such as gas, groceries, and bills. And if I don’t have cash for the item (clothes, dining), I don’t buy it. Although it would make life more difficult I think that I would spend less.
People always say you can control spending by using cash because you are less likely to spend. I am starting to beleive this.
Excellent point about being able to pay the balance. Sometimes, it is easier to spend more with plastic.
I do almost exactly the same thing. I never use cash because I always end up spending it, and then I can’t keep track of where its going.
I use a debit card for every purchase. Luckily these days almost everyone accepts a card. The advantage is that when I check my account online I have a list of all the purchases I made that month - that helps me create and maintain my budget.
For bigger purchases I save before hand (most of the time), and pay with a credit card. After I buy I go and immediately pay it off with my debit card.
I’m a heavy debit card user, and have been since I first got one in high school. I almost never had cash in my wallet until recently, when I tried having it around for those cash-only places and instances when the amount was so small I felt silly putting it on my card. I don’t have a credit card, but I’m considering getting a specific one for the frequent flyer miles I can get.
I used to use debit/credit only. But this year DH and I have started taking out a small amount of cash every pay for our extra stuff like eating out, Starbucks etc… For us, it is easier to do cash for this stuff b/c when it is gone it is gone, and I don’t have to stop and think what I have spent so far for the week. We are still new to this though, so not sure if it will last or not! :)
I’ve tried having like $5-10 in “blow money” to use without worrying about where it goes, but then I have a hard time spending it at all.
Most banknotes have traces of cocaine: fact.
Creit cards are all very well if you pay them off before penalties & interest. Never quite got the hang of that one…
I use debit. Being able to see the numbers on my computer screen makes using debit very real.
Interesting question. I have always used my debit card. I see a lot of value in having cash, but recently I set up an Excel spreadsheet to keep track of our budget. I’ve been writing down the totals every time I go to the store and it automatically updates and tells me how much of my budget I have left for the month. These hard numbers have been good about controlling my spending. I can see if I keep up with this then it will be just as effective as cash.
I don’t like using my debit card for purchases under $10, so it helps curb my impulse buying on small things. If I have cash, I treat it more like “blow money” (that term really makes me think of drugs!) and spend it wherever even if it’s technically for groceries. I don’t know, we’ll see.
I think each person should try both and use what works better for them. With cash, I am not likely to overspend. With my debit card, I have a record of each purchase and I can’t just “ignore” it like I can with cash. We’ll see in the next few months what works better for us.
I never have cash on me. I use my CC for the cash back and we pay off our bill monthly.
[...] mentioned in the past that Shane and I are total debit card people. We hate using cash, generally. But, on vacation, I think it’s the right way to go. We took [...]