Comments on: Cash, debit or credit?

By: What we did right (and wrong) on vacation | Sense to Save

What we did right (and wrong) on vacation | Sense to Save — Thu, 22 May 2008 16:41:26 +0000

[...] 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 [...]

By: Cassie Largaespada

Cassie Largaespada — Fri, 11 Jan 2008 21:59:23 +0000

I never have cash on me. I use my CC for the cash back and we pay off our bill monthly.

By: ashley @ twentysixcats

ashley @ twentysixcats — Fri, 11 Jan 2008 18:29:41 +0000

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.

By: Mrs. Micah

Mrs. Micah — Fri, 11 Jan 2008 02:20:20 +0000

I use debit. Being able to see the numbers on my computer screen makes using debit very real.

By: Kacie

Kacie — Thu, 10 Jan 2008 19:28:42 +0000

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.

By: Kacie

Kacie — Thu, 10 Jan 2008 19:22:11 +0000

Excellent point about being able to pay the balance. Sometimes, it is easier to spend more with plastic.

By: white rabbit

white rabbit — Thu, 10 Jan 2008 19:04:49 +0000

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…

By: Meredith

Meredith — Thu, 10 Jan 2008 18:41:10 +0000

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! :)

By: Bethany

Bethany — Thu, 10 Jan 2008 17:01:52 +0000

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.

By: Jon

Jon — Thu, 10 Jan 2008 16:33:12 +0000

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.