Comments on: Results of my cash-only month of shopping

By: Nipsy

Nipsy — Sun, 02 Nov 2008 13:22:24 +0000

Hello Everyone!
After getting hit with crazy fees for overdrafts and never having any savings I’ve gone cash only for the last month or so. I will purchase used books or games online cheaper than I can get them at the store but I hardly use my debit anymore. I never give exact change when making purchases. I always break the dollar. I have at least $40.00-60.00 of change right now I know I would not have if I used my card. Cash really does force you to spend what you have. There is the illusion that you have more on your card than if you carried cash. The reality is that you will spend more on your card which will lead to coming short for checks coming in etc. I really like cash only purchases.
Take care,
Nipsy

By: Rachel

Rachel — Sat, 01 Nov 2008 03:37:34 +0000

I think it is so great that you were willing to try this Kacie! I can relate to the difficulty of running out of cash at the end of the month -- that happened to us when we were trying a similar experiment. I think any kind of exercise like this is great for personal discipline!Rachel's last blog post..Paper Pile Makeover Results!

By: Marie

Marie — Fri, 31 Oct 2008 23:30:19 +0000

I found it an organizational nightmare with little accountability. We couldn’t keep each other in line because the money just disappeared and there was no receipt to say where it went. I spend more with cash because cash is meant to be spent in my mind. I have more control with the card because of how we do our record keeping. I think its good to try different methods but be willing to say this doesn’t work for us and move on to something else.

By: Fabulously Broke

Fabulously Broke — Fri, 31 Oct 2008 13:26:11 +0000

I think you still did well. Don't feel discouraged.I personally like credit cards and debit cards better because in case I buy a couple of little things through the day, I don't approximate at $8, I know the exact price is $7.58 for example!Fabulously Broke's last blog post..FB Goals (October 2008 Update)

By: Kacie

Kacie — Fri, 31 Oct 2008 12:51:11 +0000

I honestly don’t know if the money went further this way. My grocery bills were pretty much what they usually were with my debit card — maybe a few dollars less toward the beginning.

It’s that other stuff that really threw it off.

If I ever do it again, I’ll go cash-only for one category, like groceries or entertainment or something.

Doing it for everything was just not for me.

By: joanna

joanna — Fri, 31 Oct 2008 12:17:58 +0000

We do cash-only every month (well, every paycheck), so I can relate to the "feeling broke" towards the end of the time period when the cash gets low. Trying it out for more than a month- so you actually have enough cash to get you through the month, because you actually know what you spend- may be another good experiment.Our cash is specifically for Groceries, Eating Out, and Miscellaneous spending (household & clothes and random stuff) - those are the categories that tend to overspend if we don't budget. Emergencies or big surprises are typically covered by our Car, House, or Emergency fund, which is something we plan for & keep in our ING account. Other categories (Gas & bills) we pay online or use a debit card.Feeling broke in our cash categories, in my mind, isn't all bad, as long as my budget is reasonable to begin with. If it stresses you out, and you do fine with plastic, that's fine, of course. Different methods work for different people.joanna's last blog post..Goodnight, garden plot

By: Karen

Karen — Fri, 31 Oct 2008 12:01:04 +0000

I love that you tried this. I've always wondered if using ALL cash would work for me. I've never tried it before, but I do know I when I spend any cash at all I feel like it doesn't go as far. Did you feel like your money went further than your debit card, or did that $400 feel like less money than it would have on the card?Karen's last blog post..Frugal ways to keep warm without turning up the furnace