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WEEK 2 Savings Challenge: The "All-Cash Challenge"
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JeffYeager said:
on November 16, 2009 07:44 AM ET
edited on November 23, 2009 11:15 AM ET Various studies have shown that if you pay with cash – as opposed to credit cards or debit cards – you tend to spend less. Testing that theory is the focus of this week’s “All-Cash Challenge.” Try giving up credit/debit cards this week and pay with cash instead, then tell us your stories: Did you spend less? Could you forego the use of credit cards permanently? Ever caught short on cash or kick yourself for taking the challenge? Post your stories here (hit “Post to Topic”) by November 22, 2009 and you could win a prize. Winners will be announced on November 23, 2009.
Good Luck and now, Show me the money!
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On most weeks, that would be a definte no. I'd love to say that my hobby pays for itself, but most of the time it's just change & junk. About 6 months ago, I did sell about $600.00 of scrap gold & silver that ia had found over the last few years. Actually at the beginning of the year I plan on starting a log of all of the stuff I find.
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I do not own a credit card but I am very careful when I spend my money.
I carry only a 20.00 bill with me and try to see how long I can hold onto it. If I make it to the end of the week without using it I put it in savings.
If I have to pay for something that is a dollar in change I use 2 dollars than put change in bank.
I still have my 20.00 this week. to bust to spend it and stores to far away.
Happy Saving
We have only 1 credit card and use it ONLY to add money to our cell phones via the internet and to order our medicine which is also done online. We pay it off each month in full. I have found that to use cash over checks I will also spend less. It's real embarrassing to get to the checkout and not have enough money in cash.
Thanks to everyone who has posted comments -both pros and cons - here and on the original article, as well as those who have emailed me directly. If anyone else has other tips, experiences, thoughts, etc. to share on paying with cash vs. charge card, please post them TODAY (Sunday, 11/ 22). I'll be announcing a new winner - and starting the Week 3 Savings Challenge - on Monday. Good luck, and Stay Cheap!
I found by using just cash this week, I WAS DEFINETELY a cheapsake. It is harder to par with money when u actually see it go. I f I had used my card I WOULD HAVE SPENT ALOT MORE AS IT IS SO MUCH EASIER TO SPEND THAT WAY. GREAT EXCERCISE I PLAN TO KEEP ON DOING IT. I JUST WISH U COULD DO IT ONLINE ALSO.
THEID1
Levieta - Thanks for posting. I like the idea of using cash-only when buying gifts, since that's one of the times when you're tempted to put more than you can afford on a charge card. Good advice.
lindabgcb - That's a great idea about the using an old check register to record credit card purchases as you make them and setting a limit based on how much you know you can pay off in a month. Thanks for sharing.
We never use a credit card to buy gifts. We only have one and we only use it for emergencies. I shopped last night at ROSS, an outlet store here in Cleveland, TN. I bought eight gifts and a movie for myself for only $119.50. This is stuff like a Polo outfit for our 7 year old grandaughter. It was a $52.00 outfit and we got it for $14.99 for 3 pieces. We only use cash to do our Christmas shopping. We bought gifts for four grandchildren. Outlets are the best way to go at Christmas. We don't have to pay the high prices for NAMES. The quality is just as good, and the Customer service stands up to any Fine Dept Store anywhere.
