I am going to try something new this month. I’m only going to use cash. The only exception is gas. I’ll use my debit card for gas. That is just too much trouble. Everything else though is going to be payed for in cash. I’ve seen this idea many times. I know for a fact, I didn’t think of it. In fact, someone else posted about it this week as well. One of my best friends does this too. I’ve just never been brave enough to try it. What I know though? Is I’m getting behind. I’m using my credit cards for stupid things at the end of each month, just because I flat out run out of money.
I’ve thought about this before. I’ve just never been willing to try it. Truth is, in previous years, it wasn’t an issue. You know, pre-getting divorced. Ahem.
To save time and energy, while on vacations, I only use cash. I’ve always done that. Most likely because it gets tiring writing down receipts while on vacation. While in NYC last month, I didn’t use my debit card for anything, except on cab fare on the way back to the airport. I came home with money. If I’d used my card all weekend, I’d of come home to an empty bank account. I know this about myself. If I have cash, I consciously think, is this a need. I actually did that while on vacation in NYC. I saw a purse that I loved. Such a pretty blue purse. Ahem. Yet, I didn’t buy it. Kari probably thought I was nuts. I kept picking it up and putting it down. Ha.
If I can do this on a vacation, I can do this in regular life.
My girls don’t need anymore Silly Bandz, just because they are conveniently located right next to the check out. I don’t need to eat out for lunch each day, when I have perfectly good food right here. I don’t need to go to Target when I’m bored. I can walk the dog instead. My son doesn’t need any more Cars paraphernalia. He has too much of it, as is.
I still live like there are two incomes coming into this house. And there just isn’t.
So yesterday I took the plunge. When my paycheck was deposited, I paid all my bills. I wrote out my checks for my share of daycare/after school care. I then went to the bank and took out cash. Cash for groceries. For Costco. For Target. For the eating out, although I’m attempting to curb that as well. Cash for my therapy. For mine and Bailey’s prescriptions. I will still do certain things. I will still do some fun things with the kids. I got a pedicure last night. This evening, I will go and pay for September dance classes for Morgan. But I’m doing it all with cash.
It’s a bit scary. A bit daunting. I think I can do it though. Any money left over at the end of the month, will go towards paying off credit. My goal? To stop using the dam things.
My great-grandpa only used cash. I remember hearing that my uncle made him get a checking account for all the cash he had hidden in his house, when he was 80 freaking years old. The man paid cash for his home. For his car. If he didn’t have the cash, he just flat out didn’t need it.
I think I’d like that to be my goal. If I don’t have cash for it, I don’t need it. Might take me awhile to get there, but it’s a goal.
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I think I might try this too. Scary.
ally recently posted..Last Days Of Summer
Issa Reply:
September 1st, 2010 at 11:27 am
@ally, It is scary. But it seems doable too. I think.
There must be something in the wind this summer! That’s our goal, too, to stop with the “stuff” we don’t need, and be mindful consumers, and live well within our means. We started yesterday. So far, it’s going well.
Issa Reply:
September 1st, 2010 at 11:27 am
@Joy, Maybe it’s finally realizing that this economy just isn’t going to bounce back? Who knows. I hope it works out for you too.
I so wish I could do that. That is huge. Good luck!
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Issa Reply:
September 1st, 2010 at 11:28 am
@Lu, You have too much going on for it right now sweets. You’ll get there one day. I know it.
I would love to do this but I am scared. I’d love to hear how it works out for you.
But Why Mommy recently posted..In the Midnight Hour
Issa Reply:
September 1st, 2010 at 11:28 am
@But Why Mommy, Oh babe, I am terrified. Truly. But I’ll blog about it every now and again.
When J deposits his paycheck today, we’re doing the same thing. We kind of started it this summer, but not with everything. Today, cash only.
Issa Reply:
September 1st, 2010 at 11:29 am
@Allyson, It has already twice made me stop and decide to go home to eat. I did get a scone this morning though.
I don’t know, it has to work. It just has too.
We’ve been doing this for a few months too. Cash + the envelope system. Kicking it old school. (That was my sad attempt to make it sound cool.) Now that I’m over the initial shock though, it is cool. And it works.
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Issa Reply:
September 1st, 2010 at 11:31 am
@Lisa Rae @ Smacksy, I did a bit of that too. Split the money in two. Also? I put money in an envelope for my son’s birthday and started one for my vacation money for next month. I also put money on my Starbucks card this morning. I know what I spend in a month. Which is scary. but that, I am not ready to go without.
This is a great idea! I haven’t been brave enough to try it either though!
Sara recently posted..The Price Tag
Issa Reply:
September 1st, 2010 at 11:33 am
@Sara, Fall, the time for change?
I started using only cash a month or so ago when my fella suggested it. I’d spend wayyy too much money whenever I would go visit him for the weekend so we instigated a “weekend cash policy” and it’s bled over to every day life.
It really does work, sister…you can do this!
Hilly recently posted..Not Even When I Stop To Think About It…
Issa Reply:
September 1st, 2010 at 11:34 am
@Hilly, I really hope so. Am a bit nervous. But I think I can make it work.
My fatal flaw is eating out. We eat out way too much. Not even pricey places, but ya know three kids makes it pricey.
Apologies in advance if this comment gets long. We have mentors that are well off financially. They had a little workshop for us and some of our friends a few years after we all graduated from college. During that workshop, they taught us the secret to their financial success.
Every month, they did what you did…paid off their bills, etc. Then they took envelopes and labeled them. Everything they could think of spending money on had an envelope. So there would be a “Personal Care” one for pedicures and haircuts, a “Christmas presents” one a “Car” one, etc. (You and I would need to include a “Paying off Debt” one. Because they used this system, they literally have never bought anything that they couldn’t pay for in cash.) They’d figure out how much money they’d need for those things over the course of a year, divide it out by month or paycheck and put that much in each envelope. When it came time to shop for Christmas presents, the money was there ready for them. They didn’t have to go into debt and then pay it off come January.
We’ve tried for several years to implement this type of system with varying levels of success. It’s basic budgeting/saving. But the one thing it relies on is being honest about where your money is going and that’s much easier to do when you use cash.
I can’t wait to hear how your experiment goes.
EmmieJ recently posted..PSA- Look Right
Issa Reply:
September 1st, 2010 at 11:38 am
@EmmieJ, Thanks Emmie.
Well, it’s only me, so I am pretty good about being honest to myself. ha. Truly though, I put cash onto my Starbucks card this morning. I was honest about the amount too. Because that is the one thing I won’t cut back on. It’s my life force.
My real money issue is eating out. I’m terrible about cooking. That and the, oh whatever, throw it in the basket at Target, are my two worst money suck traits.
The envelope thing, I hadn’t really though of much…well except to start one for next months vacation. But I may make more.
EmmieJ Reply:
September 1st, 2010 at 1:37 pm
@Issa, I’m totally with you on the eating out. It’s our biggest issue too. I’d be with you on the Target thing but I avoid it like the plague because I know what it’ll do to me.
EmmieJ recently posted..PSA- Look Right
I can’t wait to hear how this works out. I’m going to do the unthinkable this weekend and—gasp!—actually do a budget. I took a salary cut a year ago and I’m still spending like I make 30% more than I do. Stupid, stupid, stupid. I know I need to do it, but it’s so scary. This week I figured how much I’d need for lunch every day and took out the cash. No debit cards. I’m easing myself into financial responsibility! Baby steps, right?
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Issa Reply:
September 1st, 2010 at 1:42 pm
@Mo, I made a budget first. Which sucked. It is hard to go in income. So freaking hard. But yes, baby steps to financial freedom.
I’ve been doing this for a while, but then I don’t have any credit cards. Not because I’m some sort of money snob (ha! Hahahahahahaha!) but because my credit sucks and I can’t get one and I’m also afraid of them. It’s too tempting to just charge something. I rarely use my debit card (like you, for gas because paying inside is a pain) because again, it’s too easy to treat it like a bottomless pit when, alas, it isn’t. I’d do the envelope thing but I live in a really, really, really bad part of the city & break-ins happen here with alarming frequency, so I keep my money in the bank. But I am still paranoid about spending money I don’t have, so it’s working (as evidenced by my threadbare jeans and ancient shirts).
Holy crap, was this ever a paranthetical paragraph.
Major Bedhead recently posted..There Is Such A Thing As Too Connected
Issa Reply:
September 3rd, 2010 at 9:32 am
@Major Bedhead, I have three. I probably should take the actual cards out of my wallet. I haven’t yet though. It seems so scary and final.
it is much easier for us to use cash only here in Delhi because it’s mostly a cash society … but it is still scary to set a budget and use the envelopes …
you can do it though!! (are you still going to take your debit card with you on a daily basis? or just bring it on the days you fill up with gas?)
naomi recently posted..WHATS WRONG
Issa Reply:
September 3rd, 2010 at 9:30 am
@naomi, I take it with me. I’m considering taking my credit cards out of my wallet, but I haven’t done it yet.
I’ve been thinking about doing this too, and can’t wait to hear how it goes for you. I keep worrying that somehow the money will somehow spontaneously combust in it’s envelopes if I leave them at my house. I suppose I should work on getting over that first, before I start going cash only….
Issa Reply:
September 3rd, 2010 at 9:29 am
@Dinwizzle, LOL. I am afraid of forgetting where I put mine. However, I’ve now looked at them three times a day for four days…so they seem to be staying where I left them.
My sister and her husband transitioned to cash only spending over the past two years and were able to have her stop working to stay home with the kids (they’re foster parents), pay off their gigantic Armada, and eliminate student loans and credit debt. It was amazing to watch. Inspiring even. But a big part of me “convinces” myself that that just isn’t possible for everyone. I bet it is.
I’m excited to watch you transition.
Issa Reply:
September 3rd, 2010 at 9:27 am
@Jess, DUDE, that is awesome. Truly. I really want to pay of my credit cards. Which I could do, in the next year easy, if I just stopped using them.
I am with you…I’m not sure if I can do it, the cash only. But I plan on trying.
We’re doing only cash, too, except for gas and groceries. But I have a tight budget on groceries, I keep track of it and never exceed it. It kind of a shock to see how quickly it’s all spent. Then you’re shit out of luck for the remaining days/weeks left in the month. Good luck.
Issa Reply:
September 3rd, 2010 at 9:26 am
@Susan @ Sassafrassery, That’s where I start using cards. In the end of the month. Is hard not too. Sigh. We’ll see.
We’ve done this ever since we were married. We only use our debit card for groceries or gas and we always stay within the set budget for groceries. Using only cash has totally revolutioned the way I view money, and that’s not an exaggeration. When the money’s gone, it’s gone. Also, we live on one teacher’s salary with no need for anyone to work in the summer. In Southern California. Needless to say, it’s working for us.
Megan @ Mama Bub recently posted..Back To School Haircut
Issa Reply:
September 10th, 2010 at 9:11 am
@Megan @ Mama Bub, That? Is impressive. I can’t imagine…but I’d like too. So far, I’ve done okay. But ya know, 11 days probably isn’t that impressive.