Plastic drives our economy. Credit or Debit?
I did our weekly grocery shop yesterday and when the cashier asked how I would be paying she skipped the cash option and said “will that be credit or debit?” I responded, cash.
Yes, people still pay with cash. You know that colored paper stuff and coins it still does exist.
But, it is true most people are paying with plastic.
Think about it how did you pay for your coffee, or your parking fee, or dinner last night or groceries for that matter. Our current economy is dependent on plastic. You just swipe and it is paid for right. You can even pay for your purchases with certain phone apps.
With all this swiping do people really know how much money they are spending or how much money is in the bank?
Probably not unless they are daily checking their balances on their bank accounts and credit accounts. And if they are constantly pulling out the credit card plastic they are constantly adding up more debt.
It is time to put away the plastic and decrease your debt!
It is real simple, put your credit cards and your debt cards on ice. Not literally, but if you stop using them and switch to paying with cash you will know how much you are actually spending.
I challenge you to get rid of the the plastic for seven days.
I am not saying get rid of your plastic cards all together, that is a personal choice. Just try an experiment. Put your credit and debit cards out of reach and use cash to pay for everything for seven days. Do you think you can do it?
I think you can and I think you will spend less money than you normally do. I also think you will become more aware of where your money is going.
Time to visit the bank.
Figure out how much cash you will need for your seven days. You can use this budgeting post to help you. Withdraw the cash and place it in your wallet or divide it up between a few envelopes or clips to segregate the amounts you want to spend on what.
I used cash envelopes to separate my grocery, entertainment and other funds. This way I know what my budget is and how much money I have to spend.
Now for seven days you spend cash not plastic.
For those of you who use plastic all the time this may be hard but, it will really open your eyes as to how much money you are actually spending. For those of you who are in debt it will help you to realize where you need to curb your spending. This activity may actually help you budget your money better.
You can decrease your debt in seven days!
If you spend less in seven days using cash than you would have using plastic essentially you are learning to decrease your debt. You are learning where your money is going. You are learning how to curb your spending. Credit, debit and plastic drive the economy. Live the life you want to live. Quit trying to impress people, harness your spending, take charge of your finances and work at decreasing your debt. Start budgeting for the life you want to live.
Have an amazing day.
Saving & Simplicity