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Anyone here made it their policy to spend cash only?


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I'm going in this direction. We do not have credit card debt and I've always paid off the card. But we are in tight financial straights right now and I decided to start using cash for everything. (Except on-line purchases, but there aren't any of those at the moment.) Already I see the truth that it "forces" you to spend less. There is more of a reality to what I spend when I have to part with actual dollars. ("Pistachios are FOURTEEN DOLLARS A BAG?!!!") I would enjoy hearing the experiences of others who have done this or are doing it now.

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We use cash for everything except monthly bills.

 

So electric, water, phone bill, stuff like that are all automatic withdrawals from our bank account.

 

I get out a set amount of cash every month and that is what we use for

 

food

gas

toiletries

entertainment

clothes

doctor's copays

misc.

 

It forces us to be deliberate. We have to make a list in advance, determine a rough estimate of how much cash we'll need, and only bring that much with us. It prevents a lot of impulse buying.

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Its painful at first. You need to be that lady in the grocery store who carries the calculator because its really embarrassing when you only brought $200 with you and your bill is $230!

 

Along with the other answers, I suggest don't bring the whole envelope when you go somewhere (if you are using the envelope system)! Just bring what you can afford so you are not tempted to borrow from next week.

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We are on a cash-only budget.

Bills are all paid online, gas is on debit (but I have alotted a specific amount...so we are driving around a lot less to be mindful of that spending.......I am NOT going into a gas station with all 3 kids to pay cash ;) ), and everything else is cash only.

 

So far, so good!!!

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I'm on the DR envelope system. It really works well. I don't do everything with cash, but it REALLY makes you think about what you spend.

 

The Dave Ramsey envelope/billfold thing is really nice. It's $20, but it really helps with the convenience issues. There's a pouch for change and each envelope has a register so you can track easily what you spend. There's a pen holder, too.

 

It's on his web site.

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Thanks for the replies. I'm not specifically on the envelope system, but I'm aware of the gist of it. I have been adding up my grocery costs without a calculator for mental exercise. Although I was thinking today maybe it would be better to have a calculator with me!

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We use cash for most of our day-to-day purchases. EFTs for regular bills and charitable giving, debit card for online transactions.

 

The only regular debit card spending I do is for gasoline, I count this as a personal safety choice. It is much easier and quicker to pay at the pump. Also, we get a fantastic interest rate on our money market checking account, but one requirement is that we make a minimum of 15 debit withdrawals per month. Gas purchases help to cover this.

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We've used cash only ever since I can remember. We've never had a credit card.

 

For Christmas and Birthday stuff I did layaway at Walmart and wherever else there was layaway available and it was great! Now, we just buy what we can with what we have.

 

I've always used cash for groceries, gas, and bills. Living here is basically cash only. I can use credit or debit cards, but, there's usually a large fee associated with it so we try not to.

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