I don’t know about you but every time I use my debit card I always forget to keep the receipt and it either ends up lost or in the “File 13”. At the end of the week I have all these purchases and no record. We all know where this is going. It always ends up in a righteous fight with the spouse. The budget ends up busted.
I know what you are saying right now. “This guy doesn’t want us to use any plastic.” You are correct, my friend. My wife and I don’t have any credit cards. We only have one debit card that stays locked away in the back of my wallet :). Every time we use it, though, the budget gets busted. Our zero based budget is not made for debit cards.
Remember, cash is king. Statistics say you will spend more when using a debit card as opposed to cash. I don’t know about you, but when I have the option to purchase an item for less than $5 I feel I have to add something to get it over that threshold. It’s like my debit card is not good enough for a purchase of less than a five spot. I feel the bankers may laugh at a $3.23 charge. So my pride sets in, and I add another item.
What an idiotic move, but in the heat of the moment I am already doomed. That is why we have moved to a cash only household. If you want to remain financially fit, you must move towards a cash basis. Here are some tips to moving to a cash only household.
This is a light hearted look at one extra step you can take to secure your financial future. Use of cash will help deepen your relationship with your spouse. Paying with cash hurts. When it hurts you tend to be less impulsive and more intentional. Intentionality is the key to winning in finances.
Our society is moving to be fully automated. In reality, cash-only households are really weird. Is being weird the key to winning the financial game?
This is a guest post from one of my new Yakezie friends, Chad Arnold. Chad writes for ConqueringPF.com which is a straight talk no nonsense blog about life and money. He is a family man who leverages his life experiences to convey his convictions about how to get financially fit.