Withdrawing only enough money to do something in particular

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Withdrawing only enough money to do something in particular

I notice I save money by withdrawing and walking with only a certain amount of cash. Whenever I do this, I leave all but one of my cards at home so I won't overspend or buy stuff that I don't really need. Whenever that cash is used up, that's when the shopping trip ends

This is a very intelligent idea, especially for those who have problems controlling their spending habits. Sometimes it's hard when you see certain items you want and you have this dire urge to just go and spend just because you have what's to spend. Good post.

I do this with my money at work for coffee, snacks, etc.
I take out a little money on Monday and just tell myself that's all there is for the entire week.
If I've spent all the money by Wednesday then I don't have anything on Thursday and Friday.

I basically only keep cash on me, and leave my card in my car when I go out, so that when I'm in a place I always stick to my budget, using the card really only for gas and keeping an organized budget that I try to stick with by doing exactly this. Money left over that I end up somehow not having spent I save at my house, and when it accumulates I use it for whatever entertainment needs I may have.

I could argue both ways on this, really. You never know when you might be in an emergency situation and can only pay with cash.

I've almost gotten stuck on turnpikes late at night because the section I was driving through had switched over to automated machines late at night that only took cash and I didn't have any on me and was planning on paying with my debit card.

Also, one time I had gotten pulled over and they towed my car and I couldn't get it out of towing because they wouldn't let me pay with my credit card.

This is a good thing to do. It's all too easy to buy a little extra just because you have the cash to do so. I try to do this as much as possible.

Sorry. I'm going fully on the anti-cash side here and will even go so far as to say that cash is becoming obsolete.

I get the idea. And it is a good one, for those who lack the self-control to avoid spending more than they can afford. (I understand this is actually the majority of the western world, and we could easily blame our culture for this, but I digress.)

I use a credit card for almost everything and pay it off in full at the end of every month. First, my credit card earns me rewards with every dollar I spend. At first, we took the cash payout at the end of each year (it was something like 2%). Now we have the Southwest Visa and we easily earn three free plane tickets a year by putting as much as possible on our credit cards. For the necessary traveling we have already built into our budget, this has become the highest "paying" reward for us.

In addition to the rewards, I am also in favor of the built in insurance provided by credit card companies.

The only time I will not use a credit card is at any small or local business where I've made a purchase that I know will actually cause the business to lose money because of credit card fees.

I do this too, but I try not to go overboard with it. I usually withdraw a little extra for when I see something I would like to treat myself with, even if its apart from what I already plan on spending on in the first place. I think treating yourself using your own hard earned money is perfectly fine, but I do get that sometimes it's necessary to keep a rigid limit, as even I have gone through days like those.

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I am saving so much since I started doing the same and using cash. It has helped me to budget and it's been a plus in many different areas.

I've noticed that more and more people are doing the same and turning to cash and pre-paid cards over the last 2 or 3 years... until they find a way to stop the ridiculously high occurrence of ID and credit card theft, I think people are finally starting to see that credit isn't really the big thing it was 10 years ago.

This is a good idea. What I do is take the cash I need for the week and the rest is saved in my account where I'm not allowed to withdraw after three months. However, it has its demerits. When emergencies arise, there's no cash available.

I hate when things like this happens. I always keep some extra cash with me somewhere because of it, but sometimes it isn't enough. Having cash handy is definitely best, as long as it's kept out of sight and out of mind until it is needed.

Withdrawing only enough money to do something in particular | ConsumerFu

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