Ditching the cards

crazyhazy · 29 July 2005 at 9:26AM

Despite liking to think I'm managing my money quite well, from looking at my bank statements I do seem to use my debit card far too much which really throws my budgetting out the window! I also like to put odd things on my credit card so then end up having to pay that off as well each month which doesn't help with trying to get on top of things. So today I have worked out how much I should need for the things I can pay cash for, train travel, food and any other things that crop up and I am going to try taking this out the bank at the start of the month and leave the cards at home. It works out I should have about £60 per week so hopefully will be able to manage! Does anyone else do this? Has it helped reduce your outgoings? Any tips for making it work and staying away from the cards?

squeaky · 29 July 2005 at 9:34AM

I think this one would be best answered in one of the finance and card oriented forums. I'll have a look to see which one would be best and move it there for you.

Nile · 29 July 2005 at 9:45AM

Hello crazyhazy

I don't have a credit card or a debit card. I use a cheque book occasionally but mainly use cash.

I'm quite old fashioned in that I've always saved up to buy stuff. Other than a mortgage I don't use credit or have debts.

I am pleased to bag a bargain at Matalan or other budget stores and wouldn't dream of spending a fortune on 'designer' clothes to keep up with fashion trends.

I find using cash not credit/debit cards works for me..........I very rarely have too much month left at the end of my salary.;)

crazyhazy · 29 July 2005 at 9:51AM

squeaky wrote:

I think this one would be best answered in one of the finance and card oriented forums. I'll have a look to see which one would be best and move it there for you.

Sorry, I posted it here cos I remember someone mentioning it here before as a way of saving money by going back to the old style way of just using cash, like we did before we got all these cards.

squeaky · 29 July 2005 at 9:58AM

Nah... that's OK - I looked around and even the Budgeting board has loads of threads about various accounts and nothing recent that's actually about budgeting - so I'm a bit stumped and your thread is still here

There are other budgeting threads about on Old Style (primarily about household budgeting for the weekly shop) and the older ones are collected in the MEGA Index sticky at the top of the Old Style forum listing if you'd care to go and browse

r.mac_2 · 29 July 2005 at 10:44AM

I have been thinking about trying the same thing. MY budget always managed to get off track somehow!

I've just been paid, so will sit down tonight and work out what i will 'need' and give it a go this month. What's the worst that could happen? and it seems to work for Nile.

squeaky · 29 July 2005 at 10:50AM

I use my debit card to buy my big monthly shop but otherwise use only cash. It's right there in my pocket. I can count it up and see how much I've got left to last me and so can decide if I can allow a few extra treats or need to tighten the belt a bit.

I've always found plastic money to be far too easy to spend because it never feels real.

Loadsabob · 29 July 2005 at 11:18AM

I do exactly that, CrazyHazy. Cash of £50 per week for food, entertainment, magazines, household and health-type things, drawn out at the start of each month and kept in a drawer, allocated to myself weekly. It's £60 at the moment as my bus fares to work aren't subsidised during summer months.

I manage well. I used to allow myself £40, but that was really a bit of a struggle sometimes, and with a pay rise, I thought I deserved a bit more!

My tips...well, I am quite disciplined, so I take my debit card with me, but rarely feel the need to use it. I tend to use it for shopping online when there's a purchase I need to make, rather than using the Credit Card (which is always clear, and there for the odd big purchases that I wish to spread the cost of).

Think about which day of the week you'd like to give yourself the money on. If you give it to yourself on a Monday, and you work all week, therefore spending little, then you are likely to have the bulk left at the weekend when you may be more likely to go shopping. If you give it to yourself on a Saturday and you're in town, you may find you have little left to last the rest of the week...though this won't matter so much if you're at work, away from shops! At the moment my week starts on a Saturday, as that's when I do most of my food shopping. During the week I have very little chance to spend more. Any that's left I either roll over to the next week as a bonus, or put in a jar, and take off the following month's "living money" withdrawal.

Any purchases I DO make by debit card or cheque (ebay!), go onto my spending records as "sundries". They can add up, some months! But generally I'm very good. I find £50 + bus fares a reasonable amount. I have money left from my wages each month. A fair bit, if I stick to this (£300 this month!), so that's the incentive for me, transferring money into my cash ISA for a rainy day!

Edit: to say I'm really anti chip'n'pin, so that ensures I don't use my plastic in town! I don't have my PINs memorised, so can only use them in shops that don't mind me still signing, anyway!

Hope it works for you!

Petal_3 · 29 July 2005 at 12:36PM

Hi there

Myself and OH are about to try this as we use our debit cards for EVERYTHING. We've decided that at the beginning of the month we will draw out cash for food shopping etc. Since OH does the shopping I think it'll make him look twice at the cost of things and maybe put back some of the "extravagances" that he would normally buy (ie. £16 for 2 whole Red Snappers!!)

Good Luck!

heybigspender2006 · 10 June 2006 at 9:36AM

I like your style, I always use my debit card and at the end of the month I just look at the statement and shake my head because it just seems to go nowhere!
Let us know how you get on.

I'm new by the way hello.

lynzpower · 10 June 2006 at 9:46AM

HI Heybigspender and welcome to MSE!!

PLEASE READ BEFORE POSTING

Ditching the cards

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