Week 20 – Cash only week: Weekly Savings $20
It's difficult to see how much money I spend on a weekly basis when I, like most people, rarely carry cash. Using a card to purchase anything from a $2 cup of coffee to my $150 grocery shopping has made me blind to the amount of money being spent daily, weekly, monthly. It was not until I started tracking my receipts that I came to the realization of what I was spending ALL my money on. So, to get back to the basics, we had a cash only week. I allotted $20 each to my husband and myself for miscellaneous spending (aforementioned coffee) and budgeted $150 for weekend spending, which included groceries. This was a difficult task for me, especially since I do much of my purchasing on-line. The grocery shopping was also difficult as I had to be very careful of how much I was spending to ensure I did not exceed that $150
I found that if I wanted to purchase something I took more time to think about how it affected my money for the week, regardless of the value. For example, I was in a large store and found myself looking at a cute picture frame that cost $10. Normally, if I wanted it I would not think twice about adding it to my cart, but with my cash system, $10 seemed excessive and not worth the loss to my wallet.
I know people who use the cash system every week and once it's gone, it's gone. They use it for everything, including entertainment and gift giving - so they have to plan well. If you have a very difficult time controlling your spending with credit or debit cards, this may be a good place to start. However, start with a good solid plan and allow for some flexibility for unexpected expenses (i.e. flowers for a friend that was admitted to the hospital).
Carpool this week.
Check you credit report this week.
All data found on this website is Copyrighted by MOMTHATSAVES. Unauthorized reproduction is prohibited.
It's difficult to see how much money I spend on a weekly basis when I, like most people, rarely carry cash. Using a card to purchase anything from a $2 cup of coffee to my $150 grocery shopping has made me blind to the amount of money being spent daily, weekly, monthly. It was not until I started tracking my receipts that I came to the realization of what I was spending ALL my money on. So, to get back to the basics, we had a cash only week. I allotted $20 each to my husband and myself for miscellaneous spending (aforementioned coffee) and budgeted $150 for weekend spending, which included groceries. This was a difficult task for me, especially since I do much of my purchasing on-line. The grocery shopping was also difficult as I had to be very careful of how much I was spending to ensure I did not exceed that $150
I found that if I wanted to purchase something I took more time to think about how it affected my money for the week, regardless of the value. For example, I was in a large store and found myself looking at a cute picture frame that cost $10. Normally, if I wanted it I would not think twice about adding it to my cart, but with my cash system, $10 seemed excessive and not worth the loss to my wallet.
I know people who use the cash system every week and once it's gone, it's gone. They use it for everything, including entertainment and gift giving - so they have to plan well. If you have a very difficult time controlling your spending with credit or debit cards, this may be a good place to start. However, start with a good solid plan and allow for some flexibility for unexpected expenses (i.e. flowers for a friend that was admitted to the hospital).
Carpool this week.
Check you credit report this week.
All data found on this website is Copyrighted by MOMTHATSAVES. Unauthorized reproduction is prohibited.