Mandatory Cash Option
Yesterday I wrote about losing my ATM card. Today I will write about my plans for managing without it.
Due to my friend’s visit, I took Friday off work. I got my 2006 property tax refund check last week, which I was going to deposit by ATM. That’s how I realized the card was gone. Knowing that I could get cash back from the deposit, I decided to do a counter deposit and get about half of it back in cash. $300 for the next 2.5 weeks. (That’s 10 business days, 2 weekends, and the holiday weekend.) I hope it’s enough.
I had a bit of cash on me before this happened and I was thinking about doing this sort of thing anyway as a paycheck challenge experiment. I could put everything on my credit card till then, but we all need to carry some sort of cash around. It’s really hard not to have a little bit for little things like the parking meter, tips, and whatnot. I would love to never carry cash, but I find that even though I don’t want to carry it, there’s too many situations where I need it. Plus I don’t want to get carried away with credit either.
I got all of the money in $20 bills. I got two envelopes from the bank. I put $100 in the first one and the remaining $200 in the second. I plan to use only $100 per week for pocket money. I hope this works. I will allow myself to buy gas and groceries on my credit card, but I will also try to use only the allotted cash for dining and entertainment. Since I don’t have a lot of social events planned for the next two weeks, I think I might be able to do this.
Because I was already thinking of doing this, I am not sure that $100 is enough. I was initially going to give myself $140 per week, so $20 a day. Since I did make a grocery run, I think I should be able to eat at home more often and spend less I normally would on dining.
When the card arrives, I let you know.
Right now, I’ve got $60 left in my wallet after the weekend. I even paid $40 for some shoe repairs.
donna jean wrote:
Guess it sounds silly, but I’ve been no-cash for several years and I just can’t manage to not spend it when I have it. Even when I know I’ll need it for something, I’ll automatically use it for something else if the situation presents itself.
Think I’ve heard people say that you spend less when you have to spend cash; not me, I count that money as gone the second it leaves my bank and so I don’t give it a second thought when spending it. I need to rethink that approach.
Posted on 06-Feb-07 at 3:01 pm | Permalink
Chitowngirl wrote:
Good luck with the cash method. I am a complete mess and cash just gets thrown in my wallet. Like Donna Jean, it’s gone before I know it.
Right now, I am working on a $40/week ATM trip and putting all other expenses on my credit card which gets paid in full each month.
U do need to always keep some cash on you.
Posted on 06-Feb-07 at 3:10 pm | Permalink
moominoid wrote:
I too find it very easy to spend cash and hard to use cards…
Posted on 06-Feb-07 at 8:11 pm | Permalink
Bro wrote:
I find it a lot harder to spend cash than credit card. I’ve always had a credit card, so spending with it seems effortless. I buy stuff, and pay off the balance when the bill comes due. I never even see the cash changing hands. Totally different with Cash, when all I have is cash, everything seems so expensive, and I’ve walked away from a lot of purchases.
I think $300 is a good amount to work with.
Posted on 07-Feb-07 at 3:59 pm | Permalink