[michaelconnor]

Wait a minute, I wasn't necessarily advocating chastity of wallet.

 

[Ticky]

I've managed to avoid using my credit card by making sure that I have cash in my wallet.

The credit card is only used for large purchases... which are usually significant enough that I pause to think about the consequences of the purchase.

I've found that it's usually the "small" purchases that is the secret killer. You swipe $20 here and there. By the end of the month, the various $20 adds up to a sizable bill.

Thus, I manage my spendings by dividing my budget into estimated weekly spendings and I withdraw cash twice every week. Thus, I know that I'm spending too much when I start to run out of cash.

This should be easier than doing the excel tracking sheets for your credit card expenditures. In fact, I think I only swiped that thing once or twice a month. Of course, I do use a debit card with more frequency. With on-line banking, I can track the amount of money paid out from my current accounts via the debit card.

Althouhg you can still go broke using cash and debit cards, you wouldn't be in debt.

Hope this helps.

 

[Edwood]

Quote:

Originally Posted by lan Tell us since you know. How was Jahn before? You mean it's not because of the baby? mmm, let me check what my card's balance is now.. uh oh. can't access my account. Can't be good

LOL, when your credit card gets cut up by the manager at a restaurant, that is a pretty good sign not to buy more Headphone gear.

-Ed

 

[bangraman]

I'm not exactly poor but I tend to use cash for everyday purchases, in which case you see what's going out. As Ticky said, you see it when start to run out of cash. If you know how much you got out, you do start to think "eh? I got £xxxx out just last week!".


The Japanese have a saying "Even specks of dust can grow into a mountain".If you're on a budget, the slightest inconsequential purchase if repeated often enough can have a big impact at the end of the month.

 

[Elec]

Save your receipts. You'll be able to see the pile growing, and you can add 'em all up at any time if you want. Plus at the end of the month, you can compare receipts to statement to make sure you were only charged for what you bought.

Honestly, you BOUGHT all that crap (whatever it was), and so the money was spent. If you would have bought it anyway, it doesn't matter whether you used credit or not. If you paid cash in little bits here and there, you'd just be like "I have no money, but my credit card bill was only $50, what's going on here?!?" The only situation I can think of where it's really the credit card that is at fault is if you think of your credit card as magical fantasy payment where you can get anything you want now and just forget about it till the bill comes. If that's the case, you're better off without one.

 

[K2Grey]

Quote:

Originally Posted by Elec Honestly, you BOUGHT all that crap (whatever it was), and so the money was spent. If you would have bought it anyway, it doesn't matter whether you used credit or not. If you paid cash in little bits here and there, you'd just be like "I have no money, but my credit card bill was only $50, what's going on here?!?"

I totally agree with this. It's not the credit card's fault you purchased stuff, so don't rip up the messenger. In fact it may be beneficial that there credit card is there, so you can look at the statement and see what you purchased (or see that identity theft occured, as the case may be).

 

[Naris]

I keep all of my receipts in order, check online banking (how I pay my bills), and also, since I don't know how to use excel (yeah I Know, it shouldn't be too hard to learn), I just write it down in Microsoft Word and use the calculator function.

Plus I plan all my spendings and savings about a month in advance.

 

[trains are bad]

I'm another fan of cash. Gas, food, everything in cash. Right now I have 200 in my wallet. Since all my spending is in cash I can easily tell how much I'm spending, it's like a guage. I've never understood people like my roomate that use cash for personal things, and plastic for 'expenses' like gas. It all came from the same place.

 

[Illah]

I'm the opposite - I put *everything* on my cards. I probably spend less than $100 cash a month. This way Wells Fargo online or AmericanExpress.com has a record of everything I've done.

Also the real key here goes beyond spreadsheets and wizardry. The golden rule of credit is:

Spend less than you earn

Let's say each bi-monthly paycheck is $1000 and my rent/gas/electricity/phone/etc is $1000 and I want to save 10% each month. That leaves $800 a month for random spending. Just make a mental note of what's left after every purchase. If you get $100 in groceries, then you got $700. If you buy something else, just keep it in mind. You don't need to remember every purchase, just remember whats left. Just think, "$700 left" and not about all the crap you bought to get to $700. The "$700 left" is really the only thing that's important.

Buy a pair of shoes, think, "$650 left."

Go to dinner, think, "$630 left."

That's all you need to know to not over spend. Having a record of everything you've bought might be interesting but it's besides the point - all you need to do is spend less than you earn.

I'm never off by much with this method but maybe I just have a good memory.

--Illah

 

[warubozu]

The Excel spread program mentioned earlier is a good idea for keeping track of your monthly spending whether it be cash or cc. I don't ever use my cc unless the purchase is large or if the situation requires me to do so. Gas, food, money for social events I pay all in cash or money in hand and I do keep good a tab on my weekly spending to keep me in line.

 

[NiceCans]

Cash is King!

Credit = evil

Cash -->> PayPal -->>

Ya can't spend what you haven't got.

In the end, I do not need to track what I have spent, only enjoy the music

 

[pne]

Quote:

Originally Posted by Illah I'm the opposite - I put *everything* on my cards. I probably spend less than $100 cash a month. This way Wells Fargo online or AmericanExpress.com has a record of everything I've done. Also the real key here goes beyond spreadsheets and wizardry. The golden rule of credit is: Spend less than you earn Let's say each bi-monthly paycheck is $1000 and my rent/gas/electricity/phone/etc is $1000 and I want to save 10% each month. That leaves $800 a month for random spending. Just make a mental note of what's left after every purchase. If you get $100 in groceries, then you got $700. If you buy something else, just keep it in mind. You don't need to remember every purchase, just remember whats left. Just think, "$700 left" and not about all the crap you bought to get to $700. The "$700 left" is really the only thing that's important. Buy a pair of shoes, think, "$650 left." Go to dinner, think, "$630 left." That's all you need to know to not over spend. Having a record of everything you've bought might be interesting but it's besides the point - all you need to do is spend less than you earn. I'm never off by much with this method but maybe I just have a good memory. --Illah

wait a sec Illah, as a student I earn 0.

There is no paycheck to subtract from..

 

[Mevunky]

I havent used cash in about 5 plus years.

I dont carry a CENT EVER.

We use whats called Eftpos here and everytime you swipe it just comes off your account, no credit etc.

Log in online and walla shows everything, also can do so with Visa, as to why you all dont just check your visa online daily if you are so concerned!? and pay your visa as you go online or something...

Seems like you are all living in the past waiting 30 days for a bill? I throw my bills in the bin without even opening them, infact I tried to have them canceled. Dont get bank statements either anymore.

 

[familyman]

Quote:

Originally Posted by pne wait a sec Illah, as a student I earn 0. There is no paycheck to subtract from..

his method can be applied to any income source you have, i let my gf do my budget and i have lots of great gear and take care of necessities, like food and diapers/baby wipes, ugh, i would have so much more gear, but then again just look at that face on my avatar... i'd do anything for her!

 

[familyman]

Quote:

Originally Posted by Mevunky I havent used cash in about 5 plus years. I dont carry a CENT EVER. We use whats called Eftpos here and everytime you swipe it just comes off your account, no credit etc. Log in online and walla shows everything, also can do so with Visa, as to why you all dont just check your visa online daily if you are so concerned!? and pay your visa as you go online or something... Seems like you are all living in the past waiting 30 days for a bill? I throw my bills in the bin without even opening them, infact I tried to have them canceled. Dont get bank statements either anymore.

hey that's interesting, do you have a link for more info?

edit: nevermind found lots of info!