A few of us on the Dave Ramsey site started a debit card challenge. Most of us don't give it a second thought to whip out the debit card to make a purchase. Unfortunately, it may cause you to overspend your budget. What we have decided to try and do is to break the habit and start using cash more. You can personalize the challenge as you wish, for example, I will only use my card for gas or other online payments that I have set-up against my card. Everything else will be paid for with cash.
If you slip up, just pick yourself up and start again. Are there any takers out there? You can join in at your leasure.
Debit Card Challenge
May 28th, 2010 at 12:14 am
May 28th, 2010 at 11:54 am 1275047690
May 28th, 2010 at 03:27 pm 1275060429
Jerry
May 28th, 2010 at 04:02 pm 1275062536
If I have cash on me, it is easy for me to spend on frivolous things like snacks from the work cafe that is only a few meters away from my desk or small items. I don't like the idea of using a debit card for small purchases so the debit card actually steers me away from spending much on little stuff.
I also love when there is less paperwork.. I rather keep my receipts from debit purchase and check if they made it in my bank account. If I use cash, I have to track what the expenses was for and stuff which creates more work for me. I work in an office all day and doing "home office work" is the last thing I ever want to do.
May 28th, 2010 at 04:21 pm 1275063679