Problem: I spend more when I use my credit card, it’s hard to mentally keep track. I want to live on cash, but not carry a lot of cash!
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Each week we have 80 dollars to spend on whatever the heck we need. Be it groceries, birthday presents (for others, I have a separate budget for presents for our family) or whatever. When I go to the grocery store (which I do weekly, if I dont go to the grocery store that week, I will drop by an ATM) I minus my total from 80 dollars and I get out the rest in cash.
That way I know what’s left for the rest of the week with just a glance, instead of doing some serious mental math.
We have a few other categories: Clothes, household, gas, Costco and date nights — all of those I keep track of on a clipboard. I minus the money from each of those areas as the expenses come in. I tend to spend a fair chunk of those areas at a time, so it is a bit easier to keep track, as well as minus them when I’m balancing my checkbook.
Do you think living on cash would make you spend less?
Do you already live on cash, how does it work for you? Tell me in the comments!
Check out my budget worksheet — and all my other family finance posts below that!
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Havok says
I used to do this! Every other week after I got paid, I would take out 100$ for spending money – lunch at work, fast food dinner (back when that was an often thing, ha), that sort of thing. Basically, play money. If I needed to make an actual purchase, I would use my debit card, but for just *whatever* stuff, it was all in cash. It helped me be more aware of what I was spending, because I only had that 100$ for the two weeks.
Now, as I’m not at the bank hardly ever, we just use our cards, but I do write down alllll my purchases in a section in my planner, to keep aware of what I’m spending. It’s rough to have to write down more than 50$ for groceries!
Hilary says
It’s amazing what a little accountability does for a person!
Lynness says
Ooh, just think what a tightwad I’d be if I used cash only. My husband already thinks I’m stingy enough! I took back the carrots and lettuce he bought at my request on the way home from work a couple of days ago b/c he didn’t get the freebie and the right ones on sale. I just look at it as wise management: I don’t budget, but I also only buy things we need and only if it’s a good price. I know what goes on sale regularly at what prices and I’m not usually willing to pay more than that, but he doesn’t know prices. And if it rings up wrong, I’m willing to speak up, but he’s not…
Hilary says
Haha, I’m WAY too tight… probably. But it did get us through graduate school. 🙂 My husband’s the same way….
Esther - sewpollyesther says
We started doing this about 6 months ago, It cut our none essential spending by about 70%.
We have sections in a plastic wallet for Lunch Money (for my husband), Dinner money (when the girls and I have food after gymnastics at the local leisure centre each week), Clothes money and Fun/everything else money.
I do all my grocery shopping online which helps massively in terms of controlling costs because I can see at all times if I am over my limit and change items around depending on how much I have spent. If I buy anything else using the card I take the cash from the ‘fun’ envelope and move it into the back of the folder to put towards the next months cash.
Hilary says
Esther! That’s wonderful! 70%! It does help you use cash!
Jami says
My husband and I have separate accounts. We decided years ago who would be responsible for what. I have 2 car payments, all groceries, private school tuiton, school lunches, before & aftercare for our child and medicine. I also pay for my own medical insurance, supplemental retirement account, clothes, make-up, lunches etc… I take my account down to mere dollars between paydays. I clothes shop 2x’s a year only. With the 26 pay periods I strategically skip 1 of each of the car payments, One I use the money for school uniforms in July, the other I skip at the holidays and use for Christmas. I have every paycheck planned out on a spreadsheet for the next 10 years with major purchases, holidays etc already listed. I like having the separate accounts, it holds us responsible. If one of us ever has to go to the other one to ask for help, we had better have a good reason why!
Hilary says
Sounds like separate accounts works well for you (and you sound SUPER organized!)