*Every Monday throughout 2014 I will be sharing Money Savings Tips to help stick to and expand your budget!
Do you ever cringe when you pull up your credit card bill? If that is the case, tuck your credit card away and decide how much you want to spend for the week, month, etc. Take that sum of money out in cash, and then only use that money to buy your groceries, gas, coffee, etc. for your period of time.
After I graduated college and starting working full-time in the city, I would take out $100 each week and use that to cover gas, parking, food and any other expenses. Once the $100 was done, I was done spending money for the week. Since I had $100 to use, I carefully spent that $100 on things I really needed or wanted, and some weeks I had some leftover.
The cash only method is a good way to limit your spending because it is so much harder to give up your hard earned cash. It can be painful giving up cash and paying cash makes you consciously aware of your spending. It is a lot harder to pay cash then swipe a credit card. It is also easy to keep track of your current budget since the cash is right on you.
If you haven’t tried the cash only method before, I definitely recommend trying it. If you want to get ahold of your money and lower your credit card bills, this is a great option for you.
What do you think of the cash only method? Have you tried it before?
To find more Money Saving Tips from Boston On Budget, please head here.