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Pay in Cash
When you watch the cash move out of your hand and into someone else's its really easy to grasp how much of YOUR money you've just spent. When you're using credit cards, its easy to feel as though what you just purchased is somehow.. free. This could explain a good reason why so many people find themselves in sticky situations. However, it doesn't have to be this way. Rule of thumb: pay in cash. If you can't buy something with cash, it may be worth reconsidering if you can really afford it in the first place. I recommend doing this for at least one month or until you have a good understanding of where you are financially.
Watching the money move out of your hand is a quick lesson in money management.
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I agree that cash is a great way to stay on top of your money. However, being organized with your money using a ledger or quicken/money works as well. Though Credit Cards can be dangerous in some people's hands. Go with an Amex - it has to be paid monthly and you get miles. Miles are nice. about every 4 months I earn a free ticket through my Amex, not a bad reason to use my CC.
Seems to me it's less about the method of payment, and more about knowing what you are up to. Do you think first and only of the cost? Do you head directly for the sale rack? Do you know what you are spending? What are your triggers around money? How do you use money? Answer some of those questions to learn more about what you are up to.
Seems to me it's less about the method of payment, and more about knowing what you are up to. Do you think first and only of the cost? Do you head directly for the sale rack? Do you know what you are spending? What are your triggers around money? How do you use money? Answer some of those questions to learn more about what you are up to.
I agree with you too. But don't you think that using a credit card and paying it off every month, will hep you keep track of your monthly expenses better? I mean, when you see the statement every month, you are bound to notice how you've been spending, right? But that is only of you intend on paying all balance every month.
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