Since I recently blogged about our decision to switch from credit to debit, I was interested to see this piece by television writer Lloyd Garver, documenting his and his wife’s decision to switch from credit to cash.
The skinny is that they felt the were spending too much money so they switched to cash only. It worked. They hated it. They went back. He writes:
After two months, we decided, thankfully, that we had learned how to spend money more wisely, and we could go back to a more normal, relaxed “sometimes credit card, sometimes cash” system.
My guess is that “more relaxed” will equal more spending, especially after only two months.
I’ll confess that the chronicling of this little experiment left me scratching my head and wondering what the point of the column was. I think I’ve been spoiled by reading personal finance bloggers who turn out so much great writing every day.
{ 3 comments… read them below or add one }
It is very, very difficult to live in a cash-only world. I’ve been credit card free since 2001. I was first credit free in 1987 but succumbed back in 1995 only to lose it all again in 2001. This is my second time. Three times your out.
Keep up the good work. You are not alone. We’re out there.
I agree, I scratched my head over that one, too. Maybe the key is here:
“We definitely spent less money. And I hated it.” He apparently LIKES to spend money. Two months wasn’t enough time to show them what can be accomplished.
I think that credit cards are often necassery in our lives, the thing is that u should spend money wisely, because u should realize that u will have to pay back, if u do so, there us nothing dangerous in credit cards!