I’m really getting into this idea of saving money by using cash. It has only been two weeks into this experiment and the results are pretty amazing.
Before, I’d really get a rise out of spending money. Now I’m getting excited about not spending it.
When I first started I felt like I should carry my whole week’s allowance with me. I thought I might need money on hand, more than I normally did. You know, just in case I had to buy something. Like there would be a random need to buy, like an itch that needed to be scratched.
It is weird. I realize now that money was like a drug for me. I got a high out of using it. I started to get nervous if I didn’t have enough on me.
Now, I hadn’t gone totally cash free in all these years. I normally carried some cash on me even when I used credit cards all the time. It made me feel better to have it. Every now and then the credit card machine wasn’t working. Some places don’t take cards at all. Sometimes it was faster to pay in cash. Sometimes there would be a collection being taken up at work for a gift for a coworker who was leaving or having a baby or both. It is better to tip in cash.
I was always grateful to have it when I needed it. I just didn’t get that I’d be better off using it.
Now I carry a credit card as the backup instead of the default. I’m not quite comfortable going without it yet. Last week I needed it because I went to the dentist for a filling. I’d forgotten that dental insurance isn’t like medical insurance. The bill I got upon leaving was a lot bigger than my usual twenty dollar co-pay. Even with that, I still spent less than I had been spending when I used the credit card all the time.
I don’t know how I’ve been doing it. For the past few years I was spending $300 to $500 a week on my credit card. I paid it off every week. This is a lot of money, especially for a government employee. We get paid in benefits, not in actual money. I didn’t get toys. I bought things that were needed, or so I thought.
The first week I pulled out $300 in cash. I overspent by $40 because of the dentist. So still, pretty good. Far better than $500. This week I pulled out $200 and I’ve only spent half of that. This includes buying groceries. A lot of my money was going to eating out. Now that I’m cooking fresh food I’m not only eating better I’m saving money.
I’d not planned on this additional part to my New Year’s resolution, but I’ll take it.