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@banana: haha well I know myself, and DH and we defintiely do better with a cash system, otherwise we never keep track of how much we're spending and as embarrassing as it is/was, we overdrafted a few times during our first year. So this system works great and keeps us accountable to each other.
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I tend to overspend with cash, if you can believe it. It's like it burns a hole in my pocket. I use a debit card and know how much I have each month for groceries, play, gas, etc. I use the debit card as a credit card for safety purposes.
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We have a similar system to @miss-spunkin except we use our credit cards for the cash back/miles. We split last month's pay into categories so that we know ahead of time how much we have to spend for each. Then we charge everything, and I keep track of it all using our budget software. We're always only spending money we already have, but we're still getting the cash back and miles benefits.
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Like previous posters, we charge everything to earn miles/reward points, but always pay off the balance.
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We used to always use debit or credit cards, but we just implemented a new system where every week we take out $100 cash on Friday and we use it all week. If we run out of cash mid-week, we have to just survive til Friday. This really helps us cook more dinners and pack more lunches, and not buy frivolous little things that we don't really need. We don't count gas, groceries, or special events when we eat out (date nights, etc). Right now we're not including weekend dinners either, but we're getting so disciplined that we can probably start including those in a couple of weeks.
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We only carry small amounts of cash, and only use debit for ATM withdrawals. We use credit for most things and pay it off every month. I know too many people who have had money stolen from using debit cards- I don't like the idea of using anything linked to my bank account, too easy to drain.
We keep a budget in mind every month and spend accordingly, the only time it is tough is holidays and birthdays.
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We use our credit card almost exclusively to rack up travel points. I find it easier to track plastic transactions as well, as all I have to do is log onto my bank account. With cash, I can't rely on automatic downloads of information and I have to be much more diligent with keeping track manually.
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We use our debit card 99% of the time. I rarely carry cash anymore. When I worked in the bakery, and got tips all the time, I had pocketfuls of coins, and it was SO easy to spend them and not keep track of where everything was going.
Occasionally I'll take cash back from Walmart or something. Hubby banks online and can track where I spend things, haha...so I need to be sneaky if I want to buy him a gift. -
DH and I use an envelope system with cash for pretty much everything.
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I charge everything. I get cash back/travel rewards. I've never carried a balance on my card ever. I pay it off every month in full. I carry some cash with me. Sometimes the credit card machines go down at work and without cash, I wouldn't get lunch
My husband pretty much does the same thing. I think he uses cash a little more than me sometimes, but mostly charges everything.
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I charge everything for rewards, DH and I pay off every month. I've been trying to carry a lil bit of cash moreso now though... "emergency"
My husband pretty much does the same thing. I think he uses cash a little more than me sometimes, but mostly charges everything.
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