Save $54.79 a month: Cash Only Please

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Going cash only can save you somewhere between $10-54.79 ($50ish) a month!

Today’s frugal tip can be a bit of a hard one for many families these days. Credit cards are readily available and most of us have several. I know there has been some difficulty for us and we are not there yet, but getting there.

Use cash only for your purchases. At the beginning of the month map out your estimated expenses and organize your cash into groups, like gas, groceries, eating out.. what ever you spend your money on.

By doing this it makes you more accountable to only spend what you have and you may be likely to think twice about buying when you only have a certain amount in your wallet.

Try it for a month and see if it caps the money flow.

If you have a frugal tip email it to FFD. We would love to share it.

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Comments

  1. Janis says

    I disagree. We charge absolutely anything we can. Depending on your lifestyle you’ll get a whole lot of cash back or travel mileage, both of which will save you a ton of money. We rarely pay for airline tickets because of this, which would allow some people to travel who couldn’t otherwise afford it. You still have to be accountable and keep track of any purchases you charge to ensure that you’ll have the money to PAY IN FULL when the bill comes. I do this by keeping the receipts in envelopes and always have the total for each category on the outside of the envelopes. Each time we charge something we add the receipt to the appropriate envelope and change the total outside. By doing this we always know what our outstanding balance is. When the bill comes we match all the receipts to the bill and PAY IN FULL. We have never paid one red cent in interest.

    • jlpenner says

      I totally agree with you Janis. CC’s CAN be a great tool for people would be use them correctly (that is great you have never paid interest).

      That said, A LOT of people misuse them and cash is a good option for them to keep in check.

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