We are ten days into our month of cash only spending, and the change is already amazing. At the end of last week, I compared the numbers to two different weeks on our bank statement. We had spent on average 1/4 of what we had in weeks past. Were we really this careless before? Or are we being far too careful now? I went through the swipes of the debit card bit by bit, baffled at how quickly it all adds up. In those two other weeks, we spent far more on groceries, but then ate out or picked up food several times. If we needed something during the week, instead of driving the extra two minutes to the grocery store, we ran to the local drugstore and probably paid double the price. A trip to Target, went from picking up a few things we needed, to a long receipt of items.
There is something about having the cash in your hands, that makes spending different. You can see clearly what your budget is and how much you have to make stretch the rest of the week. I know that it was far harder to justify certain purchases in my mind. Besides taking the money out at the start of each week, our debit card was only used ONE time, in the past ten days. My husband used it to purchase his fishing license for the year, which to him is a necessity. ONCE, compared to the other weeks, when it was used 12-15 times.
Small Accomplishments so far:
We have eaten dinner at home or at a family members house every night. Making a menu and detailed grocery list, has been so helpful.
I went to Barnes and Noble for a writers' group and did NOT pay $5 for a coffee. Before this started, I would not have hesitated.
We didn't go crazy on Easter items. I stuck to the budget, and our children were still spoiled and happy.
I guess the biggest accomplishment, is that we were able to move a little money to savings. That's always a good feeling.
Of course, there will be challenges. I am not naive enough to think that every week can be this way. Stuff comes up, things break, and surprise expenses lurk around every corner. When those things happen, I think they will be manageable, if we have learned to be much more reserved in our spending. Isn't that the point of having a savings account? In case you need or want to do something with it? In case your normal source of income, is suddenly gone?
I'm not ready to jump over the edge here. I saw a family on t.v., just yesterday, that adds water to whole milk, to make it last longer. I do not want that to be me. My hope is to train myself to think more clearly before I spend. To weed out the necessities from the frills. To find the balance between treating yourself every once and a while and driving through Starbucks for a coffee every other day. I have already learned so much, but I am going to continue on throughout the month of April, to see what else I can learn.
Traci, I really enjoy reading your blogs and am even more excited for the new approach you are taking towards money. It reminds me of the financial class, created by Dave Ramsey, my husband and I took together after we got married. I recommend you check it out because its a real eye opener!
ReplyDeleteI think you are really on to something Traci. It's not just young families who need to rethink how they spend. I read your blog and decided to try cash only until it runs out.
ReplyDeleteI am going to try this right after the monster's birthday on sunday
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