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Lose Your Debt Weight: Try A Cash-Only Diet
March 10, 2010 by Best Ways To Save Money
Filed under Personal Finance
Cash-only, or cash-mostly, spending may be a good practice to incorporate into your budget. A recent report by FiLife.com, a financial information website in partnership with The Wall Street Journal, found that consumers could save 12 to 18 percent of their income if they primarily used cash. While saving for your debt settlement, Credit Answers strongly suggests that yopu stick to a cash only diet.
Acquiring A Taste
There are various benefits to cash-only spending. For example:
Organizing Your Finances Could Get Easier
If the bulk of your transactions are made using cash, you will no longer have the need to balance your checkbook for every purchase you make.
You Could Get A Better Idea Of Your Spending Habits
If you create a strict budget and set aside a specific amount of cash each week for your necessities, you may be able to look at what's left and consider your wants and needs. Tracking your budget may also become easier.
The Real Money Concept
Perhaps seeing and feeling your hard-earned cash could help you avoid falling into the impulse-buy trap. As Fiscalfizzle.com explains, you may be more apt to purchase things you really need if you have a set amount of cash in your wallet that must last you an entire week for gas, groceries, etc.
The Sample Platter
If you've decided that cash-only might be for you, how do you begin? Here are a few suggestions:
Start With A Budget
How much do you need to set aside for your regular bills and expenses each month? Try to include regular expenses, such as quarterly insurance premiums, that may not necessarily come around monthly. Consider your income, fixed expenses and what you typically have left over. Try adding up all of your needs, find a total and divide by four (for each week). If you wish, once you have your needs totaled, you can also calculate a weekly set-aside amount for disposable income.
Decide What Form Of 'Cash' To Spend
There could be some expenses in your budget that may be better paid using checks, a debit card or electronic/automated bill pay. Bank-issued debit cards carrying a major credit card logo are accepted like regular credit cards with the bonus that money is debited straight from your checking account. If you choose to use debit cards, keep in mind that you will need to keep track of and deduct all debit purchases in your checkbook to avoid overdraft fees.
Get Organized
Once you have a weekly number, it may be a good idea to think about how you can organize your money once you cash your paycheck. You may want to give the 'envelope method' a try.
When you cash your paycheck, think about separating your decided dollar amounts and put each amount in a 'needs' envelope labeled rent, cable, telephone, etc.
You could calculate each envelope's total whenever you make a deposit. At the end of the month you should have the amount for each category in the envelope. You can either pay those bills in cash or deposit that amount into your checking account and pay using a check, debit card or online payment.
Better budgeting requires discipline and organization, qualities necessary to lose your debt weight.
For some people, the cash-only or cash-mostly option can be a recipe for financial success!
Bill Loughborough is Founder and President of Credit Answers, one of the best debt settlement companies in America. Credit Answers specializes in debt management, credit card debt settlement, debt negotiation and avoiding bankruptcy. Credit Answers team of experts work to enable a new and fresh financial start for individuals with debt problems. We realize the importance of money in people's lives and also the accompanied strain that debt can cause. Our team has helped thousands of clients across the nation. Bill started Credit Answers in 2006 and has built it into one of the leading debt settlement / debt relief companies in the U.S. At Credit Answers we encourage our customers to Live Better Debt Free. For More information please visit: www.creditanswers.com
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