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Does Using Cash Really Help To Save Money?

Does Using Cash Really Help To Save Money?

We have all heard an idiom, “you have to spend money if you want to save money.” What to spend for saving money? It sounds like the opposite to right, therefore do a small adjustment: You have to spend cash to save money. It is called a “cash diet”, and this really can help you keep your wallet full of money. Know how to save more by switching your plastic for cash.

What is cash diet?

Being straight forward, the cash diet works this way: Rather than using a bank card for daily shopping. You can use cash only, there are many types of ways to know about it, but it includes discipline and organization in every key of a different approach. One of the most famous cash diet approaches includes an envelope budget.

Envelope budgeting

How this envelope budget is, it really seems: Using the envelope to make arrangements of money for expenses. These expenses include Food, transport costs like gas, household stuff as cleaning supplies and paper towels and toiletries like shampoo. Rather than determining it, how much you spend on the basis of each receipt, you after monthly fixed bill, decide a budget on the basis of rest bills of paid bills such as hydro and rent.

Then you put your collected money into your envelope for each of the expenses. Either label your envelope or use colored envelopes for each type. For example, a yellow envelope can be for household stuff while green envelope can be for groceries. You will keep your money separate for eating out and entertainment.  

The great thing comes into this is that you can carry specific envelopes which you will need of that day and you will leave other envelopes at home. That will help you to stay disciplined and it won’t let you spend money that you have kept for something else. And of course, when money is spent-you are out. To cover up the investment after envelopes are emptied, no credit card swiping is there.

How to do this work for you?

Only you know that how the envelope budget system works for you. But there are certain things which you can do to make sure that you make contact this way so that your success certainty.

  • Being Flexible. There will be a few months where you won’t have to spend on household stuff so that you could carry the extra cash in another envelope. And this will be true about a few more months, so, in general, get ready to a concession here and there.  
  • Keep your receipt. Whenever you take out cash from an envelope, so make use that receipt, for which you use that cash. This will help you to keep an eye on spending in each bucket. For example, you won’t have enough amount of buying groceries for a week and don’t know why. Seeing your receipts will tell you that you are spending too much on pop.
  • Set up the priorities. If you don’t believe that you can stay with discipline, so before week do essential purchasing. First, give priorities to needs on desires by focusing on them and only after that you can ponder.

Why does the cash diet work?

It’s been proved those who use cash for shopping, they spend less. Here’ why:

  • Spending cash is more painful. When you buy something with cash, so physically; you are emptying your wallet. This can hold your anxiety, which you have an assumption of purchasing costs. Through credit card or debit card, you can’t feel that the instant pain by which it becomes easy to buying something and until you bill remains due till then it enjoyable to buying.
  • Being unhealthy is very difficult. Not only credit card users, use even the money they spend becomes unhealthy. Those frosted doughnuts really looked superb on the shelf, but will they almost be happy? When you have gone on the budget to get them. If you go to a clerk and you don’t have extra cash to cover up the bills of groceries, so you have more possibility to get rid of sugar in the comparison of getting rid of milk.
  • It is more about rate with cash. When you buy something with a credit card, so whatever you are buying, so what happened to afford it? There is a disconnection between these. If you spend by cash, though, you know how many hours it takes to get it, and many more you have bought, you decide the price of that. Because cash is the physical form of your toiling hard.

Rather than seeing dollars, you are seeing your hard work which makes it more meaningful. You will ask yourself whether you will work only for 2 hours for impulse purchasing; there is no answer more often.  

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Richard Russell

Richard Russell has been involved in online business since early 2003. Whilst he keeps on spending hours on running his business still he gets time for various hobbies and interests.
Richard Russell

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