Personal Finance and Investing

PoindexterOglethorpe

(27,431 posts)

25. I use cash because for me it is the best way to manage my day to day spending.

Thu Nov 5, 2020, 03:56 AM

Nov 2020

At the beginning of every week I take a sum of money from my checking account, which is divided up into various envelopes, labelled Health and Well Being, Entertainment, Clothing, Cat, Miscellaneous, Christmas Club. The rest, which is a bit less than half, goes into my wallet for groceries and day to day spending.

If I don't have money in the envelope for what I need, say buying perfume(health & well-being) or a new pair of slacks or going to a restaurant, then I don't do it. I almost always have excess money in the envelopes, especially these days. Oh, and if I have cash left over in my wallet at the end of the week, it goes into an envelope I think of as Super Miscellaneous. The point is, I can move money around as needed. It works very well for me.

I know this is a highly personal preference.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

26 replies

= new reply since forum marked as read

Highlight:

Too many credit cards [View all] question everything Nov 2020 OP

Do you have any major purchases coming up any time soon where you need your credit Squinch Nov 2020 #1

I just refinanced and paid mine all off. Laffy Kat Nov 2020 #3

Thanks. We are considering a new car... have been since last April question everything Nov 2020 #5

In 1982, after a divorce I had a couple of payments left on my car. safeinOhio Nov 2020 #15

I have been telling people for many years that the only car PoindexterOglethorpe Nov 2020 #24

Yes, I would. Get the car and then start to pare down the cards. Squinch Nov 2020 #18

I was very happy to pay mine all off, and have been that way for almost 5 years at least or so. SWBTATTReg Nov 2020 #2

FICO scores on credit card statements? Shermann Nov 2020 #4

Only Discover. Current score on top page question everything Nov 2020 #6

I say ditch it, it's easy to get that score elsewhere nt Shermann Nov 2020 #8

Of course. This is not a reason to keep it, only if closing will lower FICO question everything Nov 2020 #14

A thin credit file can be an issue Shermann Nov 2020 #16

My VISA card statement shows mine. n/t lastlib Nov 2020 #20

I have 2 Visa credit cards, both from Chase. Neither has a credit score on the statement progree Nov 2020 #21

Finance related but not truly addressing your post, yesterday I was told that banks are in2herbs Nov 2020 #7

Local banks - U.S. Bank, TCF - have branches in many supermarkets with many visitors question everything Nov 2020 #11

Interesting Lulu KC Nov 2020 #22

Interesting tid bit, Wellstone ruled Nov 2020 #9

Capital One closed one of my cards lilymidnite Nov 2020 #10

As you get older Dan Nov 2020 #12

2 credit cards and a debit card. I NEVER carry a balance - if I have enuf $ for investments, and progree Nov 2020 #13

I have a Visa that is my only credit card. PoindexterOglethorpe Nov 2020 #17

I never use cash brokephibroke Nov 2020 #19

I use cash because for me it is the best way to manage my day to day spending. PoindexterOglethorpe Nov 2020 #25

You guys are all so wonderful! A HERETIC I AM Nov 2020 #23

I love Discover and use it for everything I can XanaDUer2 Nov 2020 #26