How do you do it on daily basis?

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frugalmom
Posts: 1179
Joined: Fri Aug 28, 2015 10:52 pm

How do you do it on daily basis?

Post by frugalmom » Thu Sep 24, 2015 2:29 pm

How do you do it on a daily basis-taking cash with you or tracking it? What works best for you and how did you find that out as what other methods have you tried but did not work as well?

Another question-do you carry cash around with you? How much-like what is your limit? Or do you feel using cc better tracks your spending and you are responsible with the cc and pay it in full each month? I feel better just with my cc so I can see what is being spent right there. I feel for ME money goes too quickly and easier to forget what you spend it on? Do you use envelope system and do you take it with you or leave it at home? Or do you use jars? What works better for you overall? How do you track your expenses-notebook,mint.com,etc? I use a dated calendar/planner(1.00 at Target dollar store) and track my spending there with kept receipts and cc and checking statements. What was your eye opening discovery?

BevMoore
Posts: 702
Joined: Thu Aug 27, 2015 11:04 pm

Re: How do you do it on daily basis?

Post by BevMoore » Thu Sep 24, 2015 5:32 pm

I put all of my spending on my credit card so that I get cash back every month. The amount I get for spending each month is more than what a large amount I have in savings pays in interest for a year. Crazy isn't it?

Bev

littlemiss63
Posts: 2018
Joined: Thu Aug 27, 2015 10:11 pm
Location: Middle Tennessee

Re: How do you do it on daily basis?

Post by littlemiss63 » Thu Sep 24, 2015 6:50 pm

Bev,

I do exactly what you do. Everything I spend goes on a credit card if possible. I have a nice chunk of change in a savings account and I understand exactly where you are coming from when you say, "you earn more in cash back on your monthly purchases than you do in interest on the savings account" It is crazy and I can't tell you how many people that I've shared this little secret with and they don't have enough discipline to pay the card off at the end of the month so I've stopped trying.

NO, you aren't going to make any money if you don't pay the balance in full! I have people tell me Oh, I'd forget to pay the bill. Duh! go on line and pay it the minute you get the bill, you should have the money in your checking account just sitting there waiting for the bill if you are using it the way we are talking about.

I've even started looking for credit cards that pay me for opening up a new account. I've already earned over $300.00 this year by using the 2 new cards for 6 months and then I switch back to the old standby's like Discover, Captial One and Bank America that give me 3% on groceries, 2% on gas and 1.5% on everything else. I put a little sticker on a piece of paper in my wallet to tell me which one to use. One month Discover may be paying me 5% on gas so I use that one instead of Capital One which was giving me 2% cash back on gas. It doesn't take a rocket scientist to figure this out. Cash back is free money as far as I'm concerned on purchases that I was going to make anyway. I could pay cash and get nothing.....use credit card and get money back. So simple and rewarding!

clemencia2us
Posts: 4202
Joined: Fri Aug 28, 2015 9:21 am

Re: How do you do it on daily basis?

Post by clemencia2us » Thu Sep 24, 2015 8:39 pm

I take about 100 dollars with me. Sometimes that lasts a week, sometimes two.

I use that for going out to eat and small purchases and NOW will use it to buy gas.

I generally us a CC for big purchases, but I like to use cash for small stuff.

A card I hardly use was compromised the other day. I used it a few months ago at the local gas station. The pay at the pumps had been known to be a target for card skimming, so I never used my debit card.

I received a text from my Chase card asking if I had tried to purchase some items.

I called and yep, my last purchase was at that gas station in JULY. They sent the alert because I had not used that card since then. They declined whoever/whatever the purchaser was trying to get.

Got a new card and will pay in cash from now on at that local and all gas stations. My sisters gas card was also compromised some time ago.

clemencia2us
Posts: 4202
Joined: Fri Aug 28, 2015 9:21 am

Re: How do you do it on daily basis?

Post by clemencia2us » Thu Sep 24, 2015 8:47 pm

I also like to carry cash because there is always some organization selling something or asking for donations, so I like to be able to help them out.

floridacatlover
Posts: 2864
Joined: Fri Aug 28, 2015 7:21 am

Re: How do you do it on daily basis?

Post by floridacatlover » Sat Sep 26, 2015 10:16 am

clemencia2us wrote:I take about 100 dollars with me. Sometimes that lasts a week, sometimes two.

I use that for going out to eat and small purchases and NOW will use it to buy gas.

I generally us a CC for big purchases, but I like to use cash for small stuff.

A card I hardly use was compromised the other day. I used it a few months ago at the local gas station. The pay at the pumps had been known to be a target for card skimming, so I never used my debit card.

I received a text from my Chase card asking if I had tried to purchase some items.

I called and yep, my last purchase was at that gas station in JULY. They sent the alert because I had not used that card since then. They declined whoever/whatever the purchaser was trying to get.

Got a new card and will pay in cash from now on at that local and all gas stations. My sisters gas card was also compromised some time ago.
Kudos to Chase for recognizing the suspicious activity. When my wallet was stolen last year, one of the cards the crook used was my Discover which I rarely use. Still, Discover didn't question the purchases by the crook ($600 in gift cards no less!) even though I had not used the card in over a year.

I have not been personally scammed at a gas pump but there have been so many reports of hard-to-detect skimmers on gas pumps in the Tampa Bay Area although not super close to me. So for the past 2 to 3 months I've been paying cash for gas and plan to continue doing that.

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