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Making Money Inaccessible

A person was telling me recently how he was upset at what has happened when it comes to his financial situation. Basically, this person was well off financially and he eventually got married and had a child. Apparently though the wife is one of those shopaholics with no regards of the concept where you simply shouldn’t buy things that cost more than what you bring in. As expected, over the years that stable income nest as become virtually nothing.

This then created debate on what people would do in situations where if you do have a lot of money do you somehow make it inaccessible to prevent stuff like this from happening? I suppose in many ways that is what people do with items like retirement funds where they lock it in and can’t redeem it until they get older. That would definitely stop a lot of the wreckless spending attitude where you would use it simply because you have it.

I know some people use this technique by making a large investment on an item that they will definitely need like a house and then simply instructing the bank to take away a certain amount of weekly funds from their job and place it into say the mortgage. That way the funds are gone and you have to work with what you have left. In cases like this too I would be inclined to say that a person like the above shouldn’t even have a credit card at all as that will probably solve a lot of the issues too. It’s almost like you have to make one earn it back where once they prove they can manage money well then you can give them one.
While I usually try to avoid using cash, I guess if the goal is to control the spending by making it inaccessible then making the person become a strict cash user only will probably go a long way in helping them to become more financially responsible.

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