Spending Cash Hurts
Financial Management

Spending Cash Hurts

financial literacy

This was kind of an interesting thought I heard where it was suggested that if you want to save money you should start spending cash because the sheer notion of you visibly seeing your money being given to someone else hurts and so you will be less inclined to do it unless it is something really important. For example, seeing yourself give a restaurant $100 for some kind of meal.

Kind of funny but true in many ways I think. I know for myself I usually use a credit card whenever I can and since I constantly monitor the billing on it I get a constant reminder of the money that is going to be taken out of my savings to pay for it. So in many ways that does help me in terms of developing the mentality to try and make as many financially savvy purchases as possible. I think that is better too where I pay everything at the end of the month where seeing myself transfer all the funds in one go really puts it in perspective if I spent too much or not. Sometimes you just need to see those big numbers for it to get it through to you.

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