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cut the credit

It’s the last week of July, which means this week (today, to be exact) I should be writing about having ridden a bus and a train.  Unfortunately, due to work, I haven’t been able to do either.  Other forms of transportation have been more practical for what I’ve had to do this past week.  So I have decided to postpone my bus and train trips to next month, when I hopefully will have a bit more time and can do something cool or interesting with the trip.

In the meantime, I am looking at a new challenge.  Let’s call it: Cut the Credit.

How does it work?  Well, basically, I am going to try and live without a credit card for the next six weeks.  Why?  Because I have been thinking a lot about spending habits.  I’ve noticed that each of my friends have their own way of managing funds, and it has made me wonder whether my way of managing and spending is the best and/or most economical way for me or if there is a better system I can adopt.

Now, because not all places I go to accept credit card or in some situations cash is more practical, switching to a credit card completely, which is the system some of my friends are using, is not something I will be able to do.  However, switching to cash completely might be doable.  Not to mention a challenge since I am quite used to paying with credit whenever I don’t have enough cash.  So the challenge will be making sure I have enough cash and sticking to an allowance for the day (’cause what would be the point of this if all I did was carry wads of cash around, right?)

At the end of six weeks, I’d like to see how my spending behaviour has changed.  I’d like to see if I spent more or if I was able to save.

So here are the rules…

1) Put the credit card away. — I will seal it in an envelope, put that in another envelope, and wrap it with some paper that asks “Do you really need it?” and “Can you walk to an ATM?”

2) Give myself a daily allowance. — I need to be strict about this. Absolutely no purchases that don’t fit into the allowance.  That means I can only shop IF I am able to save money from that daily allowance.

3) Try to choose the more economical option. — There are many ways I can spend less, but often choose not to for one reason or another.  It’s time to start choosing that path!

4) Document my progress. — Each week, I’ll do a quick update on how it’s going.  Maybe I’ll discover tips or new ways that will help this endeavour!

Wish me luck!

 

I am skipping a blog entry this week, one on story writing.  Because I am working on the stories that I will be sending to that contest.  Whichever doesn’t get sent in will go up here, and when I get the clear, I’ll put up whichever I do send in.

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This entry was posted on July 23, 2013 by in kaleidoscope and tagged , , , .

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