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Cash, Credit, Debit?

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Dark Inertia posted 8/5/2013 13:27 PM

Do you use cash, credit or debit on a regular basis? I am a credit person myself, balance is paid in full every month. I have been doing it this way for the last 5 years, or so. I do it mostly for the rewards, but also because I hate constantly having to update my register with all these mundane purchases. Plus, it helps give me a good idea of what I am spending, and how much. All of my friends use debit, though. They all say the same thing: cash burns a hole in their pocket and credit cards are evil.

What do you usually use?

[This message edited by Dark Inertia at 1:29 PM, August 5th (Monday)]

Rebreather posted 8/5/2013 13:31 PM

Cash and debit only. No credit. Very, very few people can use credit effectively. All the rewards and whatnots are just hooks to get you in. It's great you can do it! We have had trouble with credit earlier in our marriage and when we went debt free we changed our ways. We still use a zero base budget and pay cash for things. Once we went to cash, it dramatically decreased our spending. It is very easy to swipe a card, but when you see $27 in the grocery envelope and it's only the 20th of the month, it really brings it home!

MissesJai posted 8/5/2013 13:41 PM

ditto what Rebreather said. No credit, just debit & cash. In fact, personally, I find I'm more responsible when I'm dealing with cash only. I see that money leaving my hands with each transaction - makes it easier to control my spending. I did cash only in NOLA - not even debit. It definitely helped.

Lionne posted 8/5/2013 14:06 PM

We charge almost everything on two cards that give high rewards and pay it off each month. I use to keep track of where the $ goes. The exception is one debit card, that's linked to a high yield saving acct (2%) if used 10x a month. SAfWH uses that for his junk food and lunch purchases.

Amazonia posted 8/5/2013 14:56 PM

Credit for 95%; cash for the rest (mostly just the farmer's market ). Never debit, because my credit card is way safer in cases of fraud.

I too pay it off 100% every month, generally the same day the statement comes. I've never carried a balance.

I don't think credit is a good choice for everyone though. You have to be disciplined and self aware.

I personally burn through cash because once it's out of the ATM, it's already "gone" in my mind.

ThoughtIKnewYa posted 8/5/2013 15:03 PM

Cash & debit.

Crescita posted 8/5/2013 15:19 PM

I prefer to use credit for every day purchases. Cash has a way of disappearing and most of my auto-drafts go through checking so I'd rather not risk compromising that account.

GabyBaby posted 8/5/2013 15:36 PM

Cash and debit.

Too_Trusting posted 8/5/2013 15:53 PM

Debit in stores almost exclusively, then small items like fast food are cash.

I use credit for online purchases, but pay balance in full every month.

sisoon posted 8/5/2013 15:55 PM

Cash and mainly credit. I get paid only after I've worked, and credit let's me pay after I get paid.

Debit puts me at too much risk; I do not have a debit card.

purplejacket4 posted 8/5/2013 15:58 PM

Credit for about 80% paid off in full each month. I use the reward gift certificates as presents. I only use checks for the mortgage and lawn guy. Cash for smaller purchases.

FaithFool posted 8/5/2013 16:00 PM

Credit for 95%; cash for the rest (mostly just the farmer's market)

This ^^^. Paid in full every month and I'm on my way to racking up enough points for three business-class flights overseas....

After being house-poor and constantly into the line of credit for renovations before selling the House of Pain, I never want to go there again.

I track every penny in Excel including cash outlays which I write down on a note carried in my wallet.

[This message edited by FaithFool at 4:00 PM, August 5th (Monday)]

dameia posted 8/5/2013 16:03 PM

I use debit. I'm thinking about switching to credit though, because I want to start earning miles. We're pretty financially responsible, so I think it would be okay. I just haven't gotten around to it yet.

lynnm1947 posted 8/5/2013 16:04 PM

I only use my credit cards for things I order over the internet, e.g. airline tickets, show tickets. I use debit for almost everything else, though I usually have some cash in my purse because I have had occasions where I was stuck and no one took debit or credit.

stronger08 posted 8/5/2013 16:22 PM

Revolving CC debt was a big sticking point in my D. My XWW had run up tens of thousands behind my back over the years. So revolving CC debt is a sore spot for me. I have a Visa card for emergencies that if I use I pay back ASAP. But its all cash and debit aside from that. I do use cash a lot for services as I can negotiate a better rate from a provider in most scenarios. And during the renovation of my mountain home that approach has saved me thousands.

somanyyears posted 8/5/2013 16:44 PM card for most purchases.. cash back % for total year gets me $250.++ back on December billing!

secret is paying full balance every month= NO INTEREST charges!!! reserved for very small purchses and 'garage sales'.. cards are evil if you don't pay them fully, interest is insane.. 21% is NUTS!!! thrift stores saves huge dollars too..


tryingagain74 posted 8/5/2013 16:45 PM

Mostly credit; I pay it off in full every month and get decent rewards. I also use cash mostly in instances when they don't take credit.

I only use my debit card at the ATM for cash.

Dark Inertia posted 8/5/2013 17:21 PM

Revolving CC debt was a big sticking point in my D.....

I was also traumatized by my ex's use of credit cards and carrying a balance. We just did not see eye to eye when it came to money. He had a saying: "What is the point of saving if you are not going to spend it?" that use to drive me up the wall. After we divorced I said "never again" and it never has happened again. I am lucky in that I also ended up with someone who shares my views about not carrying a balance and not spending more than necessary. Another stickler for me are credit card cash advances. I don't have a pin number for my credit card and I have opted out of those very annoying checks. With cash advances there is no way to avoid the interest.

[This message edited by Dark Inertia at 5:23 PM, August 5th (Monday)]

jrc1963 posted 8/5/2013 19:34 PM

Debit for day to day stuff.

Credit card for internet purchases.

Cash at the farmer's market. Very rarely for anything else.

bluelady posted 8/5/2013 19:50 PM

Mostly cash, some debit and next to no credit.

I was exclusively debit for a long time. With the start of the new year, I started the envelope method of budgeting and using exclusively cash (well, mostly cash. I don't stick to my budget as well when I'm on vacation ). Using that method has saved me nearly $2000 since January.

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