If you are familiar with Dora the Explorer then you know all about the Swiper the Fox. Swiper the Fox steals things from Dora and Boots. It's cute. Luckily the title of my post has nothing to do with stealing. It has everything to do with my family's new approach to spending. No swiping.
Last month we decided to ditch our ATM cards for a cash only lifestyle. I know everyone has heard about the envelope method of spending. You fill envelopes up with money and when the money runs out, that's it. We initially learned about this during Oprah's debt diet years ago. After moving we figured now was as good as time as any for a fresh start with our finances.
It's only been a couple weeks and I can truly tell we are saving money. My ATM card made life so easy. I never thought about anything. I just swiped. If I wanted to take baby girl out to lunch after a play date I would swipe. If I needed to go to the grocery store I would swipe. Retail therapy, swipe. I was swiping all the time. Using this cash only system has made me really have to think about what I'm buying. Do I really need that new pair of shoes? Or that sweater? Don't I already have something like that? And I've made eating lunch at home a staple in our new routine.
I have to admit that it's been really hard adjusting. I have totally embraced shopping sales and using coupons. Not that I didn't before but now I make it a priority. I actually take the time to plan meals, clip coupons and study the circulars for the best deals. Then I execute. It feels so good watching the total on the register drop when I'm at the cash register. Every little bit helps.
We hope to add to our family soon and eventually retire when my husband is done with the Army. If this new cash system is going to help us save more money for all that then I'm going to stay on board. Even if it means I have to limit myself and be more disciplined with my money. It's worth it. So this Swiper will be doing absolutely Noooooo Swiping, haha!
Has anyone used this approach toward their finances? How did it work for you? Got any tips for us?
Has anyone used this approach toward their finances? How did it work for you? Got any tips for us?
I've heard of this method and have always said I wanted to try it. (Serial swiper here.) But I'm the same person who doesn't carry cash because I tend to LOSE cash. Between my work bag, child's bag, and my purse, I temporarily misplace all kinds of stuff.
ReplyDeleteBut this method seems to work for many, and may just be something to seriously consider...
I was a serial swiper too!!! I think putting the money (along with the receipt) back into the envelopes helps me keep up with it. The only money I keep in my wallet is my personal spending money. So far, so good! I'll be sure to post an update at the beginning of the month to let you all know how our first month went!
DeleteHello! Great post! I treat budgeting like a hobby, haha! Anyways, I just wanted to let you know that I nominated you for the Liebster blog award! See my post http://tantrumsandteaparties.blogspot.ca/2012/10/liebster-blog-award.html for details! ;)
ReplyDeleteThank you so much!!! I appreciate it more than you know!
DeleteGreat Post! I need to rethink how we spend our finances and this is a great way. Thinking of talking to hubby tonight about using this method. I can see how this can save money!
ReplyDeleteGood luck!! Let me know how it works out for you!!
DeleteThis sounds like a great idea, Tia. I've been trying to brainstorm ways to save money as we're looking to add to our family and purchase a new home if we can. I never put much thought into just swiping my card, and I always look at my statements wondering why I'm making such frivolous purchases. I use coupons, but I need to get more serious about using them more often. It's been a while since I've clipped any, and I don't even use my little system anymore since my coupon queen friend moved away recently.
ReplyDeleteI am gonna definitely try this approach towards my finances. I would love to follow along with you to see your results & if you come across new tips and such! Thanks for sharing, Tia =)
Yes, I was a chronic swiper!! Cash makes me feel more accountable for my purchases. It's been tough to get use to but I do see that I'm not spending nearly as much. I will do updates to let you know how it goes!
DeleteI was a religious coupon clipper a few years back when I was pregnant. I think because I was a new SAHM and was looking for things to occupy my time. Now I would have to make time but I do remember the tremendous amount of money I saved and I need to get back on the bandwagon.
ReplyDeleteI actually think more about my purchase when I have to swipe. Cash runs through me like water and then I can never account for where it went. I've tried it.
Happy saving. I am a true saver, I will splurge every now and then but for the most part I am counting the pennies!
A lot of people say that about carrying cash. I guess actually seeing the money makes me think twice about spending it. You actually inspired me to start thrifting. Seeing all your awesome finds made me want to give it a try! I just know there's no way we can add another person to our family and keep the same spending habits. Please share what works for your family because I need to learn more. I'm also looking forward to that braiding tutorial!!!
DeleteOkay so I clip coupons to save money, and like you I love seeing the number drop at the register! I havent tried this method but I am going to tell my husband about it because we need all the savings we can get! LOL! Like everyone else that has commented cash runs right through my hands, but I guess if I put the limitation on myself of knowing this is it if you spend it...it could work!
ReplyDeleteThat's exactly what helps me! Knowing that once I spend what I have that's it!
DeleteHmmm. Me and cash do not mix. I tend to loose cash and use more of it when I have it. With the debit card, I usually think about the purchase. It sounds weird, but hate seeing tons of debit transactions on the bank statement so I keep them to a minimal and only get things that we need. I also don't stop and buy little things. Another thing that irks me is a bunch of little transcation that are like $2 or 90 cents on the statement.
ReplyDeleteTia this is great! Good luck with 'noooo swiping'!
ReplyDeleteI use a savings account without a checking. This really helps me to cut down on my purchases because in order to get money out I have to either go to a bank or find an ATM. I agree that clipping coupons and comparing prices with the circulars helps to save even more money.
ReplyDeleteI just started this too! let's keep each other updated and on track! :)
ReplyDeleteSounds good!! I'm currently trying to talk myself out of a trip to the beauty supply store, LOL!
Delete