Cash or Card – Who wins?

In the last week I’ve been experimenting, trying out different ways of managing my home budget. In particular I’ve been focusing on the differences between living with cash or just flashing the plastic. This week I tried to manage using only my debit card for payment.

Monday
I drop the kids to school, remembering at the gate that I haven’t paid for a school trip next week. It’s only day one and I’m struggling, can’t use cash as I’ve emptied even my emergency fiver out of my purse, and the school doesn’t take cards. I pop home and get a cheque – it’s not plastic strictly speaking but it still feels like I’m cheating on the first day… has to be done though.

Tuesday
I’m spending money faster than I’m thinking about it. Putting fuel in the car I go up to £35, at least a tenner more than I would if I was paying cash, then I push the bill up further with the essential items *cough* that I have to pick up from the garage shop. It’s all too easy when you’re not having to rifle through your purse to find an extra couple of pounds in cash.

Wednesday
I remember that I’ve got to pick up some birthday presents for childrens’ parties at the weekend. As I drive to town I remember that I can’t park in my favourite multi-storey as they don’t take cards. It’s a real grrr moment as I go in search of a pay by phone parking meter and end up having to park miles away from where I want to be.

Thursday
The weekly shop is easy enough to pay for by card but the bill soon mounts up as I realise I’ve not done any mental calculations on my supermarket sweep. Looking at the final bill I work out I’ve spent at least 10% more than I would if I’d been paying cash. It all adds up…

Friday
Picking up the kids from school they spy the ice cream van and plead with me to treat them. Caving in I trawl through my purse and come up with the princely sum of 52p – not even enough to buy a 99 these days. Mayhem reigns and I admit defeat and hotfoot it to the cashpoint…

I’ll admit that a lot of the time paying with a card is convenient. BUT it’s also an easy way to overspend and there’s time when only cash will do.
 

Monday, 16th May 2011

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