Cash vs Debit

[tonerrrr]

It seems like cash goes quick for me when I have it in hand.... when I use my debit card all the time, transactions sometimes take a week to go through and it's confusing to see transactions pop up for incorrect dates with weird names.

I'm thinking of just switching to cash only for BS purchases like lunch, convenience store, etc so that I can better keep track of any money coming out of my account. Also I would have a physical spending limit rather than just spending whatever is in my account.

I could just use debit and write things down like using a checkbook but I'm an American and simply too busy to worry about writing down every transaction I make. :D


How do you do it?

[Mr. Tasty]

debit charges should pop up the same day unless on the weekend. I haven't had cash in my wallet for a month because being a college student, and long days, I would spend it

[InuFaye]

Use a Credit Card and cancel your debit cards immediately.

Pay it off every month, reap the free rewards.

[Jorgen]

Basically all of my expenses go on my AmEx. I spend a good chunk of change (YTD in the range of $25k+) on that thing and get a lot of cash back (like $500-1,500/year). I never carry a balance and haven't paid interest any on this card in years. This way I don't have to worry about the small transactions in my bank acowaffleswaffleswaffleswaffles and just make one or two larger payments on the CC from my checking each month.

I do occassionally grab cash, if I am going to a baseball game or out for a bar night I prefer to just pay cash for all that so I don't have to wait and run tabs etc. With that thouhg I will usually just grab like $100-200 but it does dissappear in that night when I am out usually.

There are the additional benefits of AmEx takes care of me and protect me for nearly any questionable activity or broken products bought on the card. I am not sue what all this has done for my credit but doing things this way doesn't appear to hurt me as I have a very nice credit score from the way I have done this.

[Ryan Stewart]

I live on the CC. I hate cash. You have to carry it, it can get lost/stolen easily and they give you change for it.

As long as you can use a CC like a checkbook there isnt much reason not to. You get points for it and you only have to carry a slim piece of plastic. I am really looking forward to it being more places that accept the phone. I love not having to carry crap.

[slammin.e28]

I typically use my debit as credit. I only really use cash if I'm going out of town. Only time I really get screwed is paying my car and health insurance as I haven't set it up to pay online, so I write a check and watch them decide to deposit it when I have no money....fuckers.

Main reason I got a car in the first place was gas stations being fuckers and making you pre-pay for gas.

[tonerrrr]

I thought of doing the CC only approach as well since you're spending the money anyway, why not get some benefit from it.

Nobody has problems with items showing up later that you don't recognize?

[slammin.e28]

I thought of doing the CC only approach as well since you're spending the money anyway, why not get some benefit from it.

Nobody has problems with items showing up later that you don't recognize?

I do all the time, but usually remember how much I spent on shit, as it pains me to spend money.

[s14pwd]

As everyone has said CC is the way to go if you can control your spending. Plus you guys in the US get wayyyy better cash back cards than we do in Canada.

As for remembering, I just make a mental note when I purchase something, look over my statement at the end of the month and correlate the 2. Its not that hard to remember what you bought within the last 45 days.

[InuFaye]

I thought of doing the CC only approach as well since you're spending the money anyway, why not get some benefit from it.

Nobody has problems with items showing up later that you don't recognize?

Nope. I use Mint.com to keep track of all of the spending, and everyday I categorize what I spent my money on, and I can be more specific on each item if I choose.

[slammin.e28]

Nope. I use Mint.com to keep track of all of the spending, and everyday I categorize what I spent my money on, and I can be more specific on each item if I choose.

I need to get on that.

[spike68]

lately ive been using my credit card for a lot of things. But i never spend money that i dont have. I cant really use cash cause my bank isnt down in this area. I have to switch to a different one, but im to lazy. This means i never get cash unless i ask for cash back at walmart, which i hate going to walmart. :D
but seriously. if credit card balance < checking accout balance, then using credit card for everything = build credit = WIN

[InuFaye]

I need to get on that.

Shit is awesome.

[freeride53]

fuck both. i dont use money

[freeride53]

real talk though,
after i get a steady job out of college, i need to build my credit.
the cash from debit idea is good for students/or those who don't make a comfortable amount to be able to spend from cc's.

i personally only deal with cash or debit, i try to just withdraw as much cash that i need per ocassion, and deposit the remainder of the cash into the atm.

also, i keep all of my big money in a chase savings.
i stopped withdrawing & transfering from my savings a LONG times ago, except for big-ticket items, such as blowing $2000 at my $1000 Peugeot ....smh..

I'm starting to invest/studying different kids of bonds, mutual funds, and the sorts.
Which is partially why im selling my e30.