Cash vs Debit

[IronicBenzTech]

I've seen a article sayin that you tend to spend more using a credit card rather than cash..... I try to follow this guy Dave Ramsey's plan.... Look em up..... If CC's are your thing then don't bother... You'll hate em... Lol

[Turf1600]

So never purchase anything that costs more than the value of your checking account... something crazy like a house.
Nor invest in your future income by borrowing money to gain the necessary education.



At least you can afford Dave Ramsey books without credit...

I knew you were waiting for me to post here. Buying something that you don't have the money for is just a bad idea. The next time I buy a house I will pay at least half down - if I ever buy a house again. As for investing - I invest regularly. I'll be in good shape come retirement.

[rwh11385]

Credit isn't necessary, though. I haven't used it in 4 years.

The argument for credit is circular logic. You need to bowwor money to build a credit score so that you can... borrow money. Just don't borrow money and live below your means and you'll be in good shape.

So never purchase anything that costs more than the value of your checking account... something crazy like a house.
Nor invest in your future income by borrowing money to gain the necessary education.



At least you can afford Dave Ramsey books without credit...

[Turf1600]

yo bro, a checking account doesn't build credit...


And my favorite checking accounts are with Schwab and ING Direct, plus whatever local brick and mortar you like. Chase has great ATM access, a credit union has good rates and friendly to young'n.

Still, you need to borrow money to establish a credit history.

Credit isn't necessary, though. I haven't used it in 4 years.

The argument for credit is circular logic. You need to borrow money to build a credit score so that you can... borrow money. Just don't borrow money and live below your means and you'll be in good shape.

[tonerrrr]

Here is what I've been doing lately:

• Since I'm salaried, I know what I'm making each pay period.

• I also know how much I need for bills and how much I want to save each pay period.

• Once my direct deposit hits I transfer whatever I'm going to save, leave whatever is needed for bills, and withdraw the rest as cash.

• For all intents and purposes my checking account is 'zeroed' at this point, but I leave $1000 in it as an emergency fund just in case. But i pretend it isn't there.

• I use the cash as a visual budget, I don't spend it unless I have to. Everything goes on an American Express, which is required to be paid in full each month.

• I keep the receipt from purchases and set aside enough cash to cover the expense, using the reciept as a divider between that cash and the rest of my spending money in my wallet.

• The reciepts are purged weekly and I deposit whatever I have set aside to cover AMEX charges. When the AMEX bill is due I always have enough to pay in full.

Using this method allows me to maintain a budget, have a regular savings schedule, earn points for money spent, and as a bonus I'm always carrying cash just in case.

It probably sounds excessive doing it this way, but it takes 2 minutes at the end of the day to figure out what you've spent and set aside cash accordingly.

Wut are you.

[rwh11385]

real talk though,
after i get a steady job out of college, i need to build my credit..

open up a college checking account with wells fargo.
no bs fees, and it's a clutch way to build credit when you a youngin w/ no scrilla. my credit score is on point and I'm still a teen

yo bro, a checking account doesn't build credit...


And my favorite checking accounts are with Schwab and ING Direct, plus whatever local brick and mortar you like. Chase has great ATM access, a credit union has good rates and friendly to young'n.

Still, you need to borrow money to establish a credit history.

[rwh11385]

What is this cash you speak of?

No, seriously, the most I have on me at any point is like $20. Why carry something that can be lost or stolen (and matter) when I have access to 1000x that on a plastic rectangle? And debit card issues can put a hold on your entire account = trouble if you every need to access to checking, and have just one. Plus, credit can give you 1-5% back in rewards.

But seriously, I get pissed off now if a vending machine doesn't have the RFID / NFC sensor, let just alone a swipe.

Quizzle also gives you free credit reports and scores (every six months?). Weird name, but Intuit = TurboTax people, aka it's their money management website to help feed people into financing their mortgages with Quicken Loans...

[giantkeeper]

Debit card over cash, cash over credit

[BobombETA]

i need to build my credit.

Don't laugh, but a great place to start is a Walmart credit card.

The reason?

A free monthly TransUnion FICO score.

This is a great way to see where you stand, and to watch your credit worthiness grow.

A FICO score is the one financial institutions use if you want a loan...

[freeride53]

open up a college checking account with wells fargo.
no bs fees, and it's a clutch way to build credit when you a youngin w/ no scrilla. my credit score is on point and I'm still a teen

i have a regular checking account wit them niggas.

[BobombETA]

Here is what I've been doing lately:

• Since I'm salaried, I know what I'm making each pay period.

• I also know how much I need for bills and how much I want to save each pay period.

• Once my direct deposit hits I transfer whatever I'm going to save, leave whatever is needed for bills, and withdraw the rest as cash.

• For all intents and purposes my checking account is 'zeroed' at this point, but I leave $1000 in it as an emergency fund just in case. But i pretend it isn't there.

• I use the cash as a visual budget, I don't spend it unless I have to. Everything goes on an American Express, which is required to be paid in full each month.

• I keep the receipt from purchases and set aside enough cash to cover the expense, using the reciept as a divider between that cash and the rest of my spending money in my wallet.

• The reciepts are purged weekly and I deposit whatever I have set aside to cover AMEX charges. When the AMEX bill is due I always have enough to pay in full.

Using this method allows me to maintain a budget, have a regular savings schedule, earn points for money spent, and as a bonus I'm always carrying cash just in case.

It probably sounds excessive doing it this way, but it takes 2 minutes at the end of the day to figure out what you've spent and set aside cash accordingly.

[Wh33lhop]

I seriously hate change so much. It's also annoying as fuck to explain to the cashier that you don't want any god damn pennies.

[AndrewBird]

I hate having coins in my pocket, but that is what tip jars are for.

I like to have $40 or so of cash on my all the time, $5 of it in ones so if I really need it, I can use it, but most of the time use cards.

I fucking hat that soda machines are $1.25 instead of just $1.00 though. You either need a quarter or get 3 back. Lame.

[blefevre]

If I couldn't use my CC I would probably curl up in a corner and never eat, drive, or do anything ever again. It's too damn nice not having change hanging around, being able to fight fraud or BS charges and getting free moneyz with rewards.

[Court M3]

Cash/credit card what's that? Use either my phone or train pass here (Japan) to pay for items. Both of those are accepted at 90 percent of the places we shop.