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Thread: Finally Learned Financial Self Control!!!!

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    Well Ladies and Gentlemen, I have finally done it. I have ditched all credit cards and debit cards and only use cash for all my purchases!!!!

    The transition was not easy I will admit, as I was so used to using the good old plastic for absolutely everything, and I mean even for a .50 cent purchase.

    Over the last month to month and a half, I CANNOT BELIEVE the amount of money I have saved by using only cash. Now, I go into a store with my money and make sure that I don't spend a single cent over what I have. In fact, I am finding I come out not having used all the cash. The extra goes back into the pot for the next grocery shopping or whatever.

    My family is on board and they are loving it. I don't think this would have worked if they were not. I think it would be too easy for me to slither back to my old ways if we weren't in this together. My only regret in this whole thing is not doing this much sooner. Oh well, live and learn!
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    Last edited by maggiespice; Mon, Mar 6th, 2017 at 03:54 PM.
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    Canadian Guru Lynn49's Avatar
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    Quote Originally Posted by maggiespice View Post
    Well Ladies and Gentlemen, I have finally done it. I have ditched all credit cards and debit cards and only use cash for all my purchases!!!!

    The transition was not easy I will admit, as I was so used to using the good old plastic for absolutely everything, and I mean even for a .50 cent purchase.

    Over the last month to month and a half, I CANNOT BELIEVE the amount of money I have saved by using only cash. Now, I go into a store with my money and make sure that I don't spend a single cent over what I have. In fact, I am finding I come out not having used all the cash. The extra goes back into the pot for the next grocery shopping or whatever.

    My family is on board and they are loving it. I don't think this would have worked if they were not. I think it would be too easy for me to slither back to my old ways if we weren't in this together. My only regret in this whole thing is not doing this much sooner. Oh well, live and learn!
    @maggiespice, I always contended that some of our best days were when my DH (a highschool department head) was on strike (twice)...we put money into envelopes and that was how we paid for everything. We actually felt rich back then when things were tight, two tots....it does work.

    Now what you do is put the same amount, (and it doesn't have to be a huge amount) into an RRSP every month that is absolutely sacred, untouchable, and you'll be breezing through your own golden years!

    All the best, Hon!!
    Last edited by Lynn49; Mon, Mar 6th, 2017 at 04:17 PM.
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    Hurry summer, hurry fast....






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    Glad you found a system that works for you and your family.

    All the best in your new life style
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    2017 is the year that we continue to save before we buy!!!

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    And I thought everyone on smartcanucks was as tight as me! Welcome aboard! I still use my plastic for the cash back but I still want it cheap or free and rarely if ever give in to impulse buying. I love having the money in MY account not McDonalds or Walmart!
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    congrats
    we save loonies, toonies and quarters in a jar (from Target's clearance sale = $0.50)
    great for car washes, treat day, parking meters, $2.99 Cineplex movies...
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    Ontario votes in 2018. Make your vote count. Remember your hydro and gas bills.

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    Canadian Guru Lynn49's Avatar
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    I've learned that there are two types of people in the world when it comes to money: those who love what money can buy, and those who just love owning money.

    I'm the later, and it's so funny...our GS still has a Visa card his aunt gave him for Christmas...seems he's also a money hoarder, thank goodness!! Our DD is an IA and has instilled responsibiity in him wrt spending...but he is taking her to the Cinderella movie for her birthday...hahaha...AND he says, not letting her pay for anything. We'll see if he can part with some of his cash... It'll be tough on him, I'm sure...

    Hurry summer, hurry fast....






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    tightwad and proud of it! brunt's Avatar
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    Money makes a great slave, but a very poor master.

    Good for you for finding a system that works for you!

    I have always been on the tight side (I am one of five children born to parents who were brought up during the depression), but I found a nice trick to kick myself into overdrive. I created a spreadsheet of our net worth, and updated it religiously on every payday. Every bank account, every investment - everything that was worth something went on there. I would have included debts as well, but I didn't have any at that point (we were renting at the time).

    This was all well and good, but what really motivated me was a second tab of the spreadsheet where I kept track of the historical value of the net worth. I will tell you absolutely nothing will motivate you more than seeing progress. The steady uptick of the line on that graph brought me more joy than any purchase that I have ever made.

    I had originally read about this idea as a motivation for saving for big expenses such as a trip. But I thought that this was kind of dumb since you are simply trading a bunch of small expenses for one big one. A far better use is to use it as a gauge of one's progression toward financial independence.

    I reached my goal about 15 years ago, and don't update the graph so often any more. I don't need the motivation as much, the saving is automatic and every expense is weight against the pluses of owning it.

    As an aside, I recommend to one and all that they read Your Money or Your Life. It is an easy read, and puts forward a clear case for living simpler. The main obstacle to most people to saving more money is the belief that this requires sacrifice. Read the book, it makes the case that the expenditure of cash can, and often does decrease your happiness.

    Although it is a totally different book, I also highly recommend The Tightwad Gazette. I don't think that you will find a better book for money saving ideas.

    I was fortunate to have come across both books at a critical point in my life, financially speaking. I don't think that I would be in the position that I am today without those books. I cannot recommend them highly enough.
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    Applause!!! You will never regret moving into cash.
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    Quote Originally Posted by brunt View Post
    Money makes a great slave, but a very poor master.

    Good for you for finding a system that works for you!

    I have always been on the tight side (I am one of five children born to parents who were brought up during the depression), but I found a nice trick to kick myself into overdrive. I created a spreadsheet of our net worth, and updated it religiously on every payday. Every bank account, every investment - everything that was worth something went on there. I would have included debts as well, but I didn't have any at that point (we were renting at the time).

    This was all well and good, but what really motivated me was a second tab of the spreadsheet where I kept track of the historical value of the net worth. I will tell you absolutely nothing will motivate you more than seeing progress. The steady uptick of the line on that graph brought me more joy than any purchase that I have ever made.

    I had originally read about this idea as a motivation for saving for big expenses such as a trip. But I thought that this was kind of dumb since you are simply trading a bunch of small expenses for one big one. A far better use is to use it as a gauge of one's progression toward financial independence.

    I reached my goal about 15 years ago, and don't update the graph so often any more. I don't need the motivation as much, the saving is automatic and every expense is weight against the pluses of owning it.

    As an aside, I recommend to one and all that they read Your Money or Your Life. It is an easy read, and puts forward a clear case for living simpler. The main obstacle to most people to saving more money is the belief that this requires sacrifice. Read the book, it makes the case that the expenditure of cash can, and often does decrease your happiness.

    Although it is a totally different book, I also highly recommend The Tightwad Gazette. I don't think that you will find a better book for money saving ideas.

    I was fortunate to have come across both books at a critical point in my life, financially speaking. I don't think that I would be in the position that I am today without those books. I cannot recommend them highly enough.
    I like to see my progress as well and you are right, it does motivate you. I only started keeping a solid record at the end of last year. (EDIT to say this is for my Retirement investments) (I do have a budget I follow on excel) I knew approx. what I had but now, monthly I tally it all up and see where I stand. It is earmarked for retirement. So I don't include my other savings accounts for life. Last year I put the most ever in my RRSP so I am a little excited for the refund and thinking about dumping it back into my RRSP again this year.
    Thank you for the book recommendations- I am off to reserve at the library now
    Last edited by Frugalbigmama; Tue, Mar 7th, 2017 at 11:44 AM.
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    Quote Originally Posted by Lynn49 View Post
    I've learned that there are two types of people in the world when it comes to money: those who love what money can buy, and those who just love owning money.

    I'm the later, and it's so funny...our GS still has a Visa card his aunt gave him for Christmas...seems he's also a money hoarder, thank goodness!! Our DD is an IA and has instilled responsibiity in him wrt spending...but he is taking her to the Cinderella movie for her birthday...hahaha...AND he says, not letting her pay for anything. We'll see if he can part with some of his cash... It'll be tough on him, I'm sure...
    Have your GS check the balance on the Visa gift card - I heard if you don't use it, money gets deducted off it each month. For some reason Visa gift cards are exempt from the rules of regular gift cards.
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    First I would like to congratulate @maggiespice for using cash only!

    I keep a daily log of all of my spending which was a real eye opener when I first started. I put my receipts inside this book on the kitchen table and update it every few days. I also write my goals for each month inside this book - for example saving for: oil change, birthday gift, car insurance, etc. I keep all my receipts in a simple dollar store basket until my credit statement comes in. If I need to return an item it is easy to find the receipt.

    Like @brunt I have tracked my household expenses on a monthly basis for years on a simple excel spreadsheet. I also do a monthly summary of all of my accounts as well.

    While I have thought about using cash only I find that the cash back into my savings account from Tangerine works the best for me. One statement which translates into one bill each month.

    Lastly I find this forum has really helped me save! It is great that we all are helping each other. I am proud to be a smart canuck!

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    Thank you all so much for the great support! It is freeing to have gotten out of my financial rut!
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    Canadian Guru Lynn49's Avatar
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    Thank you, @barbis9 , she has confirmed that it's maintained its balance.
    barbis9, ticul and jasperandchar like this.

    Hurry summer, hurry fast....






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    Quote Originally Posted by Lynn49 View Post
    Thank you, @barbis9, she has confirmed that it's maintained its balance.
    Glad that it still has the full balance. Eventually fees will come off of it depending on who issued it/when it was loaded. I overheard a cashier warn a customer about this around Christmas.

    https://www.thestar.com/business/per...void_fees.html

    https://www.thestar.com/business/per...e_of_fees.html
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    Has anyone tried the money in the jars - Gail Val-Oxlade method?

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