Health & Fitness
Cash Only!
Living a cash-only lifestyle can be an adjustment, but just think of the extra money everyone could save by avoiding all those late fees and interest!
How many times have you opened a store credit card after being propositioned by the sales clerk and told that you will get a certain percentage off your first purchase? Initially, this is so tempting and sounds great!
Only a fool would pass it up, right?
Unfortunately, I have fallen for this time and time again — only to regret it later. Here's the problem: you get lured into agreeing to the card by the promise of coupons and early-bird specials, etc., right? Then, you happily spend away, until one day you don't pay the minimum amount by the due date.
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All of a sudden, it's no longer so much fun when you are slammed with a substantial late fee, plus interest! Now, the tables are turned and you have to pay them back more than whatever you initally saved by taking advantage of their sales coupon. Even if this only happens a couple of times a year, the amount you end up losing can be substantial.
Credit cards can be such a trap! There is one large chain department store that always sends me coupons for up to 30% off, almost weekly. It sounds great, doesn't it? Except there is always a catch. . . the only way to get the discount is to charge the purchase to THEIR credit card! So, as tempting as it may be to save a few dollars on a purchase, I've come to realize that the best thing to do is to pay cash or use my debit card.
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Coupons are great, as long as there are "no strings attached." Live and learn! Of course, there are times in life when credit cards can be a blessing — but for the most part, they have definitely become a curse for most Americans.
Living a cash-only lifestyle can be an adjustment, but just think of the extra money everyone could save by avoiding all those late fees and interest!
In the end, we consumers are not the winners. We are only making the huge banks that issue these cards richer and richer. Given all of that, one of my personal financial goals is to go back to paying cash as often as possible. So, I challenge you to take the plunge too. . . try to live "Cash Only" for a while. It is amazingly liberating!
