Monday, 5 March 2018

Update to my February Cash-Only Experiment

So February has ended and with it my experiment for a cash-only month. I have to admit I cheated a little bit but learnt a lot too.

I did manage to keep myself from buying anything online and therefore with a credit card. Except for one little thing. My son asks for many things and I often refuse to give him what he wants unless it is an actual need. However as a treat for respecting my decision to say no to most of his requests, I finally allowed him one purchase I knew would mean a lot to him. It was close enough to the end of the moth that the item arrived in March and so in a way I did stick to the no credit-card February as I actually paid it in March. Add to that, I do keep a small budget for treats so as such I did not go out of line of the budget.

Meanwhile, I did say last time that I intended to avoid using even a debit card at cash points for the month of February, excluding for biggish purchases. Well I stepped into a JB Stores to get thick coat hangers and voila' I was out of there with a bagful of stuff. Meaningful stuff mind you, that I would definitely be using in my new home, and yet stuff that I didn't have enough cash in my purse to pay for and so out came the debit card. As you might remember, I had said that I never carry much cash on my person and so it is only obvious that I do use my debit card here and there but still my purchases were not budgeted for in this case.

Other than for these two 'mishaps' if they may so be called, I have to proudly advise I used cash extensively through the month. Yet I don't think I can really report having bettered my savings in so doing. If anything, it is more of a headache to need to keep cash on hand at all times as I am not often aware from the morning as to when I am actually going to stop for groceries or need to buy a lunch or even when I will need a trip to the pharmacy.

On the other hand, I did find it easier to not have to continually update my spreadsheet with money taken through using the debit card and needing to keep track of the bank's updates since they don't post such transactions on the same day they are made, therefore leaving me with a bigger balance showing than the one on my spreadsheet and unable to reconcile properly.

Now that we started March, I have decided to pay cash whenever I can in order to avoid this problem with the bank balance updates and yet won't be going out of my way to pay cash at all times.

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