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Preview: Comments on: It’s Hard Without Habits - July Cash Experiment Update

Comments on: It’s Hard Without Habits – July Cash Experiment Update



Getting out of Debt, Getting off the Couch, and Getting into Life



Last Build Date: Tue, 07 Nov 2017 05:00:09 +0000

 



By: campervan christchurch rental

Tue, 13 May 2008 23:08:50 +0000

Hi there, Thanks for the post. I think saving involves a number of things. I have friends that can’t save if their life depended on it and I also have friends that are always on a tight budget. A lot of it is habitual and qualities are built up in us from the time we get our first pocket money. Since I was young, I learnt to save money for the things I needed rather then the things I want. For many people, it is hard to draw a line between needs and wants. I guess everyones needs and wants are different. Do you have any advice on how to decide what our needs and wants should be? Just a general idea? Thanks, Sarah.



By: jewell

Fri, 19 Oct 2007 04:56:58 +0000

I've gone through your blog but cannot find the results of this experiment. My husband and I have changed over to a cash system, and, aren't really having much of a problem. We keep the cash in a manilla envelope with a white envelope for cash, and another for receipts. We record what was spent on a cover sheet so that we can record in our budget and deduct those items which could be a business write off. Love to hear how your experiment worked out for you.



By: Carnival of Money Stories #19 (Dough Roller Presidential Debate Edition) » The Dough Roller

Tue, 31 Jul 2007 11:02:17 +0000

[...] will work. What our country needs is to establish some sound financial habits and stick with them. It’s Hard Without Habits–July Cash Experiment Update (@ The Happy Rock) explains just how difficult finances can be without habits. And Step one to [...]



By: Sue Olson

Tue, 17 Jul 2007 20:05:02 +0000

So very interesting...I was thinking about habits as I finished my grocery shopping jsut a few hours ago. The habit my husband has of going shopping right after I do to 'pick up' items that I 'forgot'. Well, I am guilty of going without a list so there is not one for him to put items on, but he his guilty of picking up WAY MORE than he went out for which totally blows any chances of sticking to a budget! Whew...habits...they can be scary!



By: 18th Carnival of Money Stories!

Mon, 16 Jul 2007 05:25:34 +0000

[...] think Frank from The Happy Rock would agree in It’s Hard Without Habits - July Cash Experiment Update [...]



By: The Happy Rock

Thu, 12 Jul 2007 19:58:33 +0000

dong, I agree that for any given individual the most effective system may vary. On the other hand research and retailers support that notion that credit card are much better for business. This is precisely why I am testing it myself. I also feel that if I have cash I will spend it, but I would rather not rely on my anecdotal support when the research disagrees. Either the research is wrong, I am an exception, or I thought I was an exception, but I was really deluded.



By: dong

Thu, 12 Jul 2007 19:46:10 +0000

I think some people are more succesful by using only cash, and other are more succesful if they only go credit. Personally, I'm better if i don't have cash in wallet, and put everything on my credit card. Spending money on credit is a more active calculation for me. Once i've withdrawn cash, it's like I've already spent it....



By: TheHappyRock

Thu, 12 Jul 2007 18:50:43 +0000

Mike - Thanks for the comment. I agree. Cash does help you force budgeting. There is usually a limited amount vs. 'unlimited' with credit card. I suspect that is part of the reason that people do spend less.



By: Mike

Thu, 12 Jul 2007 18:01:49 +0000

I always found that having a limited amount of cash in my wallet did more to limit my purchases than buying with cash. That was the virtue of cash - it's finite and tangible. In your grocery store case, if I knew I had $90 to spend, I'd get under $90 (and probably improve my math skills after a few trips). In other words, I'm pretty much agreeing with Lazy Man and Money. Cash is a budgeting technique - out of cash, can't spend money.



By: The Happy Rock

Thu, 12 Jul 2007 01:37:10 +0000

Lazy, I agree, that is why I have done my best to avoid making the experiment a self fullfilling prophecy. I have been trying to carry plenty of cash around so that I am not consciously trying to spend less. If the cash is unlimited then it should be just like plastic. The plan is to further the experiment in later months by budgeting with an envelope type system and see how that affects things. I know people say they spend the cash if they have it, I am one of those people. The research suggests that people spend more across the board spend more when using credit cards though. That is why I am testing the research. Cheers, thanks for the input.