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December 16, 2009 08:35 PM
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I live on an almost cash basis as it is. I do have a checking account, but it's just to hold my money until I remove it to pay cash for all my bills. I also have a credit card, just one, but it's only for emergencies and car rentals. I prefer this because it makes it to where I'm not penalized for making a small mistake. I know what I have and it's in my hot little hands, so if there is a mistake at the bank or someone tries to put a hold on my account it's okay because my money is with me. As for credit cards, I just have to say if you can't pay for it in cash, you really don't need it.
Let me put it this way, I'm in much better financial shape now with below average credit than when I had near perfect credit. When my past problems finally get cleared from my credit history, I have no plans to go back to my plastic, horrifyingly in-debt lifestyle. I have learned my lesson.
Let me put it this way, I'm in much better financial shape now with below average credit than when I had near perfect credit. When my past problems finally get cleared from my credit history, I have no plans to go back to my plastic, horrifyingly in-debt lifestyle. I have learned my lesson.
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December 16, 2009 08:23 PM
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Yes, if I had to live on an all cash basis I could. It would definitely teach one what the difference between necessities and wants are. It would cause one to put off the things one could not afford and get rid of many of the luxuries one may be enjoying, but yes, living on a cahs basis and within the means one currently is able to afford, could be accomplished in my world.
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December 16, 2009 09:47 PM
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Yes, I could live on an all cash basis because, now being retired and living on just a Social Security income (except for major repairs, for which I'd have to go to the bank or funds I've been setting aside for a long time), expenses have to be very limited.
I've always been conservative and a saver, so I will not allow myself to dip into my savings for regular purchases on a monthly basis.
I find it easy to shop, especially for groceries, with sales or "buy one get one free" items that I normally use. What I eat for the week depends on what my Publix has on sale -- they have enough variety offered in each department to create good, healthy, and varied menus. It "tickles" me when I save $20 to $30 off my bill by shopping so cleverly.
If your family believes in giving a lot of gifts at Christmas and birthdays, you just have to have a serious talk with them that you can no longer afford to give but a minimal gift, and you must be strong in your decision.
When it becomes necessary, we can learn to live within our income.
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I've always been conservative and a saver, so I will not allow myself to dip into my savings for regular purchases on a monthly basis.
I find it easy to shop, especially for groceries, with sales or "buy one get one free" items that I normally use. What I eat for the week depends on what my Publix has on sale -- they have enough variety offered in each department to create good, healthy, and varied menus. It "tickles" me when I save $20 to $30 off my bill by shopping so cleverly.
If your family believes in giving a lot of gifts at Christmas and birthdays, you just have to have a serious talk with them that you can no longer afford to give but a minimal gift, and you must be strong in your decision.
When it becomes necessary, we can learn to live within our income.
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December 16, 2009 10:12 PM
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If you include debit cards, I live on a cash-only basis. I think it's ridiculous that people swipe their credit cards and buy things with money they don't have just because they can afford the monthly payments. If I can afford the monthly payments, I'll "pay" them to myself and buy the product sans interest if I still want it a few months later.
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December 17, 2009 03:57 AM
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Yes, I could. As it is, something we've worked on is our ability to diminish our debts. We've currently got no credit cards, and I buy groceries with cash every week. It makes you more aware of the money you can spend. Otherwise, it's very easy to say " The budget has 115 left for groceries this week, but this is 135.00. Oh, well".
****I am assuming that by all cash, you don't mean no bank account, like cash in your cookie jar, checks cashed at check cashing stores. I'm thinking you mean no credit and only paying cash for things. *******
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****I am assuming that by all cash, you don't mean no bank account, like cash in your cookie jar, checks cashed at check cashing stores. I'm thinking you mean no credit and only paying cash for things. *******
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December 17, 2009 04:30 AM
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I definitely believe I could. I live mostly on a cash basis now, with only a car loan in the debt department. There is no question that this task would be a difficult one, given most of our purchases such as automobiles and homes are done so with credit. I personally don't know anyone that was able to buy their house, without enlisting the help of a mortgage company.
However, those people that use credit on a daily basis, such as for gas, groceries, lunch, and other basic items would need to completely rework their budget. And those that rely heavily on credit, may have to learn to live purely on what they make, not what they are able to pay back over time.
The irony of this situation, those with less credit now, would be more successful, as they are closer to living within their current means, than those who regularly use credit regularly.
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However, those people that use credit on a daily basis, such as for gas, groceries, lunch, and other basic items would need to completely rework their budget. And those that rely heavily on credit, may have to learn to live purely on what they make, not what they are able to pay back over time.
The irony of this situation, those with less credit now, would be more successful, as they are closer to living within their current means, than those who regularly use credit regularly.
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December 18, 2009 04:05 AM
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Yes. Would I like it? Not even a little. Cash is dirty, heavy, and not much fun to count. However, the worst part is that you have to manually create your own paper trail. No offense, but saying "yes" to cash is like saying "no" to computers and automation.
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