1. Don't take your credit cards with you on a shopping trip! Leave them at home.
2. Take time each month to review your credit card statements. Highlight the interest you paid and the interest you received. Work out where you could have used cash so you can change your habits for the future.
3. Draw up a budget and outline how you will pay the budget items (i.e. Origin bill = direct debit; Weekly shopping = cash). It is important to review your budget when your circumstances change.
4. STOP YOURSELF when you are about to buy something on impulse. It's always worth sleeping on it!
5. Withdraw your weekly cash needs at your bank's ATM and keep it in a safe place at home. If you don't have a safe I'd recommend something inconspicuous.
6. As much as you can, cook at home. It's not only cheaper than eating out, but healthier.
7. Give yourself time to sit down as a family and plan our your financial wants and needs. Becoming debt free doesn't happen just by thinking about it. You need to be an active participant in your financial choices.
8. Only make purchases once your monthly bills have been taken care of.
9. Save for the big ticket items - don't get charged interest when you could've bought it out right.
10. Living frivolously doesn't mean you have to miss out. Use Adelaide Bargain Mums, http://adelaide.bargainmums.com to help your family's budget go even further
Wednesday, November 24, 2010
Some quick tips on how you can life a cash only lifestyle
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We are a cash only family. About 4 months ago I bought a 'secret budget' wallet. It is awesome. It is a wallet with 5 different compartments for you to distribute your weekly budget. So ours is Food, Petrol, Entertainment, Kids and Sundries. We have a very strict family budget and every week I visit Mr ATM and take out our weekly spending budget and pop each amount in each compartment and I am very well aware of what we are spending and what is on there because when it is gone it is gone and we try not to cheat and take money from another compartment. Whatever is left at the end of the weeks stays there and can be used the next week....love cash only!
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