2006-09-20 15:49:32 · 14 answers · asked by ♥Brown Eyed Girl ♥ 5 in Business & Finance ➔ Personal Finance
Yes. I even went as far as closing my checking account. I now deal strictly in cash. I can see it in my hand, and know exactly what I can spend.
2006-09-20 15:52:46 · answer #1 · answered by Tina K 3 · 1⤊ 1⤋
Yes cut it up
Both master card, and visa have these new pre paid credit cards. They only cost 10 dollars to start and 9.99 a mouth. You can only spend what you put on it. So it's like a debit because it takes the money from your account, but you can not spend over the amount. Checkout www.netspend.com
2006-09-20 22:59:30 · answer #2 · answered by tdenisem01 4 · 0⤊ 1⤋
No, credit cards are the ones that need to be cut up. Keep only 1 and use it for only 1 expense or just keep it for emergencies. When you use your debit card, keep your receipts!!! And then deduct them from your checking account. You need to balance your account to make sure that you are not going to be overdrawn. If you use your debit too often to keep track, try taking a certain amount out for all of your small purchases you make every week like coffee and such and only use your debit for larger purchases so that you can keep track of them easier.
2006-09-20 22:54:41 · answer #3 · answered by Tact is highly overrated 5 · 1⤊ 1⤋
If you have any credit cards, cutting them up is a good place to start.
A debit card is just a way of having access to your bank acount, basically like writing a check. Using only a debit card, not a credit card, forces you to live within the amount of money that you have.
2006-09-20 23:09:21 · answer #4 · answered by Judy 7 · 0⤊ 1⤋
Not really. A debit card is the same thing as writing a check. It only validates if you have enough money in the account.
Regular unsecured credit cards are a love/hate thing. You need them to show good credit, but they can get you in deep bad credit. Eliminate all of them but one and use it sparingly just to show minimum activity on the account.
2006-09-20 22:53:23 · answer #5 · answered by Cabhammer 3 · 2⤊ 0⤋
No, just cut up the credit cards if you have any. Try saving 10% of your income, and do online banking to see where all your money is going. Keep track of what you pay for in cash too. After tracking your spending, see what you have spent, and see what you can cut out if anything. There are many ways to save money. If you have to have Starbucks every morning, try making it at home. You can buy Starbucks brand coffee grounds much cheaper than buying the ready made stuff every morning. That's just one example, but there are tons of other ways to save money like making all your errands in one trip instead of going back and forth to save gas, etc.
2006-09-20 23:13:58 · answer #6 · answered by unlvraptor 4 · 0⤊ 1⤋
No. Cut up all credit cards first. They charge interest where as a debit card takes the money right out of your checking account.
2006-09-20 22:53:04 · answer #7 · answered by Anonymous · 2⤊ 1⤋
Well, it's a start. But a better start would be to set up a budget and allocate so much money as spending money, You should also save so much from each pay check, even if it's only $10 or $20 and if you have a 401k plan at work, put as much money into that as you can because you are saving, and maybe your employers is matching what you save, and you don't pay income taxes on this money until you take it out of your retirement plan.
2006-09-20 22:55:30 · answer #8 · answered by Darby 7 · 2⤊ 1⤋
No. Lock it up in a safe secure place in case of an emergency. Cut up your credit cards. Set up a budget of how much you intend to spend on what and stick to it.
2006-09-20 22:59:23 · answer #9 · answered by older woman 5 · 0⤊ 1⤋
Yes. Then the second thing you should do is spend every extra penny you can scrape up to pay off as much as you can each month. Debt is an addiction for most people. I don't even think mortage debt is very wise.
2006-09-20 22:58:03 · answer #10 · answered by lenny 7 · 0⤊ 1⤋
"Whether you get to the end of the week [or month] with enough money or not does not depend on how much money you make, but in how you spend that money"
In other words, don't spend money like you make five-thousand dollars when you only make five hundred. It's a thing about self-disciplining yourself.
2006-09-20 22:59:03 · answer #11 · answered by Anonymous · 1⤊ 1⤋