Dan Wells: The One-Month Cash Challenge - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

SIMPLY MONEY BLOG

Dan Wells: The One-Month Cash Challenge

(File) (File)
CINCINNATI, OH (FOX19) -

Do you like the idea of using cash or debit cards?  Are you trying to save money? This past month I've been trying to save money for a kitchen renovation.

Hearing my budget complaints, Simply Money's Amy Wagner issued me a challenge: Go an entire month using only cash - no credit or debit cards allowed.

Amy wasn't suggesting I eliminate modern-day conveniences like automatic bill pay or swiping my debit card at the gas pump.  But her idea is to use cash wherever you can in your budget.

She suggested trying it out with the following categories:

  • Grocery money
  • Household money.
  • Restaurant money
  • Entertainment money
  • Clothing money
  • Fun money

Amy told me to figure out the budget (before the month began) and write down the total amount of cash needed. Then divide it up the case into separate envelopes labeled specifically for that money's use.

The "One Month Cash Challenge" puts you back in control of what is being spent, Amy says. No more wondering how much we spent at Costco, Kroger or the mall.  See, if there’s still money in the envelope, you’re good to go. If it’s getting low, you may want to scale back or return what you bought on impulse.

So did I save money? Yes a little bit, but to be honest, I live on a tight budget anyway. 

I found that when you cash-flow your expenses, you experience money or lack thereof - in its real form. Give it a try this month to see for yourself! 

Copyright 2016 WXIX. All rights reserved. 

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