Comments on: 4 Ways To Make It Harder To Spend Money http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html personal finance blog with anecdotes, advice and commentary. Sun, 12 Feb 2012 22:21:00 +0000 hourly 1 By: Blessing A. http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-340623 Blessing A. Wed, 17 Mar 2010 13:39:51 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-340623 As we all know money at times act as gas, that's why i don't use the ATM card and any other card. Becouse this may lead to bankrupcy so i guid my spendings, by creating a check list on my daily expenses without going to the bank for more withdrawal. My mother taught me Prudent SPENDING(she said don't spend on what is highly important and very needful). Therefore i make sure any pound spent is on what is needed at that time. As we all know money at times act as gas, that’s why i don’t use the ATM card and any other card. Becouse this may lead to bankrupcy so i guid my spendings, by creating a check list on my daily expenses without going to the bank for more withdrawal. My mother taught me Prudent SPENDING(she said don’t spend on what is highly important and very needful). Therefore i make sure any pound spent is on what is needed at that time.

]]> By: pay it now http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-209647 pay it now Thu, 17 Jan 2008 20:58:31 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-209647 I have several credit cards that never have a balance for more than a week or so. This improves my FICO score because of having a lot of unused credit. I use Quicken, which will connect to each card website and update the transactions in a few seconds. I find out what the balance is and go to the Credit Union's online billpay and set up a payment, then enter it into my checking account -- poof -- money gone. This way, the credit card is acting more like a debit account. I am always aware of exactly what I have spent and it comes out of my checking account immediately. Otherwise, I fall into that gap where I don't have a good handle on how much I have spent and there can be an unpleasant surprise when the bill comes. I have several credit cards that never have a balance for more than a week or so. This improves my FICO score because of having a lot of unused credit.

I use Quicken, which will connect to each card website and update the transactions in a few seconds. I find out what the balance is and go to the Credit Union’s online billpay and set up a payment, then enter it into my checking account — poof — money gone. This way, the credit card is acting more like a debit account.

I am always aware of exactly what I have spent and it comes out of my checking account immediately. Otherwise, I fall into that gap where I don’t have a good handle on how much I have spent and there can be an unpleasant surprise when the bill comes.

]]> By: Ryan S. http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208812 Ryan S. Sun, 13 Jan 2008 19:12:49 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208812 I've used three of the four, but never used the one about telling another person. I'm not sure how well writing it down works anymore considering I've been in the habit for years, but the one that worked really well for me was making it a game, trying to make that $20 last one more day, then one more. Wishing you all success with managing your spending! - Ryan I’ve used three of the four, but never used the one about telling another person. I’m not sure how well writing it down works anymore considering I’ve been in the habit for years, but the one that worked really well for me was making it a game, trying to make that $20 last one more day, then one more.

Wishing you all success with managing your spending!
-
Ryan

]]> By: Gaary pit http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208239 Gaary pit Thu, 10 Jan 2008 05:46:06 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208239 Bad credit is something which bothers you every time, as you think that you being a bad credit holder will be discriminated while going for loans. To bail you out from the situation when you need some extra cash, bad credit loans have came into existence. These loans are available to people with CCJ’s, arrears, any due bills or default payments. In the loan market due to increasing competition, lenders have initiated to find the new source of income and these loans came into existence. While disbursing bad credit loans, lender sees their present level of income rather than past poor credit record; so if you have got a good paid job and have a nice bank balance you can easily find a lender offering you such loans. Bad credit is something which bothers you every time, as you think that you being a bad credit holder will be discriminated while going for loans. To bail you out from the situation when you need some extra cash, bad credit loans have came into existence. These loans are available to people with CCJ’s, arrears, any due bills or default payments. In the loan market due to increasing competition, lenders have initiated to find the new source of income and these loans came into existence. While disbursing bad credit loans, lender sees their present level of income rather than past poor credit record; so if you have got a good paid job and have a nice bank balance you can easily find a lender offering you such loans.

]]> By: donna jean http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208224 donna jean Thu, 10 Jan 2008 02:38:40 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208224 I'm a big fan of tip one, tracking every penny makes making frivolous purchases a second thought. But, I've found myself working around this lately -- we have a joint account and personal accounts. My personal account still gets monthly child support payments but I don't add them into our budget like I should (mostly from years of conditioning myself to NEVER count on that money). So, if it's something that I would be embarrassed to write into our monthly spending spreadsheet, I'll buy it on my personal account. I've been thinking that I need to start tracking my personal account just like our joint accounts because that would solve my cheating behavior. Perhaps it is time to do just that. I’m a big fan of tip one, tracking every penny makes making frivolous purchases a second thought. But, I’ve found myself working around this lately — we have a joint account and personal accounts. My personal account still gets monthly child support payments but I don’t add them into our budget like I should (mostly from years of conditioning myself to NEVER count on that money). So, if it’s something that I would be embarrassed to write into our monthly spending spreadsheet, I’ll buy it on my personal account.

I’ve been thinking that I need to start tracking my personal account just like our joint accounts because that would solve my cheating behavior. Perhaps it is time to do just that.

]]> By: Tim http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208208 Tim Thu, 10 Jan 2008 00:37:50 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208208 One that you forgot is to constantly ask yourself if the item is something you want or something you need. the problem with hiding credit cards is that you know where you hid them. It is the same thing as people who set their watches 5-10 minutes fast, thinking they are giving themselves extra time, but in fact knowing that they have an extra 5-10 minutes. It simply doesn't work. If you are going to freeze the card, then why bother having it? if you want to use it you can always use quick methods of melting the card. I think if you make buying a challenge or make it difficult, then you are more apt to spend more as a reward for challenge. That is the difficulty with challenges, because people are programmed to gain an award for their efforts. One that you forgot is to constantly ask yourself if the item is something you want or something you need.

the problem with hiding credit cards is that you know where you hid them. It is the same thing as people who set their watches 5-10 minutes fast, thinking they are giving themselves extra time, but in fact knowing that they have an extra 5-10 minutes. It simply doesn’t work.

If you are going to freeze the card, then why bother having it? if you want to use it you can always use quick methods of melting the card.

I think if you make buying a challenge or make it difficult, then you are more apt to spend more as a reward for challenge. That is the difficulty with challenges, because people are programmed to gain an award for their efforts.

]]> By: Marie http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208176 Marie Wed, 09 Jan 2008 21:15:41 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208176 #1 is the only thing that worked for me. I have always viewed cash as "not money" and using a credit card always made me revisit the purchase and deal with any buyers remorse/regret I had. But to really get control I had to start writing everything down. Its been 11 months and though I always feel poor I am "wealthier" than I have ever been as I have an emergency fund. Funnily enough my spouse is a lot happier. He will now get stuff for himself because he can see how what he wants effects everything else and that some things we truly can afford. My Mom's idea is to keep yourself busy and out of stores. Rather than try to save money on a purchase try not to buy anything period. Its really good for cleaning out your food cupboards periodically. My husband has more control in stores than I do because he goes in, grabs whats on the list, and exits. So if we need a few items like milk I let him run in when he comes back from work. Right now the hardest part is keeping myself out of stores and busy with other activities as money is ALWAYS on my mind. #1 is the only thing that worked for me. I have always viewed cash as “not money” and using a credit card always made me revisit the purchase and deal with any buyers remorse/regret I had. But to really get control I had to start writing everything down. Its been 11 months and though I always feel poor I am “wealthier” than I have ever been as I have an emergency fund. Funnily enough my spouse is a lot happier. He will now get stuff for himself because he can see how what he wants effects everything else and that some things we truly can afford.

My Mom’s idea is to keep yourself busy and out of stores. Rather than try to save money on a purchase try not to buy anything period. Its really good for cleaning out your food cupboards periodically. My husband has more control in stores than I do because he goes in, grabs whats on the list, and exits. So if we need a few items like milk I let him run in when he comes back from work. Right now the hardest part is keeping myself out of stores and busy with other activities as money is ALWAYS on my mind.

]]> By: Stngy1 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208157 Stngy1 Wed, 09 Jan 2008 20:00:29 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208157 Great Strategies; My biggest enemy is online shopping with the ease of point and click. I've slowed down the spending with Amazon's "Save it for later" and using a third party offering delayed bidding on eBay auctions. Both give me a chance to stop and think. It's still a major problem, though, as you only need account numbers, not the actual plastic, and those I keep handy for accounting purposes. Ugh. Great blog! Read you everyday for inspiration! Great Strategies; My biggest enemy is online shopping with the ease of point and click. I’ve slowed down the spending with Amazon’s “Save it for later” and using a third party offering delayed bidding on eBay auctions. Both give me a chance to stop and think. It’s still a major problem, though, as you only need account numbers, not the actual plastic, and those I keep handy for accounting purposes. Ugh.
Great blog! Read you everyday for inspiration!

]]> By: RacerX http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208153 RacerX Wed, 09 Jan 2008 19:26:04 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208153 Like all of the tips, but I really suggest (broken record time) that you cut up the plastic once your emergency fund is established. If a real life/death issue came up you can get a card back to you in 24-48 hours. Like all of the tips, but I really suggest (broken record time) that you cut up the plastic once your emergency fund is established.

If a real life/death issue came up you can get a card back to you in 24-48 hours.

]]> By: alicia http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208150 alicia Wed, 09 Jan 2008 18:55:28 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208150 This is a great list. But using a credit card that you pay off every month can actually help with Method #1. Instead of hiding my credit card, I've put it front and center. All my transactions are right in my face every single day. Since I've started the habit of looking at my credit card activity every day, my monthly bill is at least $1,000 less. (I use Quicken, but Mint/Yodlee/Wesabe would work about as well.) When I use cash, I seem to lose track of at least 80% of whatever I get from the ATM (even though I should be entering those purchases into Quicken as well). But my credit card statement forces me to take note of every single lunch out, cab home, or other frivolous purchase. That's something cash can't do for me without tedious record-keeping on my part. Also, I simply do not have qualms about handing over a $100 bill. Doesn't phase me a bit, and I'm sure I'm not the only one. My credit card statement gives me the reminder I need to counter that apathy and prevent amnesia. I know this isn't news, but wanted to point out that there's an equal and opposite approach. (p.s. I think this is my first comment on your blog, but I've been reading for months and it's one of my faves.) This is a great list. But using a credit card that you pay off every month can actually help with Method #1.

Instead of hiding my credit card, I’ve put it front and center. All my transactions are right in my face every single day. Since I’ve started the habit of looking at my credit card activity every day, my monthly bill is at least $1,000 less. (I use Quicken, but Mint/Yodlee/Wesabe would work about as well.)

When I use cash, I seem to lose track of at least 80% of whatever I get from the ATM (even though I should be entering those purchases into Quicken as well). But my credit card statement forces me to take note of every single lunch out, cab home, or other frivolous purchase. That’s something cash can’t do for me without tedious record-keeping on my part.

Also, I simply do not have qualms about handing over a $100 bill. Doesn’t phase me a bit, and I’m sure I’m not the only one. My credit card statement gives me the reminder I need to counter that apathy and prevent amnesia.

I know this isn’t news, but wanted to point out that there’s an equal and opposite approach.

(p.s. I think this is my first comment on your blog, but I’ve been reading for months and it’s one of my faves.)

]]> By: Coupon Fetcher http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208149 Coupon Fetcher Wed, 09 Jan 2008 18:40:21 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208149 Great tips. I especially like the one about making it a game. I use Walmart as my benchmark, I make sure I am getting a better deal than what I could get it at the big W. Not always possible, but with ebay and coupons you can often do it. Great tips. I especially like the one about making it a game. I use Walmart as my benchmark, I make sure I am getting a better deal than what I could get it at the big W. Not always possible, but with ebay and coupons you can often do it.

]]> By: ChristianPF http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208139 ChristianPF Wed, 09 Jan 2008 18:07:42 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208139 I agree with Early retirement extreme - the best way I have found to not spend is put it somewhere where I can't or where it is very difficult to spend. It is similar to #2, but having auto w/d is such a help. I agree with Early retirement extreme – the best way I have found to not spend is put it somewhere where I can’t or where it is very difficult to spend. It is similar to #2, but having auto w/d is such a help.

]]> By: Early Retirement Extreme http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208120 Early Retirement Extreme Wed, 09 Jan 2008 16:47:20 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208120 #5 Set up automatic withdrawal into broker/fund accounts leaving you with very little that is not budgeted. Combine this with #2. And do set up an emergency fund somewhere but make it so that it takes a few days to do the transfer e.g. have the account in a different bank. #5 Set up automatic withdrawal into broker/fund accounts leaving you with very little that is not budgeted. Combine this with #2. And do set up an emergency fund somewhere but make it so that it takes a few days to do the transfer e.g. have the account in a different bank.

]]> By: kitty http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208101 kitty Wed, 09 Jan 2008 15:56:54 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208101 You forgot the simplest one of all - avoid the stores unless you really need something. Go hiking instead. Even if you have a zillion credit cards, squarrels in the woods don't take them. This is often the case with clothing stores. If you need something - sure go and look for it, but don't just spend time looking around. If you do, you are bound to see something you like or that looks good on you even if it is no better than many other similar items you already have. Research all major purchases and think about how much the item is worth to you. If you plan to buy a new vacuum cleaner or a new TV or anything else, research which models are best, which provide best value for the money, read reviews on amazon - maybe some of the reviews are so bad that it shows that some technology is just not ready and breaks; compare prices. In addition to saving money, this will give you an opportunity to figure out if you want it at all. If tempted by a luxury item - a very fancy dress or a jewelry think if you really have places to wear it too. I didn't buy a number of things I loved (and I could afford them, by the way) simply because I couldn't find an answer to a simple question "where would I wear it too?". Also think if you are invited to the type of places where people can really tell the different between an overpriced designer item/real gemstone and cheap knock-offs. You forgot the simplest one of all – avoid the stores unless you really need something. Go hiking instead. Even if you have a zillion credit cards, squarrels in the woods don’t take them.

This is often the case with clothing stores. If you need something – sure go and look for it, but don’t just spend time looking around. If you do, you are bound to see something you like or that looks good on you even if it is no better than many other similar items you already have.

Research all major purchases and think about how much the item is worth to you. If you plan to buy a new vacuum cleaner or a new TV or anything else, research which models are best, which provide best value for the money, read reviews on amazon – maybe some of the reviews are so bad that it shows that some technology is just not ready and breaks; compare prices. In addition to saving money, this will give you an opportunity to figure out if you want it at all.

If tempted by a luxury item – a very fancy dress or a jewelry think if you really have places to wear it too. I didn’t buy a number of things I loved (and I could afford them, by the way) simply because I couldn’t find an answer to a simple question “where would I wear it too?”. Also think if you are invited to the type of places where people can really tell the different between an overpriced designer item/real gemstone and cheap knock-offs.

]]> By: Frugal Dad http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html/comment-page-1#comment-208091 Frugal Dad Wed, 09 Jan 2008 15:22:17 +0000 http://www.bargaineering.com/articles/4-ways-to-make-it-harder-to-spend-money.html#comment-208091 The block of ice idea has always been amusing to me. I always envision someone standing there with a hair dryer trying to "thaw" their card to pay for an emergency. I do agree you should make it hard to spend using credit cards. I generally don't carry mine on me unless I am traveling (for emergencies). The block of ice idea has always been amusing to me. I always envision someone standing there with a hair dryer trying to “thaw” their card to pay for an emergency. I do agree you should make it hard to spend using credit cards. I generally don’t carry mine on me unless I am traveling (for emergencies).

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