On A Cash Diet?

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Due to a wedding and a birthday that I will be attending this month, it will get quite pricey for me.   I know it is way easier to spend using credit card, so I want  see if I spend any differently if I know I ONLY have $200 cash in my wallet + joint credit card I have with the Husband for our household expenses (I have my own credit card for expenses that I incur myself so that will be put aside).

 This month, instead of paying my discretionary expenses with my credit card, I am going to go on a CASH.   I will GIVE UP that 1% cash back reward to try out this experiment.

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Since I am no scientist, I do want to make a nice report  (like I did back in grade 7) out of this cash diet experiment that I am embarking on.

Introduction/ Purpose of the Experiment: 

  1. To see if I spend more using CASH or using a credit card.
  2. To see if my spending behaviour changes.

Materials: 

$200 CASH.

Method:

For the rest of September, I will only have $200 cash in my wallet for any meals I have (lunch, coffee and etc.) including eating out with the Husband and for all other miscellaneous/ mindless purchases that I do.

The only control that I don’t have in my spending is that the Husband will use our joint credit card to make household purchases (such as: gas, new wok or frying pan, internet bills, you get the idea).

The following expenses that are EXEMPT from my $200 cash will be:

  1. Gift money for my friend’s wedding: $500
  2. Birthday gift and Birthday dinner for my best friend: $200 – $250? Haven’t thought of the amount yet, but she spent a chunk of change for my birthday, so I thought I’d do the same, since we are both turning 30 this year.

There! That covers it.  I will have an update at the end of the month with the conclusion! 🙂

Have you ever been on a cash diet before?  When was the last time you were on a cash diet?   How did it turn out? 

~The Money Pincher~

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5 thoughts on “On A Cash Diet?

  1. Good luck with your cash diet, I’d be interested to see the results! $500 sounds like a lot for a wedding gift… I also use cash for almost everything other than my regular bills which get taken out of my bank. Somehow parting with actual cash is much harder than using cards!

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  2. Pingback: September Review: What I Ate, Watched & Bought | The Money Pincher

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