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.
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:
- To see if I spend more using CASH or using a credit card.
- To see if my spending behaviour changes.
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:
- Gift money for my friend’s wedding: $500
- 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~