Member-only story
What is An “All-Cash Diet” and Should You Adopt One?
Credit and debit cards have come with an array of conveniences. Like, carrying around a tiny piece of plastic instead of a large wad of cash, fewer trips to the bank, and now you can pay for things online. Have you ever considered the negative side of having a tiny piece of plastic in your wallet that never gains or loses weight when money is deposited or withdrawn?
Let me show you what I mean: for the next week, or even a few days, carry around a wad of cash instead of a debit card. You’re limited in how much you carry, so now you can’t carry as much and when you spend, it’s a tangible difference. You can literally see what you’re spending.
It makes a huge difference, huh? Watching your $800 drop to $500 and then again to $200. You can feel the weight difference now after you pay your bills.
There are fewer scary benefits for adopting an all-cash diet that maybe you should consider if you’re having money management issues.
Leave Your Cards at Home, Lower Your Risk
Card theft has been a major issue since credit and debit cards have been around. After losing your card, you’re not just at risk of losing the few dollars you left behind, but now that person has access to your bank account.