Comments for Matt About Money http://www.mattaboutmoney.com Money. Purpose. Joy. Wed, 10 Mar 2010 15:33:30 +0000 http://wordpress.org/?v=2.9.1 hourly 1 Comment on The Good That Credit Cards Can Do by Matt Bell http://www.mattaboutmoney.com/2010/03/05/the-good-that-credit-cards-can-do/comment-page-1/#comment-219 Matt Bell Wed, 10 Mar 2010 15:33:30 +0000 http://www.mattaboutmoney.com/?p=1442#comment-219 Greg - Your experiment validates what lots of research has shown -- people tend to spend less when they use cash. I'm not saying everyone should use credit cards. I'm just saying that if people are using a detailed budget that tells them how much they can spend in each category, using credit cards only for those budgeted amounts, and tracking their use of their cards as they go, cards can be used responsibly. But wise money management is not "one size fits all." People should know their tendencies and set up systems that help them win. It sounds like you've found the right system for you. Greg – Your experiment validates what lots of research has shown — people tend to spend less when they use cash. I’m not saying everyone should use credit cards. I’m just saying that if people are using a detailed budget that tells them how much they can spend in each category, using credit cards only for those budgeted amounts, and tracking their use of their cards as they go, cards can be used responsibly. But wise money management is not “one size fits all.” People should know their tendencies and set up systems that help them win. It sounds like you’ve found the right system for you.

]]> Comment on The Good That Credit Cards Can Do by Greg Tkach http://www.mattaboutmoney.com/2010/03/05/the-good-that-credit-cards-can-do/comment-page-1/#comment-218 Greg Tkach Wed, 10 Mar 2010 15:22:39 +0000 http://www.mattaboutmoney.com/?p=1442#comment-218 I did a 30 day experiment which was to put the credit cards in a drawer to see what it would be like to go a month without using credit cards. Keep in mind, I felt I was using them responsibilby as I had never carried a balance in over 20 years. To my surprise, I had over $300 left over in my food, clothing, and misc. budget items. I carried the experiment for another 30 days with similar results. I was able to reduce my budget by $300 per month simply by switching from credit cards to cash. Why? becuse psycologically we spend less when when our brain registers pain from parting with cash. That $300 is worth 10x more than any credit card perks and is $300 I can use towards the kingdom .. which is a lot more than the percentage a faith base group would get from using a credit card. I now use a cash for most things and a debit card for online purchases and car rentals. Yes, you can rent a car with a debit card. I did a 30 day experiment which was to put the credit cards in a drawer to see what it would be like to go a month without using credit cards. Keep in mind, I felt I was using them responsibilby as I had never carried a balance in over 20 years.

To my surprise, I had over $300 left over in my food, clothing, and misc. budget items. I carried the experiment for another 30 days with similar results. I was able to reduce my budget by $300 per month simply by switching from credit cards to cash. Why? becuse psycologically we spend less when when our brain registers pain from parting with cash.

That $300 is worth 10x more than any credit card perks and is $300 I can use towards the kingdom .. which is a lot more than the percentage a faith base group would get from using a credit card.

I now use a cash for most things and a debit card for online purchases and car rentals. Yes, you can rent a car with a debit card.

]]> Comment on Calculators by The Easiest Step Toward Becoming Debt-Free – Matt About Money http://www.mattaboutmoney.com/resources/calculators/comment-page-1/#comment-215 The Easiest Step Toward Becoming Debt-Free – Matt About Money Mon, 08 Mar 2010 17:51:32 +0000 http://www.mattaboutmoney.com/?page_id=59#comment-215 [...] double your fixed payment to $80 per month, you’ll be out of debt in less than 3 years.  With this calculator, you can enter all of your debts and see how much faster you’ll be out of debt by adding various [...] [...] double your fixed payment to $80 per month, you’ll be out of debt in less than 3 years.  With this calculator, you can enter all of your debts and see how much faster you’ll be out of debt by adding various [...]

]]> Comment on Calculators by Handy List of FREE Debt & Credit Calculators http://www.mattaboutmoney.com/resources/calculators/comment-page-1/#comment-212 Handy List of FREE Debt & Credit Calculators Sat, 06 Mar 2010 02:36:11 +0000 http://www.mattaboutmoney.com/?page_id=59#comment-212 [...] MattAboutMoney prefers the Accelerated Debt Payoff Calculator.  [...] [...] MattAboutMoney prefers the Accelerated Debt Payoff Calculator.  [...]

]]> Comment on A Mint.com Update by The Good That Credit Cards Can Do – Matt About Money http://www.mattaboutmoney.com/2010/02/22/a-mint-com-update/comment-page-1/#comment-210 The Good That Credit Cards Can Do – Matt About Money Fri, 05 Mar 2010 15:31:24 +0000 http://www.mattaboutmoney.com/?p=1395#comment-210 [...] your card as you make purchases.  If you use budget software like Quicken or an online tool like Mint.com, your credit card transactions will be reflected in your budget within a couple days of each [...] [...] your card as you make purchases.  If you use budget software like Quicken or an online tool like Mint.com, your credit card transactions will be reflected in your budget within a couple days of each [...]

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