No. of Recommendations: 0
>> I'll give you a qualified "sometimes" in response to this. This is something that I can control, but I have to watch myself. There have been times when I've caught myself buying more than planned. One of the techniques I've used is to pay cash for groceries for a few weeks, to retrain myself to get just cottage cheese and bread if I go into the store specifically for cottage cheese and bread.

Second anecdote: I have a sister who can squeeze a nickel so hard that it bleeds. She reports that she noticed herself spending more on a debit card than when paying by check. In her opinion, this was totally irrational because she was recording the purchase in her check register and deducting the money in either case; but it didn't feel as much like spending if she swiped the debit card. So she put the debit card away and went back to paying by check.
<<

I think people need to ask themselves at the time they check out if they would really be buying all this stuff if they paid by cash or check. If they can't honestly answer "yes," and believe it, they should put the plastic away and get the checkbook out -- putting back what they wouldn't be buying. The problem is that is requires willpower AND being honest with yourself, which means a lot of folks would have problems with this approach. It is these people, IMO, whom Ramsey targets by suggesting they should never "rationalize" use of credit cards.

#29
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement