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Changing How You View The Card
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After nearly a month of using cash to pay for my daily expenses, I am very much excited with the results to my finances. Not only am I much healthier financially, but my confidence as a consumer has increased as well. One of the biggest lessons I have learned from this experience is how important it is to change how you view the plastic cards.
When I got my first debit card as a teenager, it had the words "Check Card" on it. It's not until recently that I fully understand the significance of those words. The card is to be viewed the same way as checks, a deduction of the money you currently possess. In fact, debit cards work much faster and typically deduct money from your account almost instantly.
The other popular card is the credit card, and it is important to understand the significance of the phrase "credit". The amount of money available on your credit card is not "yours". A credit card needs to be viewed as a source of "micro-loans", where you borrow amounts of money from your credit card company. Once you view the card this way, your perspective on spending and your spending habits are sure to change. You will also see the financial benefits, like I am.
What strategies do you employ when it comes to using these types of cards? We'd love to hear your thoughts in a comment below!
