April 26, 2011
The Cash-Only May Challenge
The reason this is so effective is the physical feeling of "losing" money when you pay in cash. You have a set amount, and when you spend money, you can actually see your amount decreasing. With debit/credit cards, it's very "out of sight out of mind."
This challenge will be similar to my No Spend Saveuary/January. I am not completely eliminating extraneous spending, but I am definitely going to watch every penny so that I don't run out of that $400 before the month is up.
Why am I doing this? I think it will train me to budget even more than I do now. It will also allow me to save for things like my birthday in June, and my trip to Ireland in July.
Anyone else with me?