Cash Only Update #2

We are now at May 11--about 1/3 the way through May.  And I am at $222.  I think I'm beginning to see how quickly money can slip through your fingers.  I took out $300 on Thursday, and am down $78 in less than a week.  And that's mostly from just going out to eat, so I don't have much to show for my money spending.  Let's see how long I can make it without reaching for the debit card.  Wish me luck!

Cash-Only May Challenge Update

So it's been about a week into May, and I altered my plan just a little bit.  I ended up not being able to hit up the ATM until yesterday, so until then I used my check card.  I spent about $70 on my check card ($40 of which went to Mother's Day present).  Then, I took out $300 yesterday in cash to start my cash-only challenge.

• I spent $11 on cupcakes (buy 1 get 4 free so I got 15 total and paid for 3)
• I spent $10 at Chuy's today for lunch (Seis de Mayo?)
• $5 on Mother's Day card

I also plan on going to a bar tonight, so my money may run away again.  Looks like I'm now down to $274 for the rest of the month.  Think I can do it?  I hope so!

The Cash-Only May Challenge

After hearing about the many benefits of paying with cash only, I decided that the month of May will be the opportunity for a new challenge.  On May 1, I am going to take out $400 in cash.  Anything I do in May such as eating out, entertainment, drinks, desserts, shopping, etc will come out of that cash.  When I'm done with it, I'm done with it.  That's it.

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?