What Do You Have In Your Wallet - Cash, Credit, Or None Of The Above?

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What do you have in your wallet? I’ve always been a big fan of spending only what I had in my wallet and nothing more. Don’t buy on margin, never use layaway, (does anyone still do this?) and under NO circumstances use credit!

It probably has a lot to do with how I grew up, but the more I realize and UNDERSTAND how credit works, the less scared I am of it. When I opened my first credit card, I didn’t spend anything on it for probably 4 or 5 months; then a little here, a little there until I got the hang of it…

Let’s take a little poll before going on to the rest of the post just to see where you fit:

Opinion Polls & Market Research

I was always under control with it and paid it off immediately so not to incur the charges. To this day I still haven’t had to pay a late fee on my credit card. I am very diligent about that. The reason I keep the card is for the ability to rack up air miles to pursue one of my other passions, travel.
In all frugality, I’m doing myself a favor.I spend $70 per year to have this card, and each year I easily put 30,000+ miles on it; and a free trip anywhere in the world costs 120,000 air miles. A ticket to Australia today costs about $1500.00USD. You do the math.Where did you fall on the poll? Why do you prefer that form of payment?

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Tags: Credit Cards, Financial Education, Frugal //

3 Comments

  • User Gravatar no imageWade Balsdon (Who am I?)
    March 19th, 2008 at 12:08 am

    Smart advice well done!

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  • User Gravatar no imageBrian (Who am I?)
    June 24th, 2008 at 3:24 am

    Credit cards all the way. I used to use them for EVERYTHING. Just pick a day each month and settle up. I contacted all my card companies to put their payment days on the same day of the month (so I can just check a week before and send each their payment). Most of the time I would only use one (Citi Platnium Dividend Rewards I think it’s called). They mail me a check after my rewards get to $50.00. I’ve gotten at least 4 of them now. I’ll even buy stuff for my parents on them (can’t wait to purchase a car on it someday). Just make sure you have the cash in your account and pay it off at the end of the month. My parents don’t use plastic much. I remember going on vacation with my father paying cash for everything. Seemed dumb. My money stays in the bank working for me and my debt works for me too. Beat that!

    BUT DO REMEMBER TO PAY YOUR CARD OFF EACH MONTH!!!!

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