Has anyone nixed the debit card and gone ATM only?

[member]

DH and I are combining our checking accounts because it makes sense to do so now, and I mentioned it might be an idea to nix the debit cards and go to ATM cards only.

We are "strong" enough not to use CCs now, but it's easy to put an impulse purchase on the DC because we "have" the money but it's not like having cash...

Anyone else done/doing this? Thoughts?

[flapjack]

I'm in the process of doing it- partly by choice, partly by necessity- for the second time in my life. The one thing I would say is that if you have small people, you NEED a small emergency stash of cash. Just in case, not to use. Running out of petrol with no way of getting money to pay for more is my big, big fear.

[momof2princesses]

i have been thinking about it myself. I dop not know if my dh will go fot it

[BathrobeGoddess]

I did it for years but for me...it didn't help. Since I always had to take a minimum of $20 out...I would;d just spend the whole thing. I leave me DC at home when I got out to just mess around. That solves it pretty well.

[oldcrunchymom]

Originally Posted by BathrobeGoddess

I did it for years but for me...it didn't help. Since I always had to take a minimum of $20 out...I would;d just spend the whole thing.

Yup. My spending is more controlled with the debit card than an ATM card for just this reason. I find that cash in hand disappears, whereas I think before I spend with the debit card.

[Ellien C]

We've NEVER had debit cards.

I'm on a cash economy mostly now. I take a substantial amount of cash out of the ATM every pay day and that's what we live on. When it's gone, it's gone until next payday. Works just fine. For me the trick was a big amount of cash once every 2 weeks, not a small amount whenever I needed it. I still have some impulse purchases, but they are kind of controlled. I only do it when I have money from the payday. When I'm running low on the cash, I'm not so inclined toward the impulse purchases.

We only use the CC for plane tickets and gas, because I can pay at the pump.

[Herausgeber]

I haven't done it, just because I think it helps me to track my purchases when I use a debit card over cash. There's a record of how much I spent at specific places, which helps me in conversations with DP about where our money is going.

I do a modified version of this, though, which involves taking out $40 every two weeks as my "walking around money" (my grandmother's term for it, which I just love). That's my budget for little things like coffee, quick bites to eat in the company cafeteria, etc. Basically, anything in which the amount is so small I would be embarrased to whip out the plastic for.

[member]

I tabulate every cent that goes out or in via YMOYL so the tracking is not an issue.

I grew up in a cash household and I remember my mother carefully considering every purchase because once it's gone, it's gone.

I feel more free with the debit for some reason, I don't think there is a logical reason. For example: I want coffee out - if I have cash I will 9/10 NOT get it, but with debit... almost every time.

[tinybutterfly]

I am just saying HI! It's nice to see you!


P.S. We use a cash/envelope system, but still have checks ( me) or a debit card ( dh) and even though we paid off our credit cards ( YEA!) I am afraid we will run them up again.

[Alkenny]

I'd rather use my debit card, because I do buy JUST what's needed and don't spend a whole $20 (minimum you can take out of the ATM). Plus, any extra cash floating around in my purse ends up getting used up by the older kids.

[Shirelle]

We went to cash only last month as well. We're using the envelope system, I pull the amount of cash out of the bank after payday and divide it up into our budget categories. When the category is gone, it's gone. It really makes you think twice about forking over the green stuff!

[member]

Originally Posted by tinybutterfly

I am just saying HI! It's nice to see you!


P.S. We use a cash/envelope system, but still have checks ( me) or a debit card ( dh) and even though we paid off our credit cards ( YEA!) I am afraid we will run them up again.

: :

Congrats on paying those CCs off too!

[annethcz]

We're getting away from using the debit card as well. For small everyday expenses, we use cash. Since I almost never have cash, that means I don't spend much money

Bills are paid online or with a check. Groceries are paid for with a check, with the exception of paying cash at the day-old-bread store. Gas and DH's lunches out are paid with cash.

Debit card is used when making larger purchases, but we discuss those before we spend.

[annethcz]

We're getting away from using the debit card as well. For small everyday expenses, we use cash. Since I almost never have cash, that means I don't spend much money

Bills are paid online or with a check. Groceries are paid for with a check, with the exception of paying cash at the day-old-bread store. Gas and DH's lunches out are paid with cash.

Debit card is used when making larger purchases, but we discuss those before we spend.

[Ruthiegirl]

I use a combination of things.

CC for gas or occasional on-line purchases
Bills are paid on-line
I write a check once a week for piano lessons
envelope with cash for grocery shopping

I rarely have cash with me. If I have cash, I spend it. So, I just don't have it with me. My debit card hasn't been used in ages, but I like to have it with me for the "just in case" scenario. Same for the CC. If we were to break down, get stranded, etc, I would want to have access to money.

[wonderwahine]

no, its cheaper to have the dc and just be careful and note everything we spend. we use the online banking, and i check it every night, we dont spend what we dont have. cash tends to go missing faster than money on the dc plus theres fees for the atm.

[member]

Thanks for all of the replies!

we decided to try the ATM-only for a while and use CC where needed (online purchases, reservations) but are going to keep the debit cards in a box if we change our minds.

[Delight]

I think you will love it. We started doing a cash envelope system about a year ago. It completely changed how we spent our money...we were able to pay off $30,000 of debt in a year.

I agree with the PP who said the key was to take one lump sum of cash each pay period...when it's gone it's gone. When I do the take cash "as needed"...it's CRAZY how fast our money disappears!

Good luck to you...

[nikirj]

Cash totally, completely doesn't work for me. I view cash in hand as spendable money, whereas the cash in the bank I must plan. So I normally carry no cash on me at all.

My mom is the opposite, and I suppose if it works for her, cool.

I personally would go nuts if I had to take the kids out of the car every time I pumped gas.

[jaynejohnson]

We go to the bank every payday and take out cash for the week. It is used for groceries, gas, ect. I write a check for all of our bills that need to be mailed out. We have one cc that we use occassionally for online purchases and pay it off at the end of the month. Dh has a debit/atm card that he carries for emergencies.

Jayne