Gathering interest for a money challenge

[Amys1st]

So I am reading the paper this morning and there is a story about using credit cards. It was saying how there is so much more debt Americans are carrying now than almost 20 years ago in 1990. It also said someone who is in debt can average about 17K in cc balences!!

So my DH was saying, what the heck are they buying???? I am hoping some people needed to use the ccs in an emergency but I can see how some people just bought too much as well.

So I challenged my DH not to use the cc for a month at all. We use them all month and then we pay our balence each and every month. So just like the no spend challenge, pantry challenges, declutter challenges, and such lets make a money challenge.

I want to spend a month not using my ccs. I do have some bills automatically charged on my cc account- such as cell phone, organic delivery etc. But everything else, use cash or debit etc.

So instead of just going cold turkey, we are not using it much now and then we will freeze them when the bill closes for the month as a clean start.

Anyone on board?? Or make up your own challenge for the month.

[Scribe]

I'm working on a no-CC challenge myself already, so I am definitely in.

[grniys]

Sounds great, but I like to use mine every month and then pay it off for rewards points. If it weren't for the reward's though I would join in!

[sillygrl]

I haven't had a cc since I was 20. Not by choice, though, I was an awful spender and ended up going down a spiral and having my accounts closed. I wish every one good luck with this, though!!

[TiredX2]

Originally Posted by Amys1st

So I challenged my DH not to use the cc for a month at all. We use them all month and then we pay our balence each and every month.

I guess I don't understand the goal. Just to prove to yourself don't need to use credit cards? Or do you have some issue with the credit card industry?

[Amys1st]

No issue w the cc industry, I have been taking out interest free loans every month for almost 20 years! Just to prove, we dont need them or if anything see if I am in fact overspending with the cards instead of just using cash.

So since I am going to do it, I am seeing if I could have some company along the way. :

[TiredX2]

Great idea.

I am sure we probably overspend on the cards, but it's kinda one of those things I don't want to know :

[mamamelia]

i'll definitely be joining this group... : but will be back later to write more.

can we make it a do not spend AND pay off your CC at the same time challenge too?

[Scribe]

Originally Posted by mamamelia

can we make it a do not spend AND pay off your CC at the same time challenge too?

This is what I am doing. I ever have a monthly spend-down tally on my blog.

[Amys1st]

Originally Posted by TiredX2

Great idea.

I am sure we probably overspend on the cards, but it's kinda one of those things I don't want to know :

See my problem is I WANT to know!! I am wondering how much more spending I do because I dont see the cash leaving my hands.

[Amys1st]

Originally Posted by mamamelia

i'll definitely be joining this group... : but will be back later to write more.

can we make it a do not spend AND pay off your CC at the same time challenge too?

Oh dont worry, I plan on spending, just using a different form of payment. And if this results in you paying off you CC, then more power to that! I dont carry a balence on my cc, but I understand many people do, so I am trying to see what sent us to all using these plastic things...

[mamamelia]

cool!! what i meant by no spending is just no spending on the CC, not with cash... i can't stand our credit card.. we had two not so long ago and the old one kept getting maxed out (to 5K!), paid off, maxed out, paid off x 6-7 times... until i just friggin had it one day and dipped into our savings, paid it off and closed it down within the next 24 hours. one of the best decisions i ever made!! even dh, who was reluctant to close it down, is now very glad i made the decision to.

our 2nd and last CC will be paid off and closed down next month. hurry up the 7th of october cause i can't wait to see that plastic go. does anyone else want to do a song and dance when they see 0.00 owing on the balance?

i know how we end up spending on the card.. poor planning leading to not having enough money at the end of the month, forgeting our debit card at home and having to use the credit card instead, indulging, ebay..

well, the new plan for us is as follows:
a) we will have no more credit cards, so essentially we are FORCED to become more organized so that we make it through every month
b) we will have a set amount saved each monh and put into a seperate account for when we DO want to indulge or shop online etc. i will put this amount at $200 a month. we will use one of those VISA debit cards so that when there is money in it we can buy non-necessary but wanted stuff and when there is none, well badluck really - you need to wait till the next month.

what sent us all to use these plastic things?? i think the freedom and apparently the "right", to have what you want when you want.. its drilled into your head wherever you go. when you can't afford something, hardly anyone says "oh just save for a few months and you'll be able to have it then"... no.. its more often than not "what about interest free finance? or using your credit card?"

thankfully, me and dh are over it. we're over the attitude that you can have what you want when you want. you can't always.. and its like playing mind games sometimes because we are on a high income and we "should" have a nicer home and nicer goods, but we don't...

[BurtsGirl]

I'm in! : We normally don't carry a balance either but we can and do get out of hand with CCD spending. When does the month start? Now or Next month? I'm in the process of updating our budget and getting something more workable together.

Originally Posted by avengingophelia

I ever have a monthly spend-down tally on my blog.

How does that work, Grace? Do you just post how much you paid toward it every month? Guess I could just go check it out, huh?

[Scribe]

Originally Posted by BurtsGirl

How does that work, Grace? Do you just post how much you paid toward it every month? Guess I could just go check it out, huh?

Yep! See right sidebar.

[p.s]

like pp, we get rewards, so i wouldn't want to lose out on even 1 month's worth of miles.

[Amys1st]

See that is an issue- we get the rebate etc. But how much does the rewards cost?? We get about $300 a year each back on our ccs but we spend plenty as well.

[lisalulu]

I'm in-been trying to do this already but we're slipping a tad.

[mamamelia]

amy, is this challenge still on? i would still love to be a part of it. how do we go about posting our progress etc?