This whole experiment of not using my debit card has made me more aware of each cent I spend. Literally.
I always carried a few pennies and dimes in my wallet, but after a week I’d stash them away in a change jar at home. It’s practically empty, considering how little I used cash in the past, but after these past two weeks I’ve notice substantial growth.
My bank has a “keep-the-change” policy, so that every time I use my debit card the purchase gets rounded up and the change is deposited into my savings account. While this feature is basically the electronic version of my change jar, I never noticed its effects. Seeing the physical jar containing actual money creates a mental note of all my purchases and ultimately has a bigger impact on my spending and saving habits.
Since I stopped using my debit card, not all of my change gets dumped in the jar. I use it every chance I get and frankly it’s made most transactions easier.
Take the example of a $2.64 cup of coffee. I can either hand the cashier exact change, or pay $3.14 and get 50 cents back. Keeping exact change for times like these means I don’t receive burdensome amounts of change back, or better yet can control how much I do get. By doing a little math each time I was at the register I was able to collect enough quarters to do a whole load of laundry. It only took me four days and didn’t require a separate trip to see a bank teller.
So far there has only been one downside to using up my change. A few days ago I was in a fairly long line and it was getting longer by the minute. As I reached the counter, ordered and began to pay, I heard the gentleman behind me grumble something about wasting his time. He had his debit card out and was ready to swipe and dash out of there, but my minute-long transaction was too long for him. When I received my change I slid to the side to let him order while I put my change back in my wallet. He was done before I was, and gave me a look that screamed contempt.
Yes, cash transactions tend to take a bit longer, especially when the cashier has to count change back. It’s still money, though, and using it makes a lot of sense to me.
Money Transfer Applications: Suggested Tips and Warnings for Consumers posted on Jun 25
The options available to consumers for sending money are no longer limited to simply paper checks, cash, or money orders. Consumers are increasingly using money transfer applications (apps) on their smartphones, tablets, or computers to send money over the internet. In essence, a money transfer …Continue Reading Money Transfer Applications: Suggested Tips and Warnings for Consumers
Take Our Consumer Homebuying Survey posted on Jun 18
Consumer Homebuying Survey Buying a house is exciting, but there are many things you need to consider. From credit history to mortgages, home inspections to home insurance, and everything else, there is a lot you need to know before buying a home. The Office of …Continue Reading Take Our Consumer Homebuying Survey