The holiday season is a time for two things: family and shopping. This article will not give advice on how to deal with in-laws, but after reading this you’ll better understand the plusses of using cash and debit instead of credit cards for all your holiday purchases.
Paying with cash allows you to walk away from a transaction and know it’s behind you. As the most recent financial collapse has amply demonstrated,
credit card debt can build at paces faster than most people can imagine, and rates are frequently exorbitant. With cash, there’s nothing to keep track of, whatever you bought is yours forever. It’s reasonable to fear debt given that Canadians outstanding
credit card debt was $78 billion in September 2009! It seems many people have difficulty keeping their buying habits in line with their bank account. Creditors are like the casino: the house always wins.
Using a credit card gives you incentives, but sometimes you feel inclined to buy things you don’t need because of the air miles or points you get, and the net result is you spend more than you need to on unnecessary things. This is why credit cards offer such things in the first place. Also, since credit cards cost money intially you feel pressured into using them. Finally, relying on cash means you need not fear fraud or other credit card scams.
Debit cards provide an easy way to monitor your finances. Since you’re paying with your own money, you can’t possibly spend more than you have in a given account. Plus, there is a digital record of the transaction which makes bookkeeping easy. Different banks offer savings programs within a debit account. Some round each transaction you make to the nearest dollar and deposit the matching cents into your savings account, but there are other systems. In any case, they are designed to help you save more.
Another benefit of debit card is you don’t have to walk around with loads of cash on you. However, if you insist on using cash, and carrying a lot at once makes you nervous, simply make a few trips to the store so you limit the amount you have in your wallet. With debit card this is a little more convenient. Also, a debit card enables you to withdraw cash as you need it, so you can use cash without needing to have hundreds of dollars on you at once. Finally, a good advantage of debit card over credit cards is almost every store takes debit card, but not all stores take every form of credit card. If you have debit card, it doesn’t matter from what bank your debit card is issued, you’ll be accepted anywhere debit card is accepted. Remember, relying on cash or debit card means you need not fear fraud or other credit card scams.
This holiday, stick to your budget using cash or debit and let the holidays be about family!
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