Comments on: Goodbye Visa, It’s been nice knowing you

By: Llama Money

Llama Money — Mon, 25 Aug 2008 16:00:51 +0000

I finally managed to put away both my wife’s Visa and my own earlier this month. It took quite a bit longer than I expected… but so far so good. No mistakes – we’ve been cash only since the 10th of August. That doesn’t sound like very long, but to us it’s huge.

Next month will be our first full month, and the real test. The key, I’ve found, is removing all cards from your wallet, at least until you’re able to resist. Sounds like you’ve made it to that point – and have the discipline to deposit the cash right away. Congrats on making it that far. Hopefully I won’t be too far behind.

By: Brett @ Personal Finance Trainer

Brett @ Personal Finance Trainer — Sat, 23 Aug 2008 18:48:49 +0000

We have been using the envelope method of budgeting since January and it works quite well. I like it because there is nothing to keep track of so it is very easy. I do still use a reward card for some purchases. If I do use the card, the next day I take cash out of an envelope and deposit it in the bank. Then I schedule through Online Bill Pay to pay off the card immediately. The bank is one block away from work so it is not a big deal.

By: Llama Money

Llama Money — Sat, 07 Jun 2008 14:04:38 +0000

Dax: you do need a military affiliation to join PenFed. However, they are kind enough to offer a loophole of sorts, just in case you don't have that military hookup. According to their how to join page, you can simply become a member of National Military Family Association for a one-time $20 fee, and then you're elegible to be a PenFed member. You don't have to retain your NMFA membership, either.

By: High Return Investing with Dax

High Return Investing with Dax — Fri, 06 Jun 2008 05:55:59 +0000

That sounds like a great rewards card. I’ve been searching for a replacement to my lame Mastercard. The best I found was for Costco members – the FedEx card. The next best I found was Blue Cash again from Amex:
»Earn up to 5% rewards on gas, groceries, and drugstore purchases
» Earn up to 1.5% rewards on all other purchases

I’m procrastinating. Can anyone apply for the card you have?

By: Llama Money

Llama Money — Sat, 10 May 2008 16:19:34 +0000

I do the same thing Monty. My visa balance is always paid in full every month. The problem is that it’s eating away at my savings, which I’m not at all comfortable with.

By: Monty Loree

Monty Loree — Sat, 10 May 2008 14:32:14 +0000

The trick I use is… if I don’t have enough money (cash reserves) in the bank to buy an item, the I don’t buy it. That way, I always pay off my credit cards at the end of each month.

If I don’t have the cash, I don’t buy it.

By: Llama Money

Llama Money — Wed, 07 May 2008 19:17:53 +0000

Congrats on making the system work Eden – I hope I can do the same.

By: Eden

Eden — Wed, 07 May 2008 00:27:39 +0000

Way to go! I’ve been on cash/debit cards for about 9 months now. There is no doubt that I spend less money. Good luck to you!

By: RJ

RJ — Tue, 06 May 2008 22:12:52 +0000

Good luck getting the wife to hand over the Visa. And good luck with the envelope system. Let us know how that goes.