When it comes to budgeting and spending money we all have our own unique plans. Some of us prefer to track every penny. Some people just go with the flow. Some prefer using cash-only, while others go card-only. I wanted to look at the pros and cons of a card-only spending plan.
First well start off by looking at the benefits of a credit card-only (debit and credit) system:
More protection. A credit card offers protection that you simply won’t receive from using cash. From extending your warranty to having to prove your purchase, a credit card can be much more reliable.
Easier to track your spending. When you use cash you have to count all of your spare change and what not at the end of the month. With a credit card all you have to do is load up your statement at the end of the month to see exactly where and how you spent your money. This way there’s no uncertainty about your spending. You get to see where and when your money was spent.
Easier to carry. Its much easier to carry around a card and keep track of it, then it is to carry around cash on you at all times. Plus if you lose cash that you have on you, it’s simply gone forever. If your credit card ever gets stolen you can report it and have everything resolved eventually. This is a benefit that can come in handy when you need it most (ask anyone that lost cash before). Read More…