Author Topic: Best Spending Practices for People that Lack Discipline.  (Read 2085 times)

Offline keepingabudget

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Best Spending Practices for People that Lack Discipline.
« on: June 07, 2018, 11:55:47 AM »
I'd like to discuss a topic that is sensitive to me, and perhaps others here, hence the new account.

Iíd like to see thoughts, ideas, and advice on the topic of - best spending practices for people that lack discipline. 

What I mean exactly, is that SOME people end up spending too much money on credit cards because they lack discipline and/or donít feel the money coming out of their bank account. Personally, I am trying to build up some savings, and I have been unsuccessfully trying to reel in my wifeís CC spending. BH we are not in debt.

I would love to see ideas on credit cards that have hard limits that work well, debit cards that offer points or whatever suggestions and any advice you may have for people struggling with overspending. I'm not ready to go all cash, and I would think there's some good ways to reap the benefits of credit cards (like points, return protection, and disputes) while controlling spending.

Thoughts?

Offline AJK

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #1 on: June 07, 2018, 12:07:17 PM »
The CC game is for those who have discipline.

If one does not have discipline, he/she/they should probably cut up all CC's and switch to debit/cash. I don't see a middle ground.

The warranties/points/etc are not worth the debt/interest you'll accrue.
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Offline finmom

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #2 on: June 07, 2018, 12:11:14 PM »
The credit card companies are not going to look out for your best interest. They are in the business of making money and from their standpoint the further in debt you go the more money they make. You need to step up and take charge of the spending. You need to understand everything about your own budget and understand what can or cannot be spent on a daily, weekly or monthly basis. Mint.com is helpful. Then, set hard and fast rules regarding spending and stick to them. If this is not possible then take the credit cards away from the offending party.

Offline keepingabudget

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #3 on: June 07, 2018, 12:20:42 PM »
The CC game is for those who have discipline.

If one does not have discipline, he/she/they should probably cut up all CC's and switch to debit/cash. I don't see a middle ground.

The warranties/points/etc are not worth the debt/interest you'll accrue.

Thanks for your opinion.
A credit card with limits, lets say $1500 a month, is not a workable middle ground?

Offline Emkay

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #4 on: June 07, 2018, 12:23:21 PM »
The CC game is for those who have discipline.

If one does not have discipline, he/she/they should probably cut up all CC's and switch to debit/cash. I don't see a middle ground.

The warranties/points/etc are not worth the debt/interest you'll accrue.
Those with a lack of discipline in spending on CC usually also have a lack of discipline in regards to not using it to begin with.

Offline JACKBLUE

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #5 on: June 07, 2018, 12:24:18 PM »
Those with a lack of discipline in spending on CC usually also have a lack of discipline in regards to not using it to begin with.
Well said!
Like given!

Offline TimT

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #6 on: June 07, 2018, 12:32:53 PM »
I'm not ready to go all cash
Why not ? Youíll thank yourself later on

Offline keepingabudget

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #7 on: June 07, 2018, 12:33:44 PM »
Why not ? Youíll thank yourself later on

Hassle to deal with, no online orders, no protection

Offline ushdadude

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #8 on: June 07, 2018, 12:36:07 PM »
Hassle to deal with, no online orders, no protection
then debit is your only real option. probably not the answer you want to hear but realistically it's true
If you see something that is 50% off but don't need it, walk away and save yourself 100%

Offline noturbizniss

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #9 on: June 07, 2018, 12:37:06 PM »
Hassle to deal with, no online orders, no protection
debit cards work online.
protection - big deal. you lose a warranty or cant dispute 3 charges a year and lose a few bucks. better than paying thousands in interest.

you won't find a single person here who will tell you any cc will work if you lack discipline. Not worth the fishing expedition.
READ THE DARN WIKI!!!!

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Offline MC

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #10 on: June 07, 2018, 12:41:05 PM »
I'd like to discuss a topic that is sensitive to me, and perhaps others here, hence the new account.

Iíd like to see thoughts, ideas, and advice on the topic of - best spending practices for people that lack discipline.

What I mean exactly, is that SOME people end up spending too much money on credit cards because they lack discipline and/or donít feel the money coming out of their bank account. Personally, I am trying to build up some savings, and I have been unsuccessfully trying to reel in my wifeís CC spending. BH we are not in debt.

I would love to see ideas on credit cards that have hard limits that work well, debit cards that offer points or whatever suggestions and any advice you may have for people struggling with overspending. I'm not ready to go all cash, and I would think there's some good ways to reap the benefits of credit cards (like points, return protection, and disputes) while controlling spending.

Thoughts?

Can you buy GC's with CCs and give those to your wife to spend?

Offline Dan

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #11 on: June 07, 2018, 12:42:00 PM »
Can you buy GC's with CCs and give those to your wife to spend?
Like!
Lose out on warranty/disputes, but at least you earn miles.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline finmom

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #12 on: June 07, 2018, 12:42:23 PM »
Another thought: use the gift cards (purchased at Staples with the ink card, of course), for the required household expenditures. That way there is no possibility of excess spending.

Offline ushdadude

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #13 on: June 07, 2018, 12:42:27 PM »
Can you buy GC's with CCs and give those to your wife to spend?
good idea as long as t doesn't interfere with shalom bayis and assuming his wife is really the problem ;D
If you see something that is 50% off but don't need it, walk away and save yourself 100%

Offline keepingabudget

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Re: Best Spending Practices for People that Lack Discipline.
« Reply #14 on: June 07, 2018, 12:49:07 PM »
The warranties/points/etc are not worth the debt/interest you'll accrue.

The credit card companies are not going to look out for your best interest. They are in the business of making money and from their standpoint the further in debt you go the more money they make. You need to step up and take charge of the spending. You need to understand everything about your own budget and understand what can or cannot be spent on a daily, weekly or monthly basis. Mint.com is helpful. Then, set hard and fast rules regarding spending and stick to them. If this is not possible then take the credit cards away from the offending party.

protection - big deal. you lose a warranty or cant dispute 3 charges a year and lose a few bucks. better than paying thousands in interest.

You make good points about debt/interest.
However, personally this isn't currently a problem for me, as I can currently pay the bills.
Though I would like to build up savings and be able to buy some things needed for the house, and I have to hold back on those purchases due to spending not being in check.

ETA: Is there really no cards with budgets? My sapphire reserve doesn't have the option.