Posted by Madison on January 7, 2008
I mentioned yesterday that I do not use a credit card for all of my purchases. We actually operate our “allowances” on a cash basis. We take out money on the 1st and 15th of each month to cover lunch, dinners out, haircuts, and any other miscellaneous purchases. I don’t use a credit card for these purchases because they are usually small or we might be out with other people.
I’ll write more about our allowance system later, but wanted to mention it because while I love credit cards I don’t find them appropriate for every situation.
I had a lot of fun with the great credit card debate with Ana at Debt Free Revolution. Of course neither one of us probably convinced the other one to switch sides!
I learned a bunch, especially all the uses of debit cards. Thank you to everyone who participated in the comments. Here’s a wrap of all the articles in the debate:
While today is the official wrap day for us feel free to continue the debate in the comments or on your own site if you have one. Let me know and I’ll add a link to your thoughts.
Finishing the debate wouldn’t be complete without a big thank you to Ana for accepting my challenge!
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Yes it was fun and I think informative for everyone. You didn’t convince me; I didn’t convince you – but we kept a controversial subject which both of us are passionate about on a civil level 🙂
Madison, great job on the credit card side.
I always try to use credit cards for all purchases. In addition to taking advantage of rewards cards, it helps me track every dime I spend. The advantage of cash, however, is that once you’re out, you’re out!
DR’s Money Management’s last post: Cash Back Credit Cards | Rebates that Put Money in Your Pocket