A different way of saving

[syednaeemul]

Clickbait-y article headline, had me all prepared to scream "Anti Mustachian!" and yet the actual content is great. Only thing to consider is she's willing to splurge once she's bought a house.

http://www.domain.com.au/news/i-am-33-and-my-parents-give-me-pocket-money-this-is-how-it-works-20160326-gn3bqk/

[limeandpepper]

It's quite well-written but I'm not sure about the actual concept being great. But then I've also never been the sort who needed to freeze a credit card in a block of ice to keep myself from unnecessary spending, which is a similar idea. I guess it's good for someone who really does have a serious issue with self-control, but eventually they need to work on the root cause. You can't rely on a strategy like this forever.

Also, she is still spending heaps! She is basically getting $200/week fun money. After all, she says that "bills, and major expenses, like car, rent and health insurance payments" as well as "must-haves, such as groceries", are not included in this restriction. So she's still spending $867 per month... on what?

[slugline]

This feels like payroll deductions taken to the next level. Hopefully once she reaches her stated goal she will recognize that she hasn't been truly living deprived this whole time and carries some frugality habits forward.

[talltexan]

I do like the commitment mechanism. The part about using the existence of real cash to guide spending feels very authentic.

My wife claims she spends the same amount whether it's in cash or with a card. I cannot possibly see how that can be accurate.

[APowers]

My wife claims she spends the same amount whether it's in cash or with a card. I cannot possibly see how that can be accurate.

I spend the same whether on cash or card. For me, the method of payment is irrelevant. Anything I buy is an outgo of funds that I really want to use to buy freedom instead; I buy based on need and on the price tag, not based on how much $$$ is still in my pocket.

[MandyM]

I once had a roommate that was having some severe financial issues. I ended up running her finances for a whole year. In the beginning, I gave her cash weekly to cover her gas, food, and misc. She really like it because she had been crazy stressed and depressed about her situation for a while and when I took over she didn't have to think about it. She got this tiny little bit of money that she had to make last a week and that was it. Over the course of a year she took more and more responsibility back and I've been out of it for about a year. She seems to be doing ok still, she just needed to get over that hump.

Anyway, I think this process is really well suited for people who have emotional issues with money. Help them sort it out in smaller chunks.

[slugline]

My wife claims she spends the same amount whether it's in cash or with a card. I cannot possibly see how that can be accurate.

My financial habits have flipped the conventional money wisdom on its head: If I have cash in my wallet, I will tend to spend it mindlessly.

The numbers on a screen? I'll hoard those. Maybe I played too many computer games where resource management is important to winning?