Like many people, I carry with me a credit card or two, a bank/ATM card, and some cash. Right now I am giving myself an allowance of $20 each week. This can be used for a coffee, a lotto ticket, a snack, or anything else that comes to mind :-)
Entering 2018 I still had a bit of cash left over so I didn't take out any more money for my allowance. I spent most of the cash on a planned post-holiday dinner with friends leaving me with $7. Last week Tuesday I went to the bank to take out some allowance money. It was after it had closed but I entered to use the ATM. I put my bag down to get my wallet and had the following thought:
What if you didn't have any money?
Most of us have far more than we need. A few do not - but the majority are doing OK. Perhaps not great but okay nonetheless. And while I do have the typical old lady-bag lady fears/nightmares some times, generally I know that I am okay. I have money to pay my bills for several months and I don't really think too hard about my day-to-day spending. Part of the reason is that I am not interested in buying many things (and thus don't) and my income fully covers my needs and wants.
Still, if I want a pack of gum or a coffee, I buy it. It's only a couple dollars, right? Not major, right? I have the money so I spend it.
But what if I didn't have the money? The answer is I wouldn't spend it.
Right now I'm bringing lunch from home which means my grocery money is covering my lunches. I'm not buying snacks (trying hard!) because I really want to take a nice trip this year. And aside from that dinner with friends, I haven't needed to spend money besides my weekend errands (e.g. grocery store) and paying bills.
You wouldn't spend it. With that thought I closed my wallet, put it back in my bag and I left the bank without taking out any money.
It's a thought that has stuck with me for over a week. And I hope it will stay much longer. Realistically, I will take more money out of the bank (did so yesterday). I have specific things that are planned - some needs and some wants and some I'm-not-sure-what-yet. But if it is not a need, and it is not a major want, then I simply don't want to waste cash. Perhaps going to the bank less often, carrying around a tiny amount of money is what I need to do to be more successful.
Pru
