Saving 101 Cash Only, Week 2: Belt-Tightening Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mint.com Published Apr 14, 2010 2 min read Advertising Disclosure The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service. photo: practicalowl On April 1, BargainBabe.com blogger Julia Scott gave up her credit cards for one month. The goal of her experiment: find out whether using cash only will get her to spend less. After a surprisingly spend-happy first week (she exceeded her weekly budget by more than 60%!), Julia braced for a belt-tightening Week Two. Here’s what happened. My plan to stop the exodus of cash from my wallet during my month-long credit card moratorium was working really well. I simply left the house with very little cash and presto! I spent very little. Then three sleepless nights came and went and I decided I had to buy a new mattress. At IKEA the bill came to $533 for my new mattress and a set of measuring spoons. (I couldn’t resist!) That brought my total April spending to $1,043. My target spending for the month was $1,200 or less. Um, yeah. Now I’m faced with a tough decision. Do I dip into my savings to cover the $533 mattress or eat Top Ramen the rest of the month? (What do you think, readers? Let me know in the comments.) Either way, I’m learning a lot about cash-only budgeting. * I should have set a weekly spend goal based on my monthly budget to stay on track. Doling out all the cash at the beginning of the month and then trying to stretch it 30 days requires superhuman self-control. I’m only mortal!* It’s okay to run out of money at the store. Just smile at the cashier and say “Oops! I’m short. I’ll just buy the Doritos for now.”* By some stroke of genius, leaving the house with only $20 means I will spend less than $20. Who knew?!* When you hand over $500 in twenty dollar bills the cashier and everyone in line will suspect you are a mobster. Deal.* Don’t expect to know where most of your money went at the end of the month. No one offers receipts these days. However, Mint.com just introduced a feature that helps you track cash purchases that should help in the weeks ahead. Wish me luck getting through the next 16 days on $157. I need it! Julia Scott blogs about saving money on everyday expenses like groceries, gasoline, and gifts at BargainBabe.com. Previous Post How To Save on Groceries… By Growing Your Own Next Post Cash Only, Week 3: My Changing Relationship With Money Written by Mint.com More from Mint.com Browse Related Articles Mint App News Intuit Credit Karma welcomes all Minters! Retirement 101 5 Things the SECURE 2.0 Act changes about retirement Home Buying 101 What Are Homeowners Association (HOA) Fees and What Do … Financial Planning What Are Tax Deductions and Credits? 20 Ways To Save on… Financial Planning What Is Income Tax and How Is It Calculated? Investing 101 The 15 Best Investments for 2023 Investing 101 How To Buy Stocks: A Beginner’s Guide Investing 101 What Is Real Estate Wholesaling? Life What Is A Brushing Scam? Financial Planning WTFinance: Annuities vs Life Insurance