Saturday, December 21, 2013

Is it worth it to save 5% if your account got hacked? Or maybe I'll just pay in cash from now on!!

Let me tell you I love Target, yep little miss 2014 is the year of frugal living loves Target.  So much so just thinking of living frugally and simply and intentionally gives me the whillies since that means cutting some of the cords that attach me to Tarzay!! 
In deed, I love them so much I got the Target Red Debit card months ago.  It made me "feel" better that I was at least saving 5%.  That's something isn't it?  Now don't get me wrong, I'm not condemning folks who have the Target cards or those folks who use their debits cards in general. 
This debacle with Target has given me a lot to consider.  Target is not the first nor last company to be hacked by computer geniuses.  Fraud happens every single day, every single way.  Technology makes life easier it also makes it easier to scam us and steal from us.
I'm really thinking about going to a cash basis except for getting gas and paying my bills on line.  Yea I know you guys get great mileage points if you use Visa xyz or maybe your bank offers a program where you can "cash" in your points for gift cards.  But your account can't get hacked if you pay with cash.  Most folks I think are more careful with their purchases when they use cash rather than plastic, whether that is debit or credit.  Cash hurts the pocket, the wallet.  It gives you something to think about.  I have a tendency of putting my debit receipts in my wallet and let them accumulate.  Then holy cow Batman!!  Look at how much money I spent!!   A little here, a little there.  Before you know it I have less than $100 to last until pay day and I still have to put gas in the car and get some kind of groceries. 
I work in the financial industry.  Fraudulent activity is just so much.  So much we don't know. 

So I've got to decide if I want to continue using the debit card freely or go cash as much as possible.

What do you guys do?


  1. I am cash only. This way I have to stay within my budget and am less likely to pick up "things" that I didn't know I needed until I went into the store. If I only have 20.00 in my wallet then I can only spend 20.00

    1. Judy, I think you are one of the most disciplined people I know when it comes to money.

  2. If you are going to use a credit/debit card it might help you to stay on top of how much you are spending if you sit down EVERY WEEK and write down your weekly accumulation of receipts into a journal or notebook. Spending with plastic on average makes consumers overspend by 12 to 18% mover over using cash only 1 statistic states. So make sure you keep all receipts and list your purchases. Seeing how much you've spent a week in that sitting might help you to not overspend the following week.
    OTOH, if you can't control yourself and spending using plastic, just don't use it when you can avoid it. Take enough $ out of the bank each week for what you estimate your expenses will be and when the $ runs out just stop buying.
    Trying this method and exerting a little more self-control and It's just that easy.