Imagine a life insurance that does much more than just paying out a cash lumpsum on death!
Today's task is simple but not easy.
Welcome to Day 9 of the Win with Money Challenge.
Just spend cash for all your purchases the whole day!
No debit cards, No credit cards. Only cash.
Before 20-25 years, there was some discomfort associated with handling cash. You could only spend as much as you carried, and then you had to go to the bank to get some more.
With the advent of debit/credit cards, we have money at our disposal, and we don't see it physically leaving our pockets.
The digital transformation in the last few years has made it possible to manage without carrying cash.
The whole payment process has become so easy and seamless that we actually feel happy while paying.
We only realize how much we spent when we sit down to take stock.
BNPL, Credit/ Debit cards also provide a feeling of having more money than we actually have, so we tend to spend more.
The idea of a cash-only challenge is to reintroduce awareness and some discomfort while making payments. The more discomfort, the lesser the number of payments.
To make things more challenging, withdraw a particular amount from the ATM(100/200/500) before you begin the challenge. Pay for all purchases in cash and try to have some money surplus at the end of 24 hours.
You can continue this challenge for a day, a week, or even longer.
If you continue this challenge for longer, you can pay all your fixed expenses, like rent, and school fees, through the bank or via cards.
But for all variable expenses and daily purchases, try to use cash.
Using cash will make you more mindful of your spending, and it is more likely that you will spend lesser as a result.
So start now and for at least 24 hours spend only cash.
Please share your experience on our Facebook group.
It would be great if you posted a picture of you spending cash on social media with #mytwofils #30DayWinWithMoney.
Author, Blogger & Independent Financial Advisor. My goal is to give you actionable tools for creating passive income and building wealth. More than 10,000 expats have already used my ideas to jumpstart their journey towards financial independence. Connect with me to start yours...