ATM cards were designed to be a way to carry money without having to carry cash on your person. That part is all well and good but the mentality of most people is that if it looks like a credit card, treat it like one. How many people do you know that use a debit card and don't keep track of their spending? I know of one. He uses the debit card as if his bank account has an endless supply of money until he runs out of it each week. I don't know how the man survives but I think that most of his bills are taken out of his account automatically so at least most of them get paid.
If you do use an ATM/Debit card keep track of your balance daily and double check it if there is more than one card attached to the account. If you don't have to worry about carrying cash on you then carry cash instead of the card. Cash is easier to keep track of - once it is gone, it is gone.
1 comments:
I have one of those debit cards and it is very easy to treat them as if they were credit cards. I keep track of everything I spend on the card, and of the cash I spend as well. I keep a monthly speadsheet on Excel, I try to get a receipt from each shop I visit and when I get home I just put everything in my spreadsheet; it is a very good way of finding out where all that money goes and it can help reducing spending in certain areas (like setting up a monthly budget).
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