Advertising
Advertising

Cash Only: One Route Out of Debt

Cash Only: One Route Out of Debt

cash

    There are more than a few ways to deal with credit card debt, as well as other financial crunches. More than a few financial gurus recommend making the switch to a cash-only lifestyle: getting rid of credit cards and using only the cash in your wallet to make purchases. There’s a reason that the cash-only approach is so popular. If you stick to only cash, it’s virtually impossible to add to debt. But there are some drawbacks worth looking at before you jump on the cash-only lifestyle.

    Advertising

    Managing Savings

    Taking a pure cash-only stance is difficult, if only because saving up a lot of cash on your own is impractical. Even if you have a safe place to store your cash, it won’t be insured, like it would be in a bank. You also won’t earn any interest on your savings — while we may be talking about pennies, it’s important to remember that pennies add up. So, for most people, a cash only lifestyle still involves a bank. It doesn’t necessarily involve a debit card, however. Because one of the benefits of cash only is the fact that making it harder to spend your own money usually translates to less spending, a debit card is out. If you’re planning to make a large purchase (and you’ve got the cash in the bank), checks are generally considered a good compromise.

    Using Checks

    You can use a credit card virtually anywhere, but it’s much harder to use a check. In some cases, it can actually be harder to use cash, rather than a credit card, as well. Want to rent a car? You’ll be asked for a credit card. Offering cash will only flummox the guy behind the counter. You’ll find yourself jumping through some hoops to spend your own money if you switch to using only cash.

    Advertising

    There’s an argument that because it’s so much harder these days to use checks, you’ll be less inclined to go out and spend money. That may be true, but for some people, the ease of renting a car and making other payments is far more important than sticking to a cash only approach. That’s not a reproach on such individuals’ approaches to money: it’s a fact of doing business in the modern world. It’s a more than reasonable objection to the cash only system.

    Building Credit

    Credit reports are crucial for a lot more than getting a new credit card these days. Employers look at the credit reports of prospective employees, landlords look at the credit reports of prospective tenants and even utility companies look at credit reports before deciding to connect someone’s electricity. And that’s assuming that you don’t want to buy a house — while mortgage may not be a bad kind of debt, it’s hard to get one with no credit history whatsoever. If you go cash only and eliminate your credit cards, it’s much harder to build a solid credit history.

    Advertising

    It’s not impossible: you can take out a loan that you have the money for and pay it off quickly or take a similarly roundabout route. You can also point those individuals who would otherwise check your credit score to the FICO Expansion service — essentially a credit score for those individuals who use cash only. You can also use services like PRBC, which reports your bills that you pay on time (such as telephone) that aren’t reported on your credit report, to build up your credit. There are fees involved in using such services, however.

    A Credit-Based World

    The simple fact is that living a cash-only lifestyle these days is a rarity. Many companies just aren’t set up to help anyone planning to pay cash with the process. If you walk into a car dealership and try to pay cash for a new car, for instance, you’ll have a much harder time completing the transaction than if you finance it. It’s not because car dealers don’t want your money: it’s because that situation is so unusual that a dealership’s staff really doesn’t know how to handle it.

    Advertising

    Sticking to cash for all your transactions can end up costing you more time than you might expect. If you feel that your time is more valuable than the money you can save by using only cash, that approach just may not work for you.

    Pros and Cons of Cash Only

    There are definitely plenty of drawbacks — as well as benefits — to living a cash-only lifestyle. But the thing about personal finances is that they’re personal. Using only cash works really well for a lot of people. But it doesn’t work perfectly for everyone. You may find that a complete conversion to cash only doesn’t work for you, but a modified approach — like limiting your eating out budget to the cash in your wallet — works out great. It is worth at least checking out the cash only approach and seeing if it can at least save you some credit card fees.

    If you have gone cash only, successful or not, please comment on your experiences. What worked? What didn’t? What tips can you offer to someone thinking about going cash only? I know what my experiences have been, but I’m always interested in seeing why someone else has an easier or harder time with relying more on cash and less on credit.

    More by this author

    50 Businesses You Can Start In Your Spare Time 8 Replacements for Google Notebook 5 Sites Where You Can Sell Your Photos 7 Tools to Find Someone Online 19 Entrepreneurship Websites Worth Checking Out

    Trending in Featured

    1 35 Top Productivity Apps for iPhone (2020 Updated) 2 The Gentle Art of Saying No For a Less Stressful Life 3 What to Do in Free Time? 20 Productive Ways to Use the Time 4 How to Take Notes: 3 Effective Note-Taking Techniques 5 20 Time Management Tips to Super Boost Your Productivity

    Read Next

    Advertising
    Advertising
    Advertising

    Last Updated on August 6, 2020

    35 Top Productivity Apps for iPhone (2020 Updated)

    35 Top Productivity Apps for iPhone (2020 Updated)

    Over the years here at Lifehack, we’ve discussed plenty of apps that you can use to improve your overall productivity.

    There are certain ones that many of our contributors and editors (past and present) have adopted over the long-term — there are always the stalwarts that stick around. But there are also new apps that crop up every day, adding more and more depth to the app category.

    Some of the apps are incredibly plain and simple, while others are more robust and offer more features than you can shake a stick at. And everyone has the one they prefer.

    It’s been our job (and still is our job) to keep abreast of all of the productivity-type apps out there. As a result — and as a bit of a refresher — we’ve put together a list of 35 best productivity apps for iPhone (all categorized based on their functions) to provide you with an all-in-one resource for you.

    For Getting Things Done

    1. OmniFocus

    This app is, while pricey, considered to be one of the (if not the) most robust and full-featured productivity apps on the market.

    Download it here.

      2. Forest

      Train yourself to put your phone down and stay focused on the task at hand by playing with this planting game. It’s fun and will help you achieve more.

      Download it here.

        3. Things

        Another robust choice, this app is a favorite amongst “productivityists”.[1]

        Download it here.

           

           

          4. Any.Do

          A beautiful-looking app that is both easy on the eyes and your wallet.

          Download it here.

            5. PocketLife Calendar

            This calendar app is specifically designed to be stylish and super easy-to-use. You can organize your life easily with different modern features.

            Download it here.

              6. Asana

              We’ve covered Asana here at Lifehack

              , and it is being actively developed by a strong team committed to making collaborative task management a more efficient and effective experience.

              Download it here.

              Advertising

                7. ToDoist

                This app keeps track of everything – from simple errands to your most important projects – so you can get it all done and enjoy more peace of mind along the way.

                Download it here.

                   

                   

                  8. Calendars 5

                  This calendar app focuses on events that help you to keep track of upcoming events and tasks easily. It has everything you need to organize, track, and complete your to-dos.

                  Download it here.

                    9. Clear – Tasks, Reminders & To-Do Lists

                    A fun and innovative list-making app that relies on swiping and pinching to make things happen. Clear created a lot of buzz when it launched, and might be the perfect to-do list gateway app for many.

                    Download it here.

                      10. Due

                      A robust reminders app that lets you store and maintain reminders of all types. It’s replaced Reminders for me when it comes to the basics, and it’s worth a look if you want to keep the mundane stuff out of your head and cluttering your mind.

                      Download it here.

                        11. Checkmark 2

                        I use this app

                        for location-based reminders (such as groceries I need to get or single items I need to pick up from various locations). Checkmark is simple to use and valuable addition to my productivity arsenal.

                        Download it here.

                          12. TeuxDeux

                          Created by Tina Roth Eisenberg and Fictive Kin — TeuxDeux is simple and incredibly stellar in terms of design. If you like lists (including the popular “Someday Bucket”) and want to associate dates with tasks, then TeuxDeux will be right up your alley.

                          Download it here.

                             

                             

                            Advertising

                            13. Nirvana

                            For the GTD enthusiasts, there’s Nirvana. Straight from the source: “Nirvana frees your mind to focus on actually getting things done. If you’ve had enough of generic to-do lists, it’s time for Nirvana.”

                            Download it here.

                              14. Priorities

                              An elegant-looking task management app that has received decent reviews,[2] this could be the one for you if you’re not a fan of OmniFocus or Things — especially if you need (or want) to share tasks with others.

                              Download it here.

                                For Building Habits

                                15. Productive

                                With this app, you can plan your habits with an easy-to-use interface, schedule habits for any time of the day, set smart reminders for each time of the day, and stay on track with useful feedback. This app is perfect for anyone who wants to build a habit that sticks.

                                Download it here.

                                  16. Habitica: Gamified Taskmanager

                                  You can complete tasks and build habits in a more fun way with this app. Input your Habits, your Daily goals, and your To-Do list, and then create a custom avatar. Check off tasks to level up your avatar and unlock features such as armor, pets, skills, and even quests.

                                  Download it here.

                                    17. Streaks

                                    This app follows the model of the popular “don’t break the chain method” in that you use the app to track how you are donig in the pursuit of your goal. Great for goal-setting — and an easy and elegant interface to boot.

                                    Download it here.

                                      18. Remember The Milk

                                      Another popular to-do list app, Remember The Milk has a huge following. It has plenty to offer, including the ability to share tasks with others.

                                      Download it here.

                                        19. Day One Journal

                                        When it comes to journaling, nothing really beats Day One. Its latest update added a slew of features that will make you want to start making journaling a habit.

                                        Download it here.

                                          For Files Organization

                                          20. Evernote

                                          Touted as the world’s most widely-used productivity app, Evernote is an be used simply as a notetaking app or can be customized to be your GTD app of choice — among other things.

                                          Download it here.

                                          Advertising

                                            21. Pocket

                                            You can save an article, video, or link you want to read or watch later to Pocket from anywhere including your computer, Safari, email, and your favorite apps like Facebook, Twitter, Flipboard, and Feedly.

                                            Download it here.

                                              22. Sync.Me

                                              This app identifies unknown phone calls, warns you from annoying spam calls, and adds a caller picture to your contacts from Facebook, Twitter, and Google+.

                                              Download it here.

                                                23. Droplr

                                                One of the most popular file-sharing apps out there today. Straight from the source: “Stay productive on the go. Droplr for iPhone keeps you in sync and makes sharing on the iPhone natural.”

                                                Download it here.

                                                  24. Dropbox

                                                  Before iCloud, there was Dropbox. And there still is Dropbox, which is still widely used by both Mac and PC users all over the globe. It’s like having a flash drive on your iPhone. A must-have.

                                                  Download it here.

                                                     

                                                    For Working Smarter

                                                    25. Captio

                                                    A simple capture tool. Straight from the developers: “It’s simple. Open Captio and start typing. When you’re done, hit Send. The note is immediately delivered to your email inbox.”

                                                    Download it here.

                                                      26. Drafts

                                                      A tremendous capture tool that allows for simple capture, followed by sending items to various applications such as OmniFocus, Things, and more.

                                                      Download it here.

                                                        27. NoteShelf 2

                                                        This is a perfect note-taking app for you. You can take beautiful handwritten notes, type, annotate PDFs, record audio & create lists. You can organize them into categories or groups.

                                                        Download it here.

                                                          28. Doodle

                                                          This app links directly with the Doodle service, which is one that allows you to plan and organize meetings far more efficiently and effectively. Lifehack contributor Steve Dotto has written about Doodle more in-depth here.

                                                          Advertising

                                                          Download it here.

                                                            29. TextExpander (Legacy)

                                                            I have saved countless hours of time with TextExpander, and despite its inability to be as robust on iOS as it is on the Mac, it is still a worthy app to have in your arsenal.

                                                            Download it here.

                                                              30. Launch Center Pro

                                                              A quick launcher for the iPhone that doesn’t just launch an app…with some of them it can do much more. This app saves you time by launching complex actions in a single tap.

                                                              Download it here.

                                                                31. GoodReader

                                                                This may seem to be an odd one to make this list, but here are plenty of reasons why it is here with this article.

                                                                Download it here.

                                                                  32. LogMeIn

                                                                  Want to be able to control your Mac from wherever you are? Then get this app.

                                                                  Download it here.

                                                                    For Improving Security

                                                                    33. 1Password

                                                                    There is simply no better password manager out there. I’ve even put together a 1Password Emergency Kit worth looking at here.

                                                                    Download it here.

                                                                      34. LastPass Password Manager

                                                                      You can store passwords and logins, create online shopping profiles, generate strong passwords, track personal information in photo and audio notes.

                                                                      All you have to do is remember your LastPass master password, and LastPass auto-fills web browser and app logins for you.

                                                                      Download it here.

                                                                        35. Truecaller

                                                                        Identify and block spammers, search for unknown numbers, and call friends easily with this app. With a community-based spam list from over 250 million users, you’ll need this app.

                                                                        Download it here.

                                                                          There are plenty of other options out there (and we’ve heard from readers in the past as to what they enjoyed using), but these 40 are among the best.

                                                                          Featured photo credit: William Hook via unsplash.com

                                                                          Reference

                                                                          Read Next