Comments on: Some Thoughts on Passive Personal Finance Barriers

By: Russ

Russ — Mon, 22 Nov 2010 11:42:55 +0000

“If you don’t have the card with you, it’s pretty hard to buy something you don’t need on credit, isn’t it?”

Not necessarily. I only need to type a credit card number in a couple of times before I have it memorised. The credit card I use for most of my online shopping has been in a drawer for almost 4 years now – my shopping habits are completely independent of the physical location of the card. Freezing it, cutting it up, sending it on a rocket ship to the moon; makes no difference. What does work, on the other hand, is willpower.

By: Craig Callender

Craig Callender — Fri, 19 Nov 2010 19:12:16 +0000

@Patty #5: You bought your first home with $1300 ($5 x 52 weeks x 5 years)?

By: David/moneycrashers

David/moneycrashers — Fri, 19 Nov 2010 17:10:29 +0000

All great ideas, if you need them.

I chose the “man up” and “grow up” approach.

Realize that you’re never going to get out of debt without some sacrifice!

Make the sacrifice till you’re in better shape, then you can go back to enjoying life as you choose.

In a much cheaper fashion, because you won’t be paying all the interest to the credit card companies

By: Laura

Laura — Fri, 19 Nov 2010 16:48:27 +0000

I cut down on the number of cans of Diet Coke I drank a day by only putting 2 cans in the fridge before bed. I won’t drink it warm, so when the cold ones were gone for the day they were gone. When the whole case was in there, it’s mindless to grab can after can, and some days I could blow through 6 or 8 without thinking about it.

By: valleycat1

valleycat1 — Fri, 19 Nov 2010 16:00:30 +0000

@#8 Amanda – that’s true, but it’s certainly easier to get windows fixed than to get windows fixed AND have to cancel & replace everything in your wallet or purse (or other valuables) – & be at increased risk for identify theft.

By: Amanda B.

Amanda B. — Fri, 19 Nov 2010 03:02:37 +0000

Your car is just as likely to be broken into without your wallet in your glovebox (assuming you don’t leave your glovebox open). Either way, the biggest pain in my mind is getting your windows fixed.

By: Randy

Randy — Fri, 19 Nov 2010 01:12:36 +0000

As for putting credit cards on ice – I heard Ron Blue suggest this in his program. I don’t think it was original then. I think it’s a great idea for compulsive shoppers.

As for the wallet in the glovebox, I’m with the others. We had our car broken into, my wife’s pocketbook and camera stolen. Fortunately, they found the guy and everything was returned.

By: Kathryn

Kathryn — Fri, 19 Nov 2010 00:49:47 +0000

I think these are the kind of tips that can not only help those who are struggling financially but also take someone from good to great spending/saving habits. E.g., DH and I have never carried a balance on our credit card, but carrying it does enable a certain level of impulse spending (“I’ll have the money by the time the bill arrives.”). We had to squeeze some extra money out of our already-frugal budget this year to rebuild a depleted emergency fund; since I run all our errands, I decided to try leaving the credit card at home. That one move has probably saved us several hundred dollars over the course of the year. The emergency fund will be at 100% again by Dec. 31, but I’m planning to leave the credit card right where it is.

By: Patty

Patty — Thu, 18 Nov 2010 22:39:11 +0000

Trent – “put your money in a remote bank” – I did just that when I graduated from college and made weekly deposits of $5 – in about five years – I purchased my first home. A Little goes a LONG WAY

By: brad

brad — Thu, 18 Nov 2010 22:21:12 +0000

“getting yoru wallet” – D’OH!

By: valleycat1

valleycat1 — Thu, 18 Nov 2010 20:52:18 +0000

“If you’re stopping at a store where you often give into temptations, just put your wallet in the glove compartment before you go in. ” – 1.Why would you be stopping at a store & going in if you aren’t going to buy something? 2. I’m with Greg/#1 – cars are broken into, in busy areas, & stuff taken without being noticed, in as little as 10 seconds (per our local police dept). Items of even minimal value shouldn’t be left in cars, even when stashed out of sight (& yes, I do it too but know I am taking a gamble).

A better recommendation would be to just carry your ID & a little bit of cash & leave the wallet or purse at home. And, don’t go into stores if you don’t plan on buying something, if you haven’t gotten a handle on impulse buying.

By: Briana @ GBR

Briana @ GBR — Thu, 18 Nov 2010 20:36:12 +0000

These are great tips. I think the most useful is having specific savings accounts. Put retirement money in your retirement account. I need to do this ASAP.

By: Greg

Greg — Thu, 18 Nov 2010 20:27:14 +0000

Where I live you would certainly not leave your wallet in the glove box, unless you want your car windows smashed. You would leave your glove box open, so that it is obvious that there is nothing interesting inside.