Simplify And Reduce Risk By Turning The Clock Back 15 Years.
Fifteen years ago I was 22 going on 23. At that time I had no credit cards, no car loan, no mortage and no student loans (I married into that). After struggling for years we rid ourselves of the credit cards and the car loans. (Yeah!!!) But we are still saddled with the mortgage and the student loans. (Boooo!!!)
There was something else I did not have 15 years ago; a debit card. That's right, I have not always had a debit card. It may seem like you have but it is not true. I had a ATM card from my credit union. That was it. I had a limit of $400 a day that I could take out. At the time I was still very much a kid, wanted the freedom to spend-spend-spend. Now as an adult I realize my eagerness to inject money into the economy was to my detrement. Being able to take out only $400 was helping to keep me in check. As soon as the new debit cards came out with the Visa/Mastercard logos on them I thought it was wonderful. I could swipe and buy way over my former $400 limit from the ATM. My accounts suffered for it. I suffered for it.
Flash forward to today: I'm on the verge of simplifying my life. I've decided to lock away the debit card, to only use a ATM card for the day to day stuff. My main concern today is not me. I long ago sobered up. By using the debit card for too much I expose myself and my accounts to electronic fraud. If I take the cash out ahead of time and pay as I go, like in 1996, my exposure to such risk will be less. I was able to do it and function then. I should be able to do it again.