At the Grand Central Market yesterday I realized the grocer at the Sun's Produce & the the lady at the Hawaiian BBQ don't automatically give out a customer receipt. I go there three times a week and know how much is usually spent. Now wondering: How many people actually keep track of these "blind" purchases?
It's so easy to not request a receipt, leave the receipt at the bottom of the bag, the floorboard of the car, or just toss it in the garbage and not record them.
Reason I bring this up is because they all add up. Personally, I use cash to purchase and know many people use debit cards. Using cash has the benefit where you actually see the money transfer into someone elses hand and you know how much you receive back in change. A debit card also has the benefits of only spending how much you have in your account and showing up on a monthly bank statement. Credit cards have that same benefit only there is one deterent...you can choose to carry the balance at the cards rate of interest and pay only the minimum amount due every month. YIKES!
I often wonder what percentage of "blind" purchases contribute to the total household debt. Do you realize that the average household with credit card debt is $15,788?
Amazing to think the minimum monthly payment would be $380.00-$475.00 (based on 16.99%APR). That's a hella-lotta dough, no? Think about it: Right now, can you say out loud how much credit card debt you have without having to add it up?
Now as the New Year has just started, perhaps something to throw out to the world would be a New Years Resolution: Keep Track of all purchases and pay down some of the debt.
Here are some suggestions:
- Make a permanant place to put receipts in, and for those not received, write these down on a daily log...as simple as a post-it-note or piece of paper. I use a shoebox to put the receipts in. Sounds kinda corny until realizing it really was a good place. It's portable, has a lid, I can put a hole in the top, label it, and then do my end of month accounting by lifting the lid, stacking the receipts, adding them all up & then paperclip/rubberbanding each month's bundle/stack.
- Have an online/computer program to record purchases. If you don't currently have one feel free to check out my website :http://win1today.com/lelandmorrill and JOIN. By the way, you can use this system until February 28, 2011 for $9.99 and then decide to purchase. :)
- Stick to a realistic budget. Of course everyone kinda cheats here and there. If you mess up one day & forget to record or drop the receipt in your "permenant place", DO IT when you remember. Also note: The only person you're cheating is you.
- Make monthly payments ontime to avoid that nasty late payment fee and if it's a credit card or loan, a possible interest rate hike. Those should be incentive enough to make the payments on time.
- Spend responsibly. Personally I LOVE COFFEE! So Starbucks, Coffee Bean and Tea Leaf, Famina, and 7/11 are always calling my name. Understand your weak areas, be it the shoes, clothes, candy, fast-food, whatever & choose to have control over these.
Well, that's a lot to think about right now so...just mull it over, you'll probably come up with other ways to be fiscally responsible. Think of that as a compliment to self.
Signing off for now.
Lele
P.S. Please check out my website: http://win1today.com/lelandmorrill
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