The Most Authentic Guide on Personal Finance and Investments


Words of Wisdom : "There are only two lasting bequests we can give our children... one is roots, the other wings." ~ Steven Covey

3 Places where you SHOULD NOT use your Credit Card

I don't know about others, but my personal experience has been that I tend to spend my money more carefully when I pay in cash as compared to when I use my credit card. 

However, given the US experience, where living on credit is quite common and because of which they are now experiencing extreme financial difficulties, I presume that this phenomenon is widely prevalent — using a card makes you complacent about your spendings.

As such, I think it would be prudent to use our credit card more judiciously. Else we too may go the Americans way and land up in financial soup.

The word 'soup' gives us the first clue as to where paying cash would be better than cards...and that is at the restaurants/bars.


Eating out was, once upon a time, a rarity. The situation today is exactly the opposite. Not eating out has become a rarity. But remember, outside food could be 4-10 times more expensive than eating at home. While it might be difficult to change this trend, we can at least hope to limit the expense by NOT CARRYING OUR CREDIT CARD whenever we plan to eat out. When we have to pay in cash, we would automatically be more cautious.

The second, more or less obvious, place where it would be advisable not to carry our credit cards would be the Malls...especially when they announce the so-called "sales" (which, more often than not, are fake). It is impossible to resist the temptation to buy the latest gadgets, mobiles, designer dresses, etc. The only way to restrain yourself from going overboard and creating a financial mess, would be to carry limited cash only.

Going slightly into a broader territory of helping your health and environment (along with your finances), would be to spend less at the petrol pumps. Paying Rs.1000-2000 IN CASH every week at petrol pumps is finally going to pinch. This, in turn, would mean that you may look for ways to save petrol. Maybe you will walk more. This will improve your health and cut medical expenses. Maybe you will use public transport whenever possible. This will improve the environment. I don't think we want our children to live in gas chambers where they suffer from cancers, asthmas and all the dangerous diseases. We suffering a little inconvenience today is better than they suffering badly tomorrow. Isn't it?

Therefore, I guess we need to give this a serious thought.


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