It isn’t easy to say “no”…especially when the deals and offers seem so appealing. The problem is that many people live in the now and don’t think about what the future may hold. Spending money today will definitely affect how much you have in the future. You need to consider everything and realize how much you are spending before it is too late.
There are times where it might seem great to say “yes” now, but you need to consider the future repercussions and make your decisions based on the whole picture.
1. Would you like to open a tab?
This one will get you every time! Yes, it is easier to open a tab at the bar but it isn’t always the best decision. To be safe, take out as much cash as you want to spend that night and only use that. Leave your credit cards at home if you don’t feel as though you have the will power to say no. Sometimes tabs can get mixed up at the bar and you can end up paying for someone else’s drinks. If you always want to use your credit card, don’t open a tab but pay and sign every time. This may seem like a huge hassle, but at least you can watch how much you are putting on your card.
2. Do you need a cash advance on your credit card?
Unless you are in desperate need for cash, taking a cash advance on your credit card is a bad idea. The problem is that many times some younger people don’t always understand what taking a cash advance may mean. Typically, cash advances on your credit card come with a great deal of interest (and usually that interest starts as soon as the cash is removed from your credit limit).
3. Would you like to save 10% today by opening one of our cards?
Store credit cards are the worst kind. Not only do they usually hold a higher interest rate that regular credit cards, but it is easy to forget about them. Keeping track of all your bills can be overwhelming at times and sometimes store credit cards are overlooked because they don’t seem as important. Also, opening credit cards that you might forget about can hurt your credit score as well. Although the 10% off your purchase may seem like a great deal at the time, it isn’t worth it in the long run.
4. Want to go out for some drinks?
If you do not have a great deal of money to spend on drinks, ask your friends if they wouldn’t mind hanging in for the night and having a few drinks at your house. 2 drinks at the bar can cost you $20 depending on where you go, but if you stay at home a whole bottle of vodka or tequila (whatever your alcohol of choice may be) can cost you the same amount. I’m not suggesting that you always say no to going out with your friends because obviously that won’t happen, but if you feel yourself in a crunch for money I’m sure your friends will understand and wouldn’t mind having a few people over instead.
5. Do you want to cash these checks?
Unless you need the cash right away, put the money into your checking or savings account. You spend much more cash when the money is right there in your wallet than when you actually have to go to the ATM to take more out. Try to put as much money as you can into your bank account in order to keep track of how much money you are spending and where it is going. Cash disappears so easily, make it a little harder for you to spend (even if it might be a little bit inconvenient).
All of these questions are situational and vary person to person, but if you are questioning your decision about doing something it is probably best to not do it. Spending money and avoiding bills will just put you in a worse position for the future. Stay on top of your credit cards, budget, and spending with Geezeo to make sure that you are giving the correct answer when asked these types of questions.
Photo: Iván Melenchón Serrano


