How Your Wallet Can Help Cut Spending

An organized wallet is a great money saver, and can help monitor and control spending and fees. Here’s why:

  1. Most people spend more money with credit than with cash. By limiting the amount of available credit cards, you can be sure to consider purchases in a more objective manner.
  2. Make sure you’re using the right cards. Regular inhabitants of your wallet should not have an annual fee. Interest should be low (around 11%), and reward cards should have a minimum of 1 point per spent dollar. Do your research and find the best fees and interest rates- and tell your current company you are switching. Many will match the deal you’ve found to keep you as a customer.
  3. Store cards have high interest rates, so make sure you frequent these stores before you commit. Once you do, pay attention to statements, pay bills on time, and carry the card on you in case of an impromptu shop.
  4. Withdraw more cash when you visit an ATM. Most people don’t realize how expensive it can be every time they take out money. Minimize these costs (which average $2.40 per withdrawal) by predicted your cash needs for the upcoming week and drawing money accordingly.
  5. Carry bigger bills. A study has shown that shoppers are less likely to spend if they need to break a $20 or $50 bill. In general, people spend less cash than credit because of the keen ‘pain of payment.’


James Fishman has been involved in the world of online magazines for more than 15 years. He helped launch Sunstone Online and continues to improve the magazine as site editor and administrator. His writing focuses primarily business and technology. To be in touch with James, feel free to contact him at james[at]

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