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You are here: Home / Podcast Episodes / 017 MPSOS – Living Without Credit Cards Pt1

017 MPSOS – Living Without Credit Cards Pt1

By Steve Stewart on May 19, 2011

017 MPSOS – Living Without Credit Cards Pt1

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Photo by DemosphereAmericans are dependent on their credit cards. But you can live without credit cards, it just takes some time and effort. In this episode we talk about the very first action step you need to take. It’s the hardest step to take, even though the action is very easy – it’s just hard to stick to it. We also discuss a solution or substitution on what to do instead of using plastic by talking about how the envelope system works.

Holla From The Impala: Leaving money on the table is NOT smart money management.

 

About Steve Stewart

Hello. My name is Steve Stewart and I HATE YOUR DEBT MORE THAN YOU. I believe everyone should be rich so they can help others in times of need. Life is too short to be this broke! Let's work together on designing a plan for your house of financial freedom. Don't be afraid to reach out to me - I'm here to help answer your call for help (S.O.S.) with a MoneyPlan.

Reader Interactions

Comments

  1. Emily R. says

    June 17, 2011 at 2:04 pm

    In response to your question about what sense it makes to plan to have a large tax refund:

    It totally doesn’t make sense to loan the government money interest-free. But it also totally doesn’t make sense to, per the Dave Ramsey Baby Steps, pay off your smallest debt first instead of the one at the highest interest rate. But clearly some people (like you) endorse the debt snowball method because of the psychological advantages of having an early “success” in paying one debt off completely. Maybe for some other people there is a psychological advantage to getting a large tax refund that they can put in a lump sum toward something like debt or a vacation and have some sort of “success” in completing that action. I don’t think either attitude makes sense but I recognize that it works for some others.

    • Steve Stewart says

      June 19, 2011 at 11:29 pm

      Thanks for the thoughts Emily! And what you said about paying off the smallest debt first shouldn’t make sense – but having to climb the biggest portion of a mountain before getting to the first rest spot wears folks out and they quit. That is why I do believe beginning the climb and reaching that first outcropping is so important – to keep people going.
      I know, the math doesn’t work that way. But personal finance really isn’t math, is it? It’s harder than that.

Trackbacks

  1. JW’s Financial Coaching Podcast-”Living without credit cards” with guest Steve Stewart of Moneyplan SOS | JW's Financial Coaching-Giving you a new perspective on your money! says:
    June 30, 2011 at 7:30 am

    […] coach Steve Stewart of MoneyplanSOS.com. We discuss a series he is doing on his own podcast titled “Living without credit cards”.  Steve has a four step process to start living without credit cards.  We break down each step […]

  2. sos043 Top 11 of 2011 says:
    November 20, 2015 at 6:42 pm

    […] #22: Living Without Credit Cards Part 4 (also Part 1, Part 2, and Part […]

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