In this video I want to share a quick hack I personally use to reduce my expenses by 20% on an ongoing basis. The bottom line: use cash instead of credit cards. No need to watch the video folks.

By Stock Chat

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35 thoughts on “Why i stopped using credit cards as much as possible tom nash”
  1. Avataaar/Circle Created with python_avatars IgorL says:

    Not for me. I never overspend.
    I have 2 CC and use them specifically for cashbacks. Paying off not only on time, but 2-3 times a month. Never paid interest on CC. FICO score is 810.
    Haven't been using cash for many many years.
    I do agree, though, people with impulsive spending habits MUST avoid CCs.

  2. Avataaar/Circle Created with python_avatars ajay says:

    As an indian who uses only a debit card that too is given by government I don't understand this problem.

  3. Avataaar/Circle Created with python_avatars A Bou says:

    One-to-one reinforcement, behavioral conditioning.

    2 cards, grocery deliveries and distance purchases, paid off fully each month. (Only cash rebate on purchases cards.)

    Live frugally. Invest savings earned by frugality. Anyone can do it.

  4. Avataaar/Circle Created with python_avatars Kenw K says:

    I love using credit card which has 2% rebate

  5. Avataaar/Circle Created with python_avatars TakeMyCrabs says:

    That only works if you're spending your own money.

  6. Avataaar/Circle Created with python_avatars Anthony Hamer says:

    Sound financial advice!00%, I have one credit card that is paid off in full by direct debit every month, credit card debt is harder to get rid of than herpes!

  7. Avataaar/Circle Created with python_avatars Sam Dean says:

    I know that I’m speaking as a business owner. This makes my use case different. The fraud protection and points justify me running the majority of expenses though CCs.

    With that said, no one should be using credit to buy things that are discretionary. It’s fine to have a bill or two on a CC to build credit if you can keep up with it. Other than that….. absolutely get out from under it and stop using it.

  8. Avataaar/Circle Created with python_avatars Kevin Lavigne says:

    I have had only 1 credit card for about 10 years. I only use it for online purchases, groceries and gasoline and its paid in full every month.
    Everything else is paid in cash.

  9. Avataaar/Circle Created with python_avatars Noel Madrid says:

    Tom, I hear you on the psychological effect of handing over cash to pay for things. That said, I use numerous credit cards that I've set up to have the entire balance paid via auto-pay each month. Some benefits of paying for expenses with credit cards (especially recurring bills such as internet connectivity) are receipt of 1% – 5% rebates, receipt of points for flights and hotel stays, and further establishment of one's credit history. Yes, it requires discipline, but if one can learn to live well beneath one's means, I think it's important to build a solid credit history. FWIW, my credit score hovers between 847-850 and this has allowed me to procure better rates and underwritten preapproval for mortgages.

  10. Avataaar/Circle Created with python_avatars Michael Hazen says:

    The crazy thing more places are going “cashless” so I feel like it’s going to be harder and harder to pay cash on purpose.

  11. Avataaar/Circle Created with python_avatars Buck McAntlerson says:

    He's not wrong, ya know. When I was balls deep in debt reduction I did cash in envelopes for everything.

  12. Avataaar/Circle Created with python_avatars CrikeyWho says:

    You’re wrong about the chips in the casino. You should pay a visit to the casinos here in Poipet and watch the cash games.

  13. Avataaar/Circle Created with python_avatars Smiley Stevie says:

    Great, tips, Tom. Pay cash for stuff you really need.

  14. Avataaar/Circle Created with python_avatars Mark Pickenheim says:

    This

  15. Avataaar/Circle Created with python_avatars Christian Jordan says:

    Tom what do you think of Disney as a takeover target? I keep looking at this company and its like the management has literally tried to destroy it from the inside?!

    I mean seriously just in IP they bought Pixar, Marvel, Star Wars and Fox for 100 billion! Disney Plus despite some horrible original content is approaching 100 million users. And of course their Amusement Parks have basically been idle for 2 years.

    But looking at macro conditions there is going to be alot of pressure on the market for the duration of Biden's Administration. Just in market fluctuations a price of 150 a share is very possible before 2023?

    This company is asset rich, has an excellent balance sheet and vigorously reduced debt after the Fox Takeover to around 40 Billion.

    I seriously think that some disaffected viewers sick of all the WOKE bullshit could put together a consortium who says let's buy it and get back to entertaining people!

    Personally they are worth at least 350 billion but if it was me I'd dump sports it's nothing but a money drain and the contracts with the NFL, NBA and NHL etc are simply not worth it.

  16. Avataaar/Circle Created with python_avatars tomo b says:

    I blow true cash like mad hard to get more than 1 credit card in Ireland 🇮🇪 not as easy as America to run it up

  17. Avataaar/Circle Created with python_avatars C PS says:

    I got 3 cards. An Amex for work, two visas. I plan to cancel one of the visa and apply a master so I have three different benefits. Rule of thumb is to clear the expenses every month. No exception then you will not overspend.

  18. Avataaar/Circle Created with python_avatars Joey says:

    But you don’t earn cash back when you use cash. I use my rewards to cover utilities bills, purchases, etc

  19. Avataaar/Circle Created with python_avatars Dad Austin says:

    2 cards pay balance due and don’t pay interest, you get the stmt time and 30 extra cash flow doing this,,, plus earn rewards.

  20. Avataaar/Circle Created with python_avatars Nick V says:

    Don't agree one bit. If you have discipline, you can make the credit cards work for you instead of the other way around. I have 10 credit cards that paid me bonus cash back for signing up;. I have made thousands in cash back over the years. Once I get the bonus, I put the card away and never use ot again. I continue using the card with the best cash back award and pay in full every month. Its that simple.

  21. Avataaar/Circle Created with python_avatars bullwhipjesus says:

    I have one credit card but I 100% pay it off every month. I don't buy anything unless I buy it without financing it, except for cars and a house.

  22. Avataaar/Circle Created with python_avatars Ray Arias says:

    Tom, a close friend of mine & his wife, paid everything w/cash. Had good paint jobs in Chicago. They moved to
    Ky & went to buy a house, had a hard time finding a Bank to get a mortgage from because they had no credit record. In America, you have to be broke or live from pat check to pay check, then they really want to give you all the money. My wife and me have 2 C.C. CHARGE VERY THING(get the perks) & pay our bills in full. Yes I used to have about 10 C. Card at one time and cut all, but 2. “Your advise is wise”

  23. Avataaar/Circle Created with python_avatars Nick Gub says:

    FACTS bro!!!
    And no Amazon purchases

  24. Avataaar/Circle Created with python_avatars ShorterMama says:

    I think you have to know yourself. For me, I've lived on a budget and tracked expenses for decades. It hurts worse when I put expenses in my budget software and see budget categories go down. When I have cash on me for some reason, it feels like "free money," because it won't hit any of my budget categories. I'm far more frivolous and way worse at tracking cash than debit. (PS – I also haven't had credit cards for decades, so I'm only using debit and seeing each expense hit my account.) (I like having a record through my bank account of how I spent my money.)

  25. Avataaar/Circle Created with python_avatars synncmaster says:

    I was shocked when Tom said he has “ONLY” 3 credit cards. Retail debt situation in the US must be bad.

  26. Avataaar/Circle Created with python_avatars Vay Chong says:

    I concur…. I do the same only limit down to two credit cards and always one credit card with 0 APR and make sure it's paid off at the end of thr 0 APR promo.

  27. Avataaar/Circle Created with python_avatars bmbm365 says:

    Credit cards are the best I love them. Every transaction delayed by a month and comes out after pay day. All my purchases protected, and great offers on things in going to buy anyway. I won't hear a bad word spoken about credit cards.

  28. Avataaar/Circle Created with python_avatars Greg F. says:

    Van down by the river

  29. Avataaar/Circle Created with python_avatars Abdul R Watches says:

    I totally agree, I use to always use cash and I transitioned into cards due to the cashback and miles. But my expenses went way up and even when my income went up it was going even higher. I am switching back into cash as the cashback rewards are now almost halved and the fees are getting also higher. Thanks Tom 👍👍

  30. Avataaar/Circle Created with python_avatars Mark Potochnik says:

    >I did that over a year ago. Paid off CC a year ago. My mac busted and had to use cc to replace it. I will sell 2 shares of TSLA to pay off CC. Debt free.

  31. Avataaar/Circle Created with python_avatars Angsty Rossini says:

    I haven’t used cash since July 2020. $20 note in my wallet untouched since then. Most places I visit only accept digital payments. I ruthlessly track my spending and only buy planned items.

  32. Avataaar/Circle Created with python_avatars Rob Stewart says:

    Excellent advice! Learned this decades ago. We even give ourselves each separate weekly cash allowances to spend on food, and once we are out of money, we can't eat out anymore till new allowance time.

  33. Avataaar/Circle Created with python_avatars Jordan Sleddens says:

    You really should teach people about having the first card and have it auto pay a bill you pay in cash or checking anyways then have that credit card last statement balance get paid buy your check card easy way to build credit bro.

  34. Avataaar/Circle Created with python_avatars D.P. Adams says:

    So true

  35. Avataaar/Circle Created with python_avatars Silver Wings says:

    I did that. As a retired Airline Captain I fly free the rest of my life on Standby. So I have an Amex card for hotel points. And I have a few points!!!! I have a BOA Visa
    for the places that do not take Amex. And then the ATM Card for getting Cash. I only have a small mortgage I will pay off soon. I learned the hard way a while back
    about creeping debt consuming my life. I feel for those that are trapped with CC Debt and interest rates that should be illegal. Everyone…..Be Careful ! Tom Is Right !!

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