Automatic Theft Machines

Did you know how bad ATM machines are? The debit card itself is bad, too.

According to The ATM Connection, "ATM customers spend an average of 20-25% more than non-ATM customer." After reading this, I looked at my bank statement from this month. I scanned all my purchases and added all the expenses that would not exist if I did not have my debit card. The total: $178.22! (*gasp)

Also according to The ATM Connection, 60% of Americans ages 25-34 and 51% ages 25-49 use ATM machines 8 times a month, withdrawing an average of $55.00 per transaction. I have withdrawn ten times this month (and the month is not over yet). The only positive on that is I am no where near the average of $55 per transaction. Instead I average $17.82, which is still ridiculous considering my wife and I just had a small argument on how to save up more money.

Here is what I am going to do, starting today:

• Stop carrying around my ATM card everywhere I go
• Create a budget (which is something I should have done a long time ago
• Live off a set cash allowance and only that weekly amount
• Closely monitor my spending
• Transfer the average amount of money I would have spent into my 10%-of-my-pay savings account

I will post an update on the amount of money I have been able to save after one month of trying this.

Another reason to stop using an ATM card are the fees. Your bank may charge for usage, especially if you make a withdrawal at a bank, credit union, or private ATM machine. Also, the machine you are withdrawing from may charge you a fee. I have seen these fees as high as $4.50!

One of the only perks I see when using an ATM card is the itemized list your bank provides for tracking purposes. When you use cash, you really need to save receipts and log them down and track your expenses manually.

Stay tuned for an update!