Kitchen Reno & Banking Update
It is time to update on two previous topics:
Kitchen Renovations
1. Paint lower cabinet interiors.
2. Repair one warped cabinet door.
3. Repair the ceiling around new pendant lighting.
4. Re-stain kitchen window castings.
5. Install new blinds/drapes.
6. Replace current garden door with something more aesthetically pleasing and energy efficient.
7. Add high stools at peninsula overhang.
Banking in the Now
In September of last year, I was compelled to drastically reduce the use of our credit cards, even though we paid off our balance at the end of the interest free period (and received free stuff as a bonus). We switched to using debit cards, cash, and cheque. So, how has this influenced our day-to-day banking?
First, we track our bank statements more closely. Since we do not want our account to go into over-draft, we account for every dollar spent by our family (and we keep an emergency float in our account for unexpected expenses). While this means more work on our budget during the month, it does translate to less work at the end of the month. The reason being, at the end of the month all our bills and expenses are paid because they were debited directly from our account. Therefore, we can plan for the month ahead instead of paying a credit card bill for the transactions that occurred in the past. I find this liberating.
Second, we have learned that our Visa-Debit card is useful for all debit purchases in Canada, all foreign exchange transactions thus far (I used the card once in Seoul, South Korea and we used it many times in the States last summer), and many on-line sites. However, over-the-phone transactions and some on-line sites in Canada (e.g. hotel reservations) still require a credit card. This has influenced us to retain our credit card for such situations.
Third, since we still need to keep our credit card for the time being, we may switch it over to a no-fee, no-reward credit card by next summer (our card was just charged the annual fee). And since we are not racking up as many points as we used to, I do not want the pressure (or temptation) to use the card unnecessarily. True, we are not getting “free stuff” anymore. But I think I am okay with it, as it was never free anyway (it costs someone somewhere something).
Kitchen Renovations
2. Repair one warped cabinet door.
3. Repair the ceiling around new pendant lighting.
4. Re-stain kitchen window castings.
5. Install new blinds/drapes.
6. Replace current garden door with something more aesthetically pleasing and energy efficient.
7. Add high stools at peninsula overhang.
Banking in the Now
In September of last year, I was compelled to drastically reduce the use of our credit cards, even though we paid off our balance at the end of the interest free period (and received free stuff as a bonus). We switched to using debit cards, cash, and cheque. So, how has this influenced our day-to-day banking?
First, we track our bank statements more closely. Since we do not want our account to go into over-draft, we account for every dollar spent by our family (and we keep an emergency float in our account for unexpected expenses). While this means more work on our budget during the month, it does translate to less work at the end of the month. The reason being, at the end of the month all our bills and expenses are paid because they were debited directly from our account. Therefore, we can plan for the month ahead instead of paying a credit card bill for the transactions that occurred in the past. I find this liberating.
Second, we have learned that our Visa-Debit card is useful for all debit purchases in Canada, all foreign exchange transactions thus far (I used the card once in Seoul, South Korea and we used it many times in the States last summer), and many on-line sites. However, over-the-phone transactions and some on-line sites in Canada (e.g. hotel reservations) still require a credit card. This has influenced us to retain our credit card for such situations.
Third, since we still need to keep our credit card for the time being, we may switch it over to a no-fee, no-reward credit card by next summer (our card was just charged the annual fee). And since we are not racking up as many points as we used to, I do not want the pressure (or temptation) to use the card unnecessarily. True, we are not getting “free stuff” anymore. But I think I am okay with it, as it was never free anyway (it costs someone somewhere something).