Fore me, yes. I am putting everything on my Cashback AMEX, getting 1% cashback.
If you’re prone to overspending, it’s probably not for you.
Me, I am thinking long and hard about (before) any discretionary purchase, with the exception of food. On which I am not splurging wildly either.
I’m quite similar - though I am doing it with a credit card. I am paying off my credit card bills just before the 25th each month - at the end of my “fiscal” month, if you will.
Since I am putting (virtually) everything on my credit card, I see the monthly credit card bill as regular “feedback” on my expenses:
- Do I still have enough money on my current account to pay off my credit card bill? Good.
- Do I have money left afterwards? Great, I was frugal (or lucky). I transfer the remainder to savings.
- Do I have wait for the next salary payment on the 25th, to be able to pay it off? Oops, I overspent!