I’m sure all of us have been involved in a heated debate on what credit cards do for you and how they are a blessing in your life, despite countless experiences otherwise. After all, if everybody always paid off their credit cards in full each month, there would be no reason for the credit card companies to stay in business.
But, before I get too carried away with credit cards, let me introduce you to a card I’ve learned to cherish. The library card.
Some thoughts on library cards:
- Many people do not use them or even know about them because you can’t be pre-approved for a book limit from your local library. (Let’s face it, your local library is horrible at marketing to you.)
- You do not get rewards or consumer loyalty points. Every book, DVD, CD, etc. is free every single time.
- Library cards do not have an annual fee.
- You can extend the items that you have borrowed over the phone with no fees attached.
- If you don’t like something, just take it back and get something else. No questions asked.
- Cancel anytime, again, no questions asked (simply do not use the card).
- Library cards offer pure enjoyment and wide selection for free and with no hidden fees.
One of the greatest advantages of library cards is that if you love reading, or watching movies, or working out (yoga, pilates, etc. — i.e. – my wife), then this keeps you doing something you love absolutely free instead of having you go out and spend money. I have been one to justify spending money on books because I like to mark them up and underline and write notes in the margin. However, I have found that I only do this on few occasions if I’m really into the book. Here’s a good solution that I’ve come to: get a library card, get the book that you really want there and read it once. If you absolutely love it, and find yourself reading it again before it’s due, then consider purchasing the book yourself. I’ve found that it rarely happens. Usually there are less than 10 things that I would underline in an entire book. Those things I easily take note of in an application like Evernote or in a text file that I keep on Dropbox (access anywhere) for easy reference.
So why do I compare a library card to a MasterCard? It would be hard for me to tell you that I’ve gained more rewards, points, etc. on a credit card than I have saved using a library card. Library cards have an immediate and inherent savings. You use it and you don’t spend anything, but still get the same thing in return as you would have received had you used your MasterCard. Save yourself a buck and enjoy the same thing. Win-win situation for you.
A quick exercise. Lets say that the average book cost $20. You buy one book every single month for the next 50 years. In those 50 years, you would spend $12,000 on books. Not bad if you really love books. But lets look at it this way. You get a library card and instead of spending $20 per month on a book, you invested it in some mutual funds that return a conservative 8% over 50 years. In 50 years, you would have just under $160,000 sitting in investments. Just for using your library card instead of buying with your credit card. Does this help?
If you haven’t been to your local library recently or have no idea where it is, find it using this quick and easy online tool.
What are your experiences with a library card? What have you found that works?
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