Is Cash Okay?
Many times when I make a purchase I ask that in a joking manner. The sad thing is-- I am in the minority so the cashier usually gets the joke.
I know when we talk about paying cash in frugality circles, it is usually implied that you aren't charging it (racking up debt) but using saved cash-- even though the actual, physical transaction may be facilitated by plastic. However, I really do use cash (greenbacks) for purchases.
The funny part is I don't usually carry much cash-- I prefer $20 or less. Why?
- Avoids frivolous purchases
- I can and do ask for cash "discounts" (A real money saver)
- Never much to steal
- Makes me conscious of spending
- Because I have debit and credit cards if I need them
- I don't like ALL of my purchases tracked by Big Brother (I don't care if it's just a gallon of milk)
So when do I carry cash?
- When I am going to the grocery store
- When I have a specific purchase in mind
- When I am traveling
How much will I carry when I am carrying cash? About $200-300.
How much do you carry?
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Categories: Money Savers, Personal Finance, Credit, Frugality, Personal Philosophy
Tags: Personal Finance Frugality Purchase Decisions Money Savers Debt Frugal Credit Personal Philosophy
I never carry cash if I can help it because I tend to be in the minority of spending it much more frivolously when I carry it. A $20 bill will be gone the same day I carry it. Because I physically have to pull out the card, I am always conscious of what I'm purchasing. I don't know, I'm backwards that way.
In terms of when I carry cash, it's rare. I do carry cash at an amusement park because it is easier to have on hand and I also have a small amount of cash for when I am on campus as it's weird to pay for a bottle of water with a debit card. Beyond that, it's plastic all the way.
It's interesting that you should choose to carry cash when you travel. I've never much understood the reasoning people do that, at least not in the amounts you carry. What do you do if you lose that money or your wallet is stolen? Cash cannot be replaced, whereas cards can - and any discrepancies with the accounts can be cleared up. But, you are certainly not alone in choosing to carry cash; however, you are in the minority as you said.
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It is amazing how breaking a $20 bill can disappear if you aren't careful.
As for carrying cash when traveling-- you know you will have incidental expenses and I don't always know where the ATMs are in strange territory.
As for my wallet-- it is never out of my front (usual) or rear pocket and I have never lost one YET. The real secret is my cash is usually not in my wallet, but rather in my front pocket-- so stealing it will net a would be mugger virtually nothing.
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I just checked, and found 300 in my pocket. I use it where the credit card is inconvenient. But I don’t spend any more or less according to having cash or not. My challenge is always the big things, and I don’t pay cash for those anyway.
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