Carrying Cash It Just Doesn’t Make Cents!

16 Apr

Ahhh you see what I did there (in the title) with the clever use of CENTS instead of sense?  Yes hard to believe I’m not a professional writer isn’t it? 😀  For some time now it has stuck me funny when I see people paying with cash.  I understand there are some people that just don’t trust banks, love the feel of money in their hands, or just don’t feel comfortable in the brave new electronically connected world.  It’s all what we get used to I guess.  I mean that $1 bill isn’t worth anything but a promise.  Still if you have one you know that there is a very high likelihood that someone will accept it in exchange for something.  Although it wouldn’t be much of anything these days.

I work at a company that has literally thousands of employes and that’s just at this location.  They are professionals and I see at least half of them paying with cash.  I haven’t carried cash in five years, or longer.  I just don’t see the need.  There are places I find from time to time that won’t accept a debit, or credit card.  When I find those places I just say thanks and leave never to return.  Usually it’s places that sell food.

As I’m waiting for the person in line in front of me, to remove their cash and get the change from the cashiere, I have time to think… what would I have to do to have cash with me?  Well I’d have to go to an ATM.  That would mean I’d have to stand in line (or wait in a line of cars).  Take my debit card out, place it in the machine. Enter in my pin, select how much cash I wanted the stuff the money and card back in the wallet.

I’d have to do this at least every couple of weeks.  I wouldn’t have any electronic record of purchases I made.   I’d have to plan out how much money I would need for that time period, or risk having to go back to the ATM for more cash.  I like the idea of direct deposit, and just using me debit card as I need to spend money.  I save myself time, money, fuel, and it’s even safer for me.  Furthermore that is less cash that a business has to carry to the bank at night to deposit.  This means it’s safer for the person making the deposit.

One downside is the evidence available to the government, your spouse on how and what the money was spent on.  I’m speaking of taxes and various bad things that spouses can do with their free time.  Of course it could always be money a spouse spends on a gift!   I’ve asked a few people why they carry cash.  At least one person said it allowed them to control their spending.  The would budget how much money they would spend on food each week and take that much cash out for that food.  Usually lunches, but sometimes it was about grocery shopping.

When they were out of money they knew they were done until the next payday.  Don’t get me wrong, I think it’s up to each of us to decide how we want to pay for goods and services.  It just surprises me that with the ease of a debit or credit card that people still take the time to stop and get cash.  I’m sure there are several professions where cash is what you get, tips for example, drug dealers, etc… 😉  For those individuals cash purchases makes perfect sense.  I mean other wise you would have to go make a deposit then use your debit card.  So I do understand, take the path of least resistance.  Also it’s a plus not having anyone know exactly how much money you have.

So just curious.  Which one are you?  Cash or Debit, and why?


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