My daughters have not used cash in college at all. I only use it for tips at my salon and at hotels. I have “trained” my kids how to use Credit Cards: daily updates on balance, balance paid in full weekly (unless interest rates rise dramatically) these to is me are the best way to avoid overspending with credit cards).
Today I went to lunch at a " fast casual" place and discovers that they do NOT even take cash.
How dependent are all of you and your kids on cash? How do you feel about the increasing number of places that don’t take cash?
We have several local business that only take cash and its always been that way. I’m okay with it. When a mom and pop business is trying to operate on thin profit margins, the credit card fees eat into those. I haven’t noticed an increase in my area.
On the other hand, I also have encountered a few businesses, like restaurants, where if you are paying cash you need to pay at the register but waitstaff can take your credit card at the table. My guess is they don’t trust all their employees.
I don’t use cash that often but I do think it makes many people more aware of what they are actually spending to pay in cash. I know my kids use both cash and credit cards.
Why pay CC balance weekly? Just to be on the safe side budget-wise? We always pay in full and never run a balance on our credit card but only pay on the due dates.
I always use cash for tipping drivers, they aren’t going to take a credit card for $5. Try to use my credit card for everything, but sometimes you run into cash only situations. Kids use a mixture of cash, ATM and credit cards.
If a cc has a very low limit, it might make sense to pay off the balance weekly. I paid our balances very often when we were going through our remodel projects! I just wanted to get those Costco cash back $$, so everything was charged to that card. The rebate amount was… huge.
A person at a consulting company I was doing work for last year offered to take me out to lunch. She picked a Thai place near our client. Got there and figured out they don’t take cards! Luckily I had cash, so we didn’t have to wash dishes to pay for our lunch. I always carry some cash. But I don’t lug around my checkbook any more.
I carry some cash for the occasions like those described above. I also have my checkbook because it works as a nice shaper for my WOC! Without it, it looks too flat. I also ran into some contractors that would not take cash or cc - checks only.
I pay my cc weekly because I think it makes one more aware of spending. I would reconsidrr if interest rates ever rise to the level that leaving it in the account makes any kind of material difference.
I have no problem with cash only businesses. But wonder how people feel about places that will not take cash. Several new “ fast casual” like Epic Burger and Sweetgreen chains will no longer accept cash at all. There are certainly arguments that this adds to inequities but it may be the wave of the future. I believe Massachusetts is the only State that prohibits no cash businesses.
I’m awful about having cash. I do feel for those employees who used to rely on cash tips as their earnings have decreased. I read an article about how doormen in NY used to make a pretty good living but their tips have decreased in recent years.
Personally, I think it’s just easier to pay the statement balance monthly. As long as your balance is paid within the grace period, generally 20-25 days after the billing cycle closes, there is no interest. I’m more concerned about which card offers the best reward. I have no idea what interest rates are currently associated with my credit cards.
I rarely have cash, but do pay my stylist in cash. I know she isn’t reporting all income and it bothers me, but it’s more important that she do a good job on my hair;)
I tip in cash and try to pay cash for things under $20 because I carry balances on my cards. The only difference is I am right now trying to get airline mile points before I give up the card when it renews and charges a yearly fee, so I’m putting almost everything on that card, although I still tip in cash.
There’s a new Amazon bookstore by my office. I haven’t been in it yet but my friend said they don’t take cash, even at the coffee bar! I don’t know that I will ever go in.
I pay cash for small purchases, credit for things I want to have a record of, checks for businesses that won’t take credit for large purchases or transactions (e.g., a dog-rescue organization), and debit for large groceries purchases (e.g., more than $50 or if I don’t have cash).
Everyone should have some cash. Think power outages!
Goskids rarely carry cash…even when traveling. Drives me nuts. My big fear is what if there’s a power outage? What if servers are down? They just don’t think it’s an issue. Between credit cards and Venmo, they feel they are covered. I admit I rarely carry my checkbook anymore, and I try to use my cc’s to get the cc benefits, so I don’t carry as much cash as I used to …but at bare minimum, I have the emergency $20 that I do. not. spend. unless it’s a true emergency.
I mostly use credit cards but will use cash for small transactions. Kids do a combo of cash, debit and credit.
I taught them to pay their card off immediately after they charged something. For some reason my kids have a disconnect with money, I think because they don’t ever get physical money. Their pay is direct deposited, they don’t even get the stubs, and they don’t check their stubs on line to make sure they’re accurate, drives me nuts! But I didn’t ever want them to spend more than they had, so I taught them to use credit as a convenience but to always pay it off right away. As they mature and start working in the real world I’m sure they’ll pay once a month.
I’m not sure how I feel about a cashless society? I don’t think I"d like that. I want the option to use cash if I want.
I tend to spend less when spending cash. Would not be in favor of “no cash” places unless it was a fairly unique circumstance. We do use cards, too, but it’s nice to have the option.
We use a combo of CCs, cash and checks. Our kids use CCs, Venmo, Debit Cards and cash. It works for each of us and none of us carry any balance nor pay any interest nor late fees. S is the king of getting the best rewards from his CCs—we don’t come close but enjoy what we do get. We like $$$ back from CCs as well as Chase sapphire points, which we use to buy D airline tickets.
I always keep at least $100 cash in my wallet. But I seldomlly have to replenish it. I do pay the woman that cleans my house every other week in cash. I pay my hairdresser by check but tip in cash. ( Haha. I often find that when I pay my hairdresser by check, the last check I wrote was also to her 5 weeks before.) I also carry cash for small dollar purchases and emergencies that may require cash.
H and I were just discussing how all we have in our wallet are $20 bills because that is what you get from an ATM. Since we rarely use cash for purchases, we don’t have 5,10 and siingle dollar bills needed for things like tips. We often have to get a bunch of singles and fives before we travel.
Our local and large food store chain takes debit cards only, cash or check to enable lower prices. My Ds sig other had to abandon a cart when he first moved to town.
I have started paying cash at a few local establishments, one being a bakery where the option to tip is part of counter service with the Ipad. No, I don’t want to tip for your 30 seconds of grabbing my croissant and bagging it, and don’t like the pressure to do so. Cash avoids certain issues at times.
I also like to tip with cash for servers and haircuts, and need cash for garage sales. But otherwise, I am a points card person, and charge as much as possible.
Without it, it looks too flat. I also ran into some contractors that would not take cash or cc - checks only. 