No Cash next year?

[icednightpaper]

While I still like the idea of cash, the convenience and benefits of credit has led me to shift to pretty much a cashless day-to-day. I don't even carry a purse anymore, just phone and ID+1 card since the U.S. is slowly transitioning to modern (contactless) payment methods. Although my ideal would be everything everywhere accepting cards, and cash as an option if wanted. It's an annoyance to have to pull out bills for the places that don't do card still. Then again, I am not someone who travels to places that are more likely to only do cash and it of course varies by person.

[Anonymous]

I carry very little cash. Usually less than $10. When I travel, I take about $20, unless I know I need to tip for something. I even use a card to buy a candy bar, everything. I've had $3 in my wallet for the last two weeks. It's still there. 

Every once in a while, you can get stuck. You can run into a merchant or organization who takes cash only. I either had to go get cash, use PayPal if they take it, or do without. I've never been in a situation where I was totally screwed, but it can happen.

You can always test the situation yourself by carrying $40, and see how long you can keep it in your wallet. Then when you become more comfortable, scale it to the amount you think is best. And see how you can deal with having to get cash or doing without. 

[Anonymous]

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@gdale6 wrote:
Cash is always king, I carry it at all times as you never know when there is going to be a power outage or other disruption to electronic systems. I would not advocate going completely cashless in your wallet.

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This reminds me when I was in a restaurant and finished my meal. Then the electricity went out. I had a $20 gift card and $3 cash.  My bill was $40. I was told I had to wait to pay the bill. I said no way. I have to go. This is a $20 gift card which I'll leave and $3 cash, and that's all I can do. I'm sure I'm not the only one who couldn't pay with cash. They needed to have a backup in place. 

Another situation, went to a golf course. System was down. Couldn't pay. I said I'll stop back after #9 to see if your system is back up by then. They were not. But they were able to use the card imprint system from the 70s lol. They had to write the number in since my card # was on the back. 

Surprisingly, 10 minutes later my text alert went off. They went onto the Internet to type transactions in. They were still down when I was done.

[Anonymous]

We did the cash is king route for everything until last year.  We both keep some cash in our vehicles and I keep some in my purse for kids field trips and what not.  I treat CC's like a debit card and make sure each swipe fits within the budget so the transactions get paid every other week.  I'm getting better with using more cash back sites like nfcu's members deals and AMEX offers, etc.   Going the cash route has taught me that if I don't have the cash for it, we don't get it and I still use that methodology when using CC's.  We rotate cards so that each card is used and maximize any special promo periods. 

I still feel the need to have cash physically on me albeit not as much and still need to stay within a "cash budget" when using cards. 

[CA4Closure]

I keep $50 cash in my car in case I forget my wallet at home and need cash to buy gasoline or lunch. At home, I keep $5,000 cash in my safe for emegencies like if an earthquake hits or if the ATM doesn't work due to fires, storms, etc. 

But everything else goes on my credit cards. I have a dozen credit cards but I favor those cards that treat me right. NFCU is my main driver and gets the lions share of spend. Food and entertainment is NFCU Go Rewards AMEX. Firearms, ammunition and accessories all goes on my Discover card. Boating and aviation fuel goes on my Citi Costco card. 

[dlister70]

The vending machine at work sometimes has it's credit reader go down, and I'll use cash for it when that happens.

My hobby is shooting, and a lot of the outdoor ranges don't take credit so you usually have to pay for matches in cash.  

Those are the only two things that I can recall using cash for in the past year.  I just checked my wallet and there's $71 in there.  I forget about it being there, and it just stays there for months.  But it's nice to have if needed.  No need to shoot yourself in the foot by not having at least a $20 or $50 in there since it's thinner than a credit card and pretty much universally accepted.

[Dalmus]

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@tparks5961 wrote:
I've been slowly making that transition to only use cards.. but there have been 2 recent examples where I could have used cash.

#1 I forgot my wallet and figured I could use apple pay, ordered my food and they didnt accept it. I had to leave the restaurant.

#2 I recently had a pedicure, and paid for the service with a card. I asked if I can put the tio on the card and look lady with. Look of horror on her face said cash would be better for her. So I'm assuming she gets cheated out of her credit card tips. I had to find an atm and return to th shop.

So now, I'll always carry $20.

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 Cash tips are best.  When you tip via credit card, it becomes reportable income and is taxed.  Not to mention a low-income person might count on cash tips for daily expenses like dinner for their kids.   Putting it on the credit card means them get less of that tip AND have to wait until their paycheck for that pay period.

[OmarGB9]

I typically forget to carry cash, but I'm going to start carrying, say, $50 for emergencies/cash only situations.

[randomguy1]

I carry a small sum of cash due to visiting ethnic restaurants that have a credit card minimum or are cash only businesses. Also I believe in having emergency cash on me.

[j615]

Although I prefer and use CCs over cash, I always carry some cash. For the random occasion cards aren’t accepted, or maybe to tip someone.

Also, small businesses at times will cut you a noticeable discount if paying cash. It doesn’t happen often for me but it has worked for me and the savings were much better than what I would’ve received back in points/CB.