The only way that's really acceptable is the old fashioned way. Don't register and make sure your close family members and bridal party know you would like cash (preferrably spun with a goal in mind--a house downpayment, renovation, money for school, etc.) And for heaven's sake, nothing on the invitation and none of those tacky "money trees" or "dollar dances".
I certainly don't object to giving cash and I usually do, but I definitely mind a shakedown. I would think less of someone who came out and directly asked me for cash, for a few reasons. First, I would be obvious that they didn't have much sense of social graces, or were greedy enough to let that override their good judgment. Secondly, it implies that they're expecting a gift, and a valuable one at that. Finally, it pressures me and boxes me into a corner of what I would get them. Gifts should be given voluntarily--if they're going to demand cash upfront, they might as well just submit an invoice with the invitation.
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Money can't buy happiness, but it's like a half-off coupon.
If you are what you eat, I'm cheap, fast, and easy.
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