Cash like water

[LivingAlmostLarge]

This weekend I had a great time in NY. BUT a lot of places we went too only took cash. So of course we hit up the ATM. Took out about $280 and I have very little idea where it went.

This is unusual for us because we're CC people and never use the ATM. NEVER.

Cash comes in the form of $40/month allowances for fun. And we never track it other than $40/month.

But this weekend I had a eye-opening revelation, and wow was it painful.

How do people just go to the atm and keep pulling out cash? And spending it? I mean you have this money burning a hole in your pocket? And you think well, I have more.

Or I can spend it, and suddenly it'd be really easy to be in debt because my mortgage would be due, etc, etc and I had spent all my cash in my checking account.

As it was I still have to figure out the weekend's damage. I know we spent $120 on a broadway show and $30 on food at a restaurant. But otherwise I am not sure where $100 went? It vaporized literally.

[disneysteve]

Where did you go in NYC that only took cash? Other than a corner hot dog vendor or a street fair vendor, I don't think I've ever been anywhere in NYC that didn't accept a CC.

[gamecock43]

I understand the concept of money vaporizing out of your pocket. Usually nights where that happens involves alcohal. I walk into a bar with a crisp $50 bill, I buy a drink for myself and a friend, we get our next 2 drinks paid for by 'new friends we suddenly meet', I buy a last drink for myself-go home, the next morning I dig into my pockets and pull out $1. Where did it all go? Did I tip with 5 dollar bills? I cant figure it out. So I understand your pain.

[LivingAlmostLarge]

Carnigie Deli, TKTS (120 for the broadway show, cash only and we saw Avenue Q), small hole in the wall noodle join, hole in the wall afghan places.

We usually go to random places that look awesome or suggested by people.

They said cash only. We also ate 2x at halal carts, and bought soda/water as we were out and about all day.

[Snave]

[quote=LivingAlmostLarge;170270]

How do people just go to the atm and keep pulling out cash? And spending it? I mean you have this money burning a hole in your pocket? And you think well, I have more.

Or I can spend it, and suddenly it'd be really easy to be in debt because my mortgage would be due, etc, etc and I had spent all my cash in my checking account.

QUOTE
We use strictly cash unless we have to use a cc. I guess it is the glass half-full or glass half-empty theory. It depends on how you look at it. We feel the way you do about cash towards credit cards. If we use a cc, then how do you know if you are overspending or not. My cc has a huge limit. My checking account doesn't. I know I have to stop or there will be no more cash. I could ring up 10k on my cc and there would still be another 10k waiting for me to spend. We don't hit the ATM all the time, however. My wife takes out cash at the bank (teller, not ATM) at the beginning of the month that is budgeted for groceries, fun money, etc... Believe me, when it is all the cash you plan on taking out for a month, you are very judicious in how you spend it.

[Ariadne]

It sounds just like my FH. For him, it's just different reasoning.

I'll give him $200 to put towards the line of credit, then he'll run into a situation where he feels forced to pay cash or credit. Of course, he thinks it would be better to pay for the item with cash, rather than put it on credit. He really should be thinking "do I need this thing?"

Saving money is important, but having an enjoyable life is also important. Sometimes people's judgment gets clouded and they forget what their true goals are.

[LivingAlmostLarge]

Because I look at the bill and say I spent $120 on tickets today. It's real there is a reciept! Also with a credit card I can say I spent $40 eating dinner. When you pay cash you get no receipt pretty much.

Or if I didn't have cash, DH and I would have suffered without water and drinks until we went to a store that took CC. With cash in our pockets we stopped at vendors and bought food (Something WE NEVER DO).

We know to the penny how much we spend in one day. And because we never carry cash, we have pretty much 4 x 52 = 208 no spend days out of 365 days a year.

We eat out friday night, Saturday shop, and Sunday groceries. Usually it's Saturday eat out and Sunday Groceries!

So I can track to the penny our spending. It's only 2-3 days a week!

But the cash is just burning. And we stop for stupid $1 soda, when we would never buy stuff on a credit card. It stops a lot of impulse purchases.

DH won't let me buy candy from a store, like chocolates because I want one piece. But I gotta agree I look pretty stupid whipping out plastic for one truffle. If I have cash I'll do it. But if not well then I don't spend that buck.

I should add we just pulled cash out without budgeting at all this weekend. We knew we were fine with whatever we spent, but it's ridiculous to run through that much cash. We never spend like that on a credit card.

[disneysteve]

Originally Posted by LivingAlmostLarge

Or if I didn't have cash, DH and I would have suffered without water and drinks until we went to a store that took CC. With cash in our pockets we stopped at vendors and bought food (Something WE NEVER DO).

And we stop for stupid $1 soda, when we would never buy stuff on a credit card. It stops a lot of impulse purchases.

I look pretty stupid whipping out plastic for one truffle. If I have cash I'll do it. But if not well then I don't spend that buck.

You are looking at it as an either-or situation. I don't think that is true for most people. I use my CC for almost everything, but I still always have cash in my wallet. Sometimes, you just need cash, usually for little things, donations, yard sales, making change at the office, stuff where a CC just doesn't work or isn't appropriate.

I agree that it is far easier to track spending with a CC, but not everyone can work that way for whatever reason. I think Snave is right that it is easier to get into trouble with a CC if you aren't careful. If I have $100 cash, the most I can possibly spend is $100. If I have my Visa in my pocket, the most I can spend is $32,000 if I'm not paying attention. Add in the 3 other cards we carry, and we could spend nearly $100,000. Of course, if you aren't going to pay attention to your spending, you've got no business owning a credit card.

[disneysteve]

By the way, how did you like "Avenue Q"? We saw it last summer and thought is was hysterical.

[LivingAlmostLarge]

I thought it hysterical. We were debating seeing young frankenstein but decided not two nights in a row. Instead I wanted to see Sex and the City in the City, but it was sold out.

Never carry cash for small things. Often we end up scrambling for cash and going to an atm if we really need it.

Although going to an atm is sure easy. Funny, we had to try 3 atms in a row because they were out of money????

[MonkeyMama]

I know, I can't imagine going anywhere and paying cash.

I think like you - I just hate cash. But I understand many people have a hard time with the infinite amount they can maybe spend on their credit card. It just personally annoys the hell out of me to keep track where it all went.

Likewise, we spent little cash on vacation but I found our money vaporized anyways. Usually I look at Quicken every day or so. Which I don't have that luxury on vacation - nor do I want to track every dime, on vacation. But I have to write it all down and try to keep it under control orelse it does start to vaporize.

Sounds like it was fun!

[rennigade]

Theres a restaurant in chinatown in DC that only accepts cash. They have great chinese food but it sucks you cant use a cc. My guess is then they only have to claim a small amount of what they actually bring in.

[disneysteve]

Originally Posted by rennigade

Theres a restaurant in chinatown in DC that only accepts cash. They have great chinese food but it sucks you cant use a cc. My guess is then they only have to claim a small amount of what they actually bring in.

Could be that. Could also be that they don't want to give 3% of all sales to Visa and Mastercard. Same reason the car dealer wouldn't let me buy our last car with my CC and the caterer for our daughter's Bat Mitzvah wouldn't let me pay with my CC.

[LivingAlmostLarge]

Carnigie Deli is well known and only takes cash. And lot of restaurants that are small hate paying fees for the transactions of VS or MC.

I try to track the cash, but with two people spending it and my DH's mentality of well I have it and I can spend it, it doesn't work. He isn't a huge spender, but seeing cash in his wallet is like a green light to go.

CC make us honest. We actually have to sit there and say well do I want that $1 pop?

[PrincessPerky]

Different strokes for different folks..I prefer the CC because my cash mentality is 'free money' the cash we use is gift money..so we don't mind wasting it.

If I had to switch to cash for all purchases (groceries and the like) I would have a hard time keeping track and remembering just how much I could spend and how much I needed to keep around.

One thing I love about vacations with kids...I carry a 'diaper bag' (backpack) no one questions why we carry spare water bottles with us all the time! I figure it saves a huge amount on the water you need while out walking and sightseeing and the like. (not to mention lunch can fit in there too as needed...specially since all my kids are daytime pted..so no diapers supplies really needed!)

[moneybags]

Originally Posted by disneysteve

Sometimes, you just need cash, usually for little things, donations, yard sales, making change at the office, stuff where a CC just doesn't work or isn't appropriate.

I don't make cash donations anymore, now that they aren't tax deductible.

[disneysteve]

Originally Posted by moneybags

I don't make cash donations anymore, now that they aren't tax deductible.

I only make little token donations with cash, like buying a candy bar for $1 to support the soccer team or a $3.50 for a box of girl scout cookies or something like that.

[tripods68]

I know what you mean.

As for us, both DW and I carry $300 each every month (mvelopes) to spend on whatever. We try to stick to this budget. We do it this way to avoid using debit or credit card regularly. So far it has worked well. We both set on daily limits to curtail 'wild' spending. But on short trips like SF or Monterey for a day or weekends, we have another account that we access (Vacation Fund) that pays for all the foods, gifts, tickets, overnight stay etc. Whatever we don't use, it goes back to the account.