Cash is no longer legal tender?

[Jaun22]

That is some serious evolution there. Without cash where will this lead with financial accountability.

[disneysteve]

That is some serious evolution there. Without cash where will this lead with financial accountability.

IMO, financial accountability is far easier using credit and debit because there is a paper/electronic trail. I can go online 24/7 and see exactly what I've spent on my credit card. No such record exists of my cash purchases. So it is much easier to stick to a budget and quickly see where I'm overspending by reviewing my credit card statements.

[simpleyme]

see I find that silly that credit is easier to track, I am present when ever I spend money LOL

and people also say but I lose money if I have it,come on , how do people that lose money by dropping all over the place find their way home at night ?LOL

people who claim that credit cards are great tools for the responsible should also be capable of using cash in a responsible manner

I could use credit for everything but find cash easier its funny how that irritates people

[disneysteve]

see I find that silly that credit is easier to track

people who claim that credit cards are great tools for the responsible should also be capable of using cash in a responsible manner

I agree completely. I never said I couldn't use cash responsibly. I do it all the time. At the end of each month, though, nobody mails me a list of all the cash purchases I made. At the end of the year, nobody mails me a breakdown of all my cash purchases for the year, sorted by category like auto, dining, travel, entertainment, etc. My credit card does that.

And, most importantly, when I use cash, nobody sends me a check rebating part of my spending and nobody sends me certificates for free hotel stays. My credit cards do that very nicely.

I have no problem at all with people using cash. I just prefer to get the rewards that come from using the credit card and not having to walk around with lots of cash on me.

[shizane101]

I agree completely. I never said I couldn't use cash responsibly. I do it all the time. At the end of each month, though, nobody mails me a list of all the cash purchases I made. At the end of the year, nobody mails me a breakdown of all my cash purchases for the year, sorted by category like auto, dining, travel, entertainment, etc. My credit card does that.

And, most importantly, when I use cash, nobody sends me a check rebating part of my spending and nobody sends me certificates for free hotel stays. My credit cards do that very nicely.

I have no problem at all with people using cash. I just prefer to get the rewards that come from using the credit card and not having to walk around with lots of cash on me.

I agree with disneysteve's post 100% I couldn't have said it any better.

[InDebtInDC]

Can someone please define "cash", please? To me it just means money. I think cash may come in different forms just like money can come in different forms.

One goat is worth three chickens. Is that cash?

[disneysteve]

Can someone please define "cash", please? To me it just means money. I think cash may come in different forms just like money can come in different forms.

Cash=Physical money. In the US, that would be paper money (1, 2, 5, 10, 20, 50 and 100 dollar bills) and coins (1, 5, 10, 25, 50 and 100-cent pieces).

Anything else - checks, debit cards, credit cards, goats or chickens would not qualify as cash.

[sweeps]

Cash=Physical money.

Right... not to be confused with Cash Equivalents, which means anything that can be quickly converted to cash.

[TurningColorz]

Money has a much better "smell" than plastic.
Am I the only one who likes the "smell" of money?

Priceless!
Mike - TurningColorz

[InDebtInDC]

Cash=Physical money. In the US, that would be paper money (1, 2, 5, 10, 20, 50 and 100 dollar bills) and coins (1, 5, 10, 25, 50 and 100-cent pieces).

Anything else - checks, debit cards, credit cards, goats or chickens would not qualify as cash.

Cash - Wikipedia, the free encyclopedia
cash Definition

I found this confusing:

In bookkeeping and finance, cash refers to a current asset account, as opposed to long term assets such as property plant and equipment.

Cash is commonly defined as money in the form of bills or coin, legal tender.

Is there a legal definition somewhere?


I found this insightful: Re: What is the appropriate definition of "CASH"?

In selecting a definition, it is usually worthwhile to decide what we want to use the definition for. After all, the definition is supposed to serve us … instead of us serving the definition!

[simpleyme]

no I do not smell my money but I do like feel of money
which is weird as I am a clean freak and know its full of germs and I once heard that all paper money has white drugs contaminating it

I also like looking at stacks of money in my job I have to count huge amounts and you know it never gets boring LOL

[jodi]

I usually favor the cc myself, especially for large purchases (a little more protection there as well as the paper trail), but I have to admit that it IS easier mentally to use the cc than to hand over a stack of hundreds. Anyone else think that this tendency towards card use contributes (for SOME people, obviously not all) to their overspending? It's much easier to rethink a purchase when you see the cold hard cash leaving your hands.

[sweeps]

In bookkeeping and finance, cash refers to a current asset account, as opposed to long term assets such as property plant and equipment.

Yes, but that is shorthand for "Cash and cash equivalents".

[PRICEPLUS]

I have to agree with Yogi Berra, "cash is almost as good as money"!

I like cash in that it allows me to be off the grid as it were. I sometimes become very troubled knowing that any and all my purchases are being monitored and logged by businesses.

I like my privacy and go to greatlengths to protect it. A cashless society seems Orwellian to me. Unlike the commercial I am going ot use cash to purchase coffee in a shop!

Pencil and paper allow me to keep track of purchases. It works well thank you. Just my .02 cents.

[disneysteve]

In bookkeeping and finance, cash refers to a current asset account

The accounting definition is different than what we are all talking about. When non-accountants say cash, they mean coins and dollar bills.