Who carries no cash?

[Like2Plan]

This is my theory. I'm really surprised how many people have responded and said they carry no cash at all. I would never walk out of my house without money in my wallet.

This is a childhood memory, but back in the "olden days" you could be picked up for vagrancy if you didn't have some money. With so many people going electronic only, I wonder if these laws have changed to keep up with the times?

[Coronet]

I frequently carry $5-10, but never anything higher than this. It's not uncommon to carry $0. If I need cash for tipping/splitting lunch I will stop by an ATM before the event (my bank allows free withdrawals from any ATM).

I would be upset at a place that doesn't accept debit or credit cards, to be honest, unless it's a very small vendor-type shop or a mom and pop shop. I prefer all my payments to be documented electronically for my safe-keeping so that I can itemize my charges at the end of the month. Additionally, I get cash back rewards for using my credit card, so I prefer to charge to my cc and pay it off in full each month.

I also feel uncomfortable carrying anything more than $40 in my wallet. What if my wallet is stolen? Cash can't be replaced, but any money taken off cards can.

[Coronet]

This is a childhood memory, but back in the "olden days" you could be picked up for vagrancy if you didn't have some money. With so many people going electronic only, I wonder if these laws have changed to keep up with the times?

This might be a sign of the times.

I am one of the "no cash" crowd. I'm also in my mid-twenties. I am pretty sure none of my peers carry cash either (or they carry no more than $20). We are very plastic or digital. I pay 99% of transactions with debit, credit, or using scanning technology on my iPhone (barcodes).

Cash seems very antiquated and almost odd to me now.

[Mjenn]

That's true, but there are still times when cash in necessary or at least preferred.

Many gas stations charge extra when using a credit card. I got gas just this morning. The station charged 10 cents more per gallon for credit - I paid cash. Why would I want to spend an extra 10 cents/gal?

There is a local Italian restaurant that we enjoy. They only have valet parking, so I need a couple of dollars to tip the valet. They also have a coat check, so I need cash to tip the attendant.

When we attend events at the local convention center, we take the train to get there. The ticket machines only take cash. Once we arrive, the coat check there also only takes cash.

Some vending machines now take credit cards but most are still cash only.

Many small businesses accept credit but have a minimum charge so if you aren't spending that much, you need to have cash. Plus to help out the independent merchants, I'll often pay cash anyway so that they don't get hit with the 3% charge.

At work, we'll sometimes order lunch. Everyone puts in their money and one person goes to pick up the order. I can't hand them my credit card - I need cash. If my wife and I go out to dinner with friends and want to split the bill, we need cash. From our synagogue, after youth group events, a bunch of us (like 20 people) often go to Friendly's. When the bill comes, we pass it around and everyone puts in their cash for what they had. A credit card won't work in that setting.

My wife and I enjoy going to the casino. Usually, those trips are planned and I stock my wallet accordingly, but occasionally we end up stopping at a casino spur of the moment because we happen to be in the neighborhood. I suppose I could get a cash advance and pay some ridiculous fee but it is certainly better to have cash on hand. And yes, I do have an ATM card but if there isn't a branch of my bank in the area, I'd have to pay to take out money. I'm certainly not doing that.

We like to shop at yard sales and flea markets. Cash only at those places.

And that's just a partial list. I can think of plenty of other times when cash is either the only option or the preferred option.

Like PP said, most of these are not a big issue at all -

Where I live, my gas station and grocery store have a linked bonus system, so I get a percentage of the money I spend on gas as bonus points that ends up as cash for grocery shopping, and so that cancels out the extra fee.

We usually don't drive to restaurants, so valet parking is not an issue. And I skip the coat check.

Our train, our local coffee shop and a bunch of other places have their own card system -- so I put a certain amount of cash on those cards each month and then get a 10-20% discount. (Both cards can be good for longer than a month, it is just how we budget) and you can refill the cards with debit card. Our local transport system no longer takes cash at any point due to issues of robbery/loss/etc.

If we are a group going out, we simply say what we want charged to each card, and the restaurant splits the bill. Never been a problem, even if 8-10 people in the party and most pay with cards. We usually ask ahead of time.

That said, I make ALL of my purchases with a debit card connected to a visa card, so I am not actually using credit. I have no overdraw, so if I run out of money the card is not accepted. It is a cash card. The only times I don't use it are

small shops or flea markets. Although we were at a large outdoor market last month and took out a lot of cash to have to spend there (well, alot for people who do not carry cash -- 50 dollars!) and noticed that 85% of the booths at the market? They took cards!

[disneysteve]

Like PP said, most of these are not a big issue at all

I agree. Most are very minor things. They are just among the reasons why I always have cash on me. And it isn't like I spend a lot of cash. It might take me a couple of months to spend $100 in cash (unless there is a casino involved in which case it might only take a couple of minutes ).

[Baby_nurse]

A little article that goes along with this thread.

http://money.msn.com/gen-x/article.aspx?post=9243b771-ab14-409f-b896-59a3103fb7fc

[GREENBACK]

One reason I typically have some cash is simple opportunity. I live in a somewhat rural area where you frequently pass garage sales, items for sale, and small buisnesses that want a convienience fee if you use a CC. I imagine that this isn't as much of an issue in a large urban area.

[scfr]

For those who think cash is irrelevant, please consider what you would do if your community and surrounding areas lost power for several days. Especially if there is something you couldn't easily live without such as prescription medications. I went through the Hannukah Eve wind storm of 2006 that hit the Puget Sound. Many places got up and running with generators, but it took some time, and not every place had a generator. I heard reports of drug stores staying open for people who needed to fill prescriptions, and writing down credit card numbers in a spiral notebook to run later when the power came back on. Personally, I'd rather pay with cash than have someone write down my cc info. And what if the stores had initiated a "cash only" policy. I think it's wise to always have access to at least a wee bit of cash.

http://en.wikipedia.org/wiki/Hanukkah_Eve_wind_storm_of_2006

[feh]

I think it's wise to always have access to at least a wee bit of cash.

We always have some cash in the house. I just carry very little with me.

[~bs]

For those who think cash is irrelevant, please consider what you would do if your community and surrounding areas lost power for several days. Especially if there is something you couldn't easily live without such as prescription medications. I went through the Hannukah Eve wind storm of 2006 that hit the Puget Sound. Many places got up and running with generators, but it took some time, and not every place had a generator. I heard reports of drug stores staying open for people who needed to fill prescriptions, and writing down credit card numbers in a spiral notebook to run later when the power came back on. Personally, I'd rather pay with cash than have someone write down my cc info. And what if the stores had initiated a "cash only" policy. I think it's wise to always have access to at least a wee bit of cash.

http://en.wikipedia.org/wiki/Hanukka..._storm_of_2006

I keep ~ $500 in paper money at the house in small bills for emergency situations along with food, water, and other supplies. That has nothing to do with carrying around cash on a day to day basis. Unless your plan is to carry a large wad of cash with you where ever you go in case there's an "emergency" outside your home that might require it. And big bills aren't really desirable either, as you'll also have to be lucky to have a cashier that's able to break it for you.And if you do run into a situation where you're outside your home, all power & computer systems are down, and you NEED to buy food, gas, or whatever else immediately, your situation is probably bad enough that you should be thinking of taking shelter and not on going shopping.

[~bs]

One reason I typically have some cash is simple opportunity. I live in a somewhat rural area where you frequently pass garage sales, items for sale, and small buisnesses that want a convienience fee if you use a CC. I imagine that this isn't as much of an issue in a large urban area.

That is a good reason to carry around paper money.

[MonkeyMama]

Like recent commented, we keep cash at home for emergencies. That has little to do with carrying around cash everywhere I go. Some might find it more prudent if they live somewhere with more frequent disasters. I worry about theft and loss of cash more where we live, so seems most prudent to keep emergency cash at home.

[joshuaking]

I hardly ever have even a dollar in cash on me, although there are many times when I wish I did. Ideally I think I'd always have 100 cash in my wallet, just in case...

[EarlyRetirementJoy]

I have to be honest - it would take a concerted effort for me to remember "Oh that's right, this one place that I visit on occasion doesn't take debit or credit." Eventually I would remember, but it would leave a bad taste in my mouth, and would be something I'd have in the back of my mind should another incident give me pause to think about changing providers.

We do actually pull out cash each week for groceries and for our 'no-explanation-necessary' individual mad money, but not for anything else. So, while I could use some of the cash I always have on hand as a result,for a co-payment, I'd rather not. I'd prefer to charge it so I can easily mark the charge to the correct budget account, and also so that I can gleefully accumulate more reward points. And while I understand this is not the Dr.'s problem, at this point in our culture it simply feels like it's my sacred given right.

My next in line preference after a credit card would be a debit card.

[sherylgray]

Personal Finance

Today, many people do not prefer carrying cash while shopping or in any other trip or travel. Myself, also prefer carrying credit cards and debit cards instead of cash. I think, it is more convenient and safer due to the threat of being theft or lost. Some cash is necessary while travelling where there is no any option for plastic money. Moreover, it will be a bad day, if someone left his/her credit card at home, but it rarely happens.