How much money do you have in your wallet right now?

[jeffrey]

How much money do you have in your wallet right now? Is this more or less than you usually carry with you? How much do you think everyone should carry with them in cash?

[kork13]

I always laugh at myself when I think about this... I've got $48 in my wallet right now, which is definitely abnormal. I almost always carry less than $30 in my wallet at any given time. Although I normally won't let myself be TOTALLY skosh on cash, as long as I have at least $5 in my wallet, I'm good.

Everything I purchase gets put on a credit card. What about cash-only places? Well, if they don't want to accept my payment, they apparently don't want to accept my business. I know there's more to it than that (namely, merchant fees can be a drag), but bottom line, I simply won't buy it.

The exception to my sub-$30 norm is when I'm traveling. If I'm traveling, I'll normally carry at least $40-$50, which I suppose is why I have the extra cash right now -- I'm currently on a business trip overseas. (and yes, I do still try to put everything on my Visa, which is A-OK in a growing number of countries).

[disneysteve]

I had a related thread a while back: http://www.savingadvice.com/forums/g...s-no-cash.html. I was very surprised to see how many people carry zero cash routinely. I can't imagine every walking out of my house with no money.

To answer your question, I just counted. I have $410 in the regular cash compartment of my wallet. I also have a "secret compartment" in my wallet that always has $200 in it. So $610 total.

Is that normal? No, it's a little high. I always carry a bit more when we travel and we got home from vacation a week ago and I didn't take anything out. Normally, it's probably more like $250-300 (plus the hidden $200).

[bjl584]

$0 at the moment. But, I do have a receipt from McDonalds for a large coffee.

[riverwed070707]

What wallet? My cell case has a little slot in the back that holds my ID, my credit card and my debit card. Never carry anything else, even when I'm traveling. A few times I've wished I grabed a bit of cash before heading to the airport for a business trip (like when I got in a taxi in NYC and they informed me after we arrived that the CC machine was broken and made me walk to find an ATM while he waited with the meter running), but most the time I don't need it.

[MonkeyMama]

I keep $20 in my wallet at all times. In this day and age is probably more than we need. The last couple of times we traveled we needed $0 cash. Still get cash out of habit, but seems moot for the most part.

I actually don't carry debit or ATM card either. I've just never been a big "cash" person.

[kork13]

I actually don't carry debit or ATM card either. I've just never been a big "cash" person.

That's probably a difference for me as well for why I don't carry cash, except I do carry the debit/ATM card... If for some reason I absolutely HAD to have cash for something, it's easy enough to find an ATM. The last time I remember this being necessary was when I had to park in a downtown parking lot -- cash only, no other options for parking elsewhere... And of course, I only had $3 cash at the time. So I broke down & found the nearest ATM. Easy-peasy.

[creditcardfree]

$0. Yep, I rely on debit cards for most purchases, or the credit card for large purchases (or if I'm working towards a bonus reward). I just don't go many places where I would need cash. My kids have lots of cash (over $500) on hand if there were an emergency. I'd borrow from them and pay them back.

[ua_guy]

Right now I've got about $20, but that's down from the ~$60 that I usually carry. Time to refill.

I keep enough on hand for life's little situations- meals, drinks, coffee, cash-only parking. Carrying a bit of cash is not only regal, but it helps me feel better prepared and sometimes helps build a little social capital. It's never fun to meet up at a bar to find out it's cash-only and only have debit/credit and be hostage to an ATM (if there is one) that charges a fee, or to pull up to park somewhere and encounter the same issue. Just like if lunch runs long, I can throw cash on the table to bail us out versus waiting for a slow server to run a card and return with a receipt, etc.

[riverwed070707]

Surprised by all the "in case of a cash only" situations. Are there that many places you all frequent that only accept cash? The only example I can think of where I'm in that situation is groceries at aldi, for which i use my debit card. There are also a few downtown coffee shops and restaurants that have a minimum spend (usually $5) but that just keeps me from making unnecessary purchases. Outside of that, I can't think of places that only accept cash. I do try to keep a couple bucks in change in my car for parking meters

[ua_guy]

Surprised by all the "in case of a cash only" situations. Are there that many places you all frequent that only accept cash? The only example I can think of where I'm in that situation is groceries at aldi, for which i use my debit card. There are also a few downtown coffee shops and restaurants that have a minimum spend (usually $5) but that just keeps me from making unnecessary purchases. Outside of that, I can't think of places that only accept cash. I do try to keep a couple bucks in change in my car for parking meters

You nailed it.

Purchases <$5 where the merchant illegally adds a fee to process and EFT.

Parking meters or private lots with no EFT processing/ cash-only pay boxes.

Places where the EFT processing machine is down. It happens.

Bars. It's faux-pas to walk up to a busy line and pay for a single drink with EFT. There are a shocking number of bars that are cash-only anyway. Cash pays for cover charge, as well.

Etc, etc, etc

Carrying a little cash is just one more way to be a little better prepared.

[disneysteve]

Surprised by all the "in case of a cash only" situations. Are there that many places you all frequent that only accept cash? The only example I can think of where I'm in that situation is groceries at aldi, for which i use my debit card. There are also a few downtown coffee shops and restaurants that have a minimum spend (usually $5) but that just keeps me from making unnecessary purchases. Outside of that, I can't think of places that only accept cash. I do try to keep a couple bucks in change in my car for parking meters

As you said, there are places that have a minimum charge so that's one factor. Another thing is if we go out with other people on a single check. We all put in cash for our share of the meal. A debit or credit card is worthless.

When shopping at mom and pop stores, I'll often use cash to help them out so that they don't get hit with the merchant fees on the credit card.

Cash is a pretty standard need at yard sales, flea markets, and even many thrift shops.

Cash in necessary for tips. I can't hand a valet my credit card when he brings me my car. When traveling, I can't hand a bellman my debit card when he delivers our luggage.

Casinos are cash operations.

And sometimes stuff happens. Phone lines are down. Credit card machines aren't functioning. Emergencies occur. In those instances, cash is the only way to pay. It is rare but it does happen. I want to be prepared.

[MonkeyMama]

For me, I think it's just a function of my age. @riverwed. For most my life I have needed cash at times. & because I don't carry an ATM card with me - maybe that is some of it.

I probably honestly have -0- reason to carry cash in this day and age, but also just believe in being prepared for the unexpected. I don't know that I'd ever be comfortable with $0 in my wallet. ???

I am also not terribly spontaneous. Parking, splitting a restaurant bill, school fundraising events, Craigslist/yard sales come to mind - but I always have ample notice to grab some cash for these things. The $20 means I can be a little spontaneous and that I don't have to scrounge up cash every time something comes up.

[asdf]

Unless there is a good reason to make an exception, my general rule is to never keep more than $40 in cash on me at any given time. My main reason is that I want to track as many of my expenses as feasible so I can make out a budget easier. Having the likes of Mint.com just increases that ease even further.

[KTP]

I carry about $7 in my wallet..mostly to put in salvation army buckets or the like. Credit cards are the new cash. 2% cashback means our 9.6% sales tax doesn't hurt quite as bad.

edit: oh to make 97Guns happy though, I do keep some amount of junk silver for that SHTF scenario. Haven't sewn gold Canadian Maples in a belt yet though.