Why still use cash?

[Cappuccino]

Any tips on money laundering? I have 1.7mill sitting underneath my bathroom.

 

[ponyo]

Any tips on money laundering? I have 1.7mill sitting underneath my bathroom.

That tip is way more valuable than 1.7 mill.

 

[lxskllr]

You don't order anything online?

I use prepaid, or someone else's card for that, but I seldom order online.

 

[KB]

Ask the people of Puerto Rico why use cash.... and they will say, because it still works when power is out.

 

[ImpulsE69]

Uh, that's not what that slot is for?

Well unless you're banging one, you wouldn't know the difference

 

[Riverhound777]

One financial theory is that there is a greater attachment to cash and/or other benefits to using cash that helps people be more cognizant of how they spend money and to spend it more wisely. $50 cash back reward is useless if the CC encourages you to buy more than $50 worth of things you didn't need.

For example, maybe you eat out on your work lunch everyday because it is more convenient then preparing a pack lunch. Well, if you had to make an extra trip to an ATM to get cash to pay for those meals, that might help you decide to save money by making eating out less convenient.

It's actually the opposite for me. If I have cash on me I feel no regret in spending it. And there's no history, once i spend it, it's gone. What did I spend it on? who knows. Not going to keep receipts and check them later.

Now with my CC I review my purchases every month or two. I'll see that i've been spending a lot of money eating out, I might even have a nice chart detailing my spending habits. And when I see my bill was higher than last month, I'll make note to take it easy on the fast food or bars, etc.

 

[AznAnarchy99]

It's actually the opposite for me. If I have cash on me I feel no regret in spending it. And there's no history, once i spend it, it's gone. What did I spend it on? who knows. Not going to keep receipts and check them later.

Now with my CC I review my purchases every month or two. I'll see that i've been spending a lot of money eating out, I might even have a nice chart detailing my spending habits. And when I see my bill was higher than last month, I'll make note to take it easy on the fast food or bars, etc.

This is me too. If I bring cash to the bar or club, next morning I'm waking up asking myself where the fuck did it go.

 

[dullard]

This is me too. If I bring cash to the bar or club, next morning I'm waking up asking myself where the fuck did it go.

You two are not in the norm then.
https://www.nerdwallet.com/blog/credit-cards/credit-cards-make-you-spend-more/

One of the most often cited studies is one conducted by Dun & Bradstreet, where the company found that people spend 12-18% more when using credit cards instead of cash.

 

[Drako]

You two are not in the norm then.
https://www.nerdwallet.com/blog/credit-cards/credit-cards-make-you-spend-more/

Wow, that's got to be one of the dumbest headlines ever. How the fuck do a "credit cards make you spend more"? Credit cards can't make anyone do anything.

 

[Jasper_Joe]

back in my day I spent all my money on whores and whiskey..damn company men.

 

[AznAnarchy99]

You two are not in the norm then.
https://www.nerdwallet.com/blog/credit-cards/credit-cards-make-you-spend-more/

I'm the 1% who doesn't carry a balance on my credit cards either lol.

 

[tsupersonic]

I use credit cards for the rewards, and I pay them off every month in full. I have gone on free vacations thanks to credit card rewards. Cash is useful for those rare cases, so I carry a small amount of cash (<$50), and have a $20 stashed in my car for emergencies.

 

[Red Squirrel]

I tend to use cash for smaller transactions. I sometimes have none on me and use credit to buy a coffee and feel silly doing it. Seems overkill lol. I always assumed there was service charges for any type of credit/debit card but seems there arn't any, for simple purchases. Only if using ATMs.

Though really credit cards are kinda evil towards businesses. The rules and fees they impose on them is quite ridiculous. I would fully support if businesses got together and fought that tbh. Even if it meant lot of places not accepting them for a while.

 

[Oyeve]

I am 50-50 with cash and CC or debit cards. I always have at least 100 bucks on me. If the purchase is 30 or more I use CC or debit card. Actually, I use debit card way more than a CC. For drivethru meals its always cash.

 

[dave_the_nerd]

Working under the table.

Small transactions where the vendor doesn't want to pay the minimum transaction fee.

 

[Red Squirrel]

Yep I always like to pay people such as contractors with cash if they accept or ask. We pay so many taxes already, I have zero issues with a small guy finding a way around paying more. The corporations do it all the time and it's legal.

 

[Cozarkian]

It's actually the opposite for me. If I have cash on me I feel no regret in spending it. And there's no history, once i spend it, it's gone. What did I spend it on? who knows. Not going to keep receipts and check them later.

Now with my CC I review my purchases every month or two. I'll see that i've been spending a lot of money eating out, I might even have a nice chart detailing my spending habits. And when I see my bill was higher than last month, I'll make note to take it easy on the fast food or bars, etc.

That isn't an even comparison. There is a difference between occasionally using cash, and only using cash and having to go get cash frequently.

Also, when you review your credit card bill 2 months later and see you spend a lot of money it might help you adjust in the future, but most of the damage has already been done. If you used cash regularly, you might have noticed that you were spending a lot more than usual as you were doing it.

If you really want to test whether you spend more using credit cards or cash, you need to use cash exclusively for a long period of time to make a fair comparison.

 

[clamum]

I'm the 1% who doesn't carry a balance on my credit cards either lol.

Same here fellow 1%-er. *high fives*

 

[Rifter]

I use cash virtually exclusively. It's anonymous, straight forward, and to hack my shit, you'll have to kill me.

I agree, for all in person purchases i use cash almost exclusively. At least once a month i see someone in line at a store whos card doesnt work, chip/strip went bad or system is just down or whatever, they then have to exit the store without their goods, having just wasted their time and everyone in line behind them. Im never that guy, because i always have cash, and as long as the store is open im leaving it with my stuff paid for, cash never fails or goes down or looses its internet connection.

 

[MrSquished]

Wow, that's got to be one of the dumbest headlines ever. How the fuck do a "credit cards make you spend more"? Credit cards can't make anyone do anything.

it's called psychology. marketers use it every day to get you to part with more of your $$ for example.

 

[DaveSimmons]

I use cash for some in-person purchases since it lowers the risk of having my CC stolen.

Sure, my cards have fraud protection. I just don't want the hassle of going to all the online sites where I use my CC to change the number.

 

[rh71]

You two are not in the norm then.
https://www.nerdwallet.com/blog/credit-cards/credit-cards-make-you-spend-more/

Sure credit cards are a problem if you can't control yourself. This says the avg household credit card debt is $16k. That's beyond ridiculous if you think about it. But it may not necessarily be the credit card that brought you there, it could be that they use the credit cards to "save them" in the short term. With that figure, I'm sure a lot are transferred loans that were necessary to a degree (car, student, medical).

 

[Printer Bandit]

 

[Capt Caveman]

Bought lunch at a food truck yesterday, cash only.

 

[highland145]

Stopped at one of our busier quick shops the other day, cash only because their cc machine was down.