A long interesting conversation over dinner with friends ... WHERE'S the CASH ???

[happyguy2]

I hardly ever use cash anymore, not even for taxis, except in europe, where i almost always use cash because they cannot accept credit cards. I pay my cleaning lady in cash and use cash to tip various people like the doorman in my condo building etc. Even food delivery people now accept my debit card.

[jackboy48]

I continue to marvel at all the changes that have been made in my life with credit cards, ATM's, debit cards, and on-line banking. I get a particular kick when I use an ATM in another country and their currency spits out. It just makes my life so much better. I also like getting an ebill and then paying it immediately. In the past I would stack the bills until I had "time," then the hunt would begin, finding stamps, the checkbook, the pen, envelopes, etc., so I was always playing a game of "chance" with the various due dates. I'm comfortable with my on-line accounting skills and feel much more in charge of my investments, but somehow I am still uncomfortable without a good amount of cash in my wallet. I am also leery of linking a credit account to my ski pass or grocery card, though that may be next. I never "store" a card number when I do on-line shopping. I also feel uncomfortable using a card at a drive-in (didn't someone have a thread about that a few weeks ago?), though the price of a hamburger seems to be going up so fast! I do know that when I use cash with the cute guy who cuts my hair, I get a big hug and a kiss, when I use my card, just a hug.

[Samai139]

Age might have a great influence on what is used to pay for what. I write four cheques per month for rent , utilities, telephone and cable service. Yes, I could pay for them on line or monthly deductions from my credit card, but I elect not to do that. However, Netflix and gym fees are put on the credit card on a regular basis---go figure. Never use my debit card for small purchases---like others here, I have a tough time reconciling my balance if I do that. I use the ATM at my local credit union and almost never any other----it's within walking distance and gives me motivation to get some exercise and I don't have to pay any fee.

I usually carry around $100 or more to pay for groceries, eating out, spur of the moment spending and any gambling that I do--yes, I gamble and though I am not proud of it, I enjoy it and do my best to limit my spending to a certain amount. Use my credit card for gasoline---hate paying in advance then pumping and then going back in if it is less, ad nauseum, and for purchases which are bigger than $100 or are online or for which I want to make sure I am guaranteed return if damaged in shipping, etc.

How well off an individual is also influences cash or cashless spending, I think. Interesting to read how much many of the posters have at their disposal here. Not surprising considering many hire escorts, but there are others who have less and for me, actually seeing the money go out, as opposed to credit card/debit card spending makes a difference in the limited amount I can spend, as opposed to racking up a large credit card balance which I would have to pay interest on.

Philosophically and economically, I suppose we are headed toward a primarily "cashless" culture, but I don't believe it will be in my lifetime and for that I'm grateful. I have few problems adjusting to new technology and welcome it, with reservation, and find those who resist it totally to be dinosaurs, but also find those who scoff at using "yesterdays' methods as stupid or out of it or some other judgemental descriptor. Moderation my friends or as M. Gandhi said, "There is a place for all of us."

Oh by the way, I'm 72 and hoping to live another 15-20 years, if I'm lucky )

[jjkrkwood]

Using CASH gives me a greater sense of control. And I hate getting bills in the mail that are generated by CC use... I am of the "Buy Now, Pay Now" mentality. Buy Now, Pay Later usually ends up with you spending more money that you might really want to...

 

I cant stand waiting in line at a convenience store while the person in front of me is paying for a cup of coffee with a CC... WTF ????

[bootdad]

Writing cheques in 2012 ???

 

Well this has certainly evolved into an interesting thread. A little over 2 decades ago I wound up spending 2 years living between Miami and my home in Canada's largest city (during the golden age of travel - when you could show up at the airport 35-45 minutes before departure) and also spent much of the 90's working in more than a dozen major urban centres across the U.S. usually for 7-10 days at a time. What fascinated me about that time frame was how often I would go to a food specialty store, a major retailer or the mall and how often people wrote cheques. Or as you folks stateside spell it checks ?

I think the ultimate frustration was watching people write checks for purchases under $ 10. which always shocked me !!! I had assumed that with the advances in technology the cheque had gone the way of the DODO bird in terms of daily retail use but having read this post I am not sure ???

Why anyone would write a cheque for the same amount of money monthly (rent/mortgage, car payment, lease, condo fees, insurance - home, life, health, cable, phone, security) does baffle me ??? Not to mention the time involved in managing such an antiquated approach ?

I wonder if some of this distrust in pre-auth / debit cards and other forms of monthly pre-payment is a result of insecurity about the stability of the American banking system. Certainly my friends across Canada, the UK and Europe appear to have a huge tech advantage over the average American when it comes to predictable monthly spending and don't hesitate for a moment to take advantage of the many convenient services offered - interesting times !!!

And in response to an earlier comment - 'CASHLESS SOCIETY' although I suspect this could be a thread on its' own - unless the Global economy implodes over the next 6-18 months - most economic indicators are that we will have a cashless society by the end of this decade ... largely driven by various governments in an effort to shore up the underground economy (at the end of day it's all about tax revenue) which as you may have noticed has created havoc in Greece, Italy and Spain. The use of cash in most developed economies has been dropping at a steady and significant rate over the past 2 decades and our new generation of tech saavy kids expect to live life using nothing more than a phone to conduct all transactions from texting to sexting to purchasing a skinny latte at Starbucks ... transformative times indeed !!!

[Racketjock]

When I graduated high school, my father gave me the gift of an engraved money clip with a two twenties and a ten dollar bill in it. He also offered the advice of always keeping that amount on hand to cover necessities and when you were down to your last $10 replenish, but having it on hand you always knew you could get a meal or a cab ride home or offer the same to someone in need. I still keep and use the money clip and have followed the advice now out of habit. I use a credit card for most purchases: groceries, utilities, mortgage, etc., so that I only have to write one check a month to pay those in one fell swoop. I suppose I could pay this through an online transfer, but I like the physicality of paying as it helps me understand the value of how my earnings are being spent. However, back in the early 90's, a couple of friends of mine who are small business owners or service oriented providers, shared they reality of what credit card purchases cost their bottom line. For those small businesses I frequent and who have become friends, I intentionally pay in cash to save them the CC surcharges. Additionally, whether it is a waiter, massage, therapist, or escort, I pay their fee or tip in cash, as I feel it gives them the most options without added red tape for how to manage their earnings. As a frequent business traveler, I am often amazed by the number of folks that travel without ANY cash and even more so by those who wish to check into a hotel with a debit card that will not accept the added fee limits and many a frustrated customer who doesn't understand how the hold on their available funds work. I will remain obviously old fashioned!

[jjkrkwood]

There is just an "unusual" sense of security with opening my wallet and seeing a bunch of green bills in there.

 

Probably psychological and goes back to something in my childhood that involves my mother NOT breat-feeding me ?

 

But it feels good to see the loot !

[Samai139]

To bootdad who could not comprehend why anyone would write checques in 2012: even though I know the monthly amount of my rent, my utilities and my cable service, and approximate amount of telephone charges, I prefer the flexibility of paying those bills when I want to rather than at a pre-determined date. I also prefer the physical activity of writing the checques and balancing my account, thus preventing a possibility of having to pay overdraft fees-which I have never had to pay. I suspect the day will come when I have to allow the cable company, telephone company and utility company to withdraw monthly charges from my account or pay a fee. And when that day comes, I'll shift gears and pay the so-called "modern" way. Has nothing to do with distsrust of American banks. I do fear identity theft however and do my best to prevent it.

As far as a "cashless society" happening before the end of this decade? Seriously doubt it---we Americans cannot adjust to using the metric system and balk at having different coloured bills as most countries do. Going without cash? Those under 25 might accept it readily but the aging US population will be around for quite some time---and there are millions of us. But I hope I live long enough to be proven wrong.

[Michael Wayne]

a cashless society

 

we are headed there! Think of the benefits to the economy without cash.....Making every American de-liquidate would be the ULTIMATE STIMULUS PACKAGE and would masssively reduce the deficit. It would also allow the us to collect hundreds of billions in taxes that have been unpaid due to the black (underground) market. As an escort losing cash would hurt but as an AMerican it may save the economy. I have discussed this with some well connected clients and they all say great ida except that the politicians will never authorize it because most of them like 1o grand in cold hard cash in a bag!

[seeker630]

The downside of e-commerce

 

Today I received an alert that almost $1000 had been charged against my credit card at an online LEGO store.

 

(And, to add insult to injury, the perpetrator made a test run at 'Bidets America').

 

Fortunately I have alerts set up for any 'virtual' use of the account & caught it quickly, but now I have to provide a new account number to all those monthly charges.

[Pegasus]

I think there’s room for both in the future. Just like how I have always made it a point to keep a pen and writing pad handy at home at all times despite all the electronic devices, I think I will also always carry some cash on me no matter how cashless the society gets. At least that is my hope.

[rocky]

Well hope this isn't New Orleans since I've been robbed of my money a number of times but me; I always have at least $500 with me,not sure why. Maybe I always think I'm going to run in to someone or just I like having it around. It's funny, whenit comes to paying a bill I usually use a credit card and still have the cash. Maybe it's because I was brought up with very little money around me, now I like to keep it handy. Rocky

[rvwnsd]

There is just an "unusual" sense of security with opening my wallet and seeing a bunch of green bills in there.

 

Probably psychological and goes back to something in my childhood that involves my mother NOT breat-feeding me ?

 

But it feels good to see the loot !

 

I posted earlier in this thread about my general non-use of cash. Despite that, I carry cash with me. Although I cannot chalk it up to a lack of breast feeding (or so I was told), I can chalk it up to my overwhelming desire to ALWAYS be prepared. That and having gone through a few years of being short on funds due to a bad career move.