It might seem counterintuitive in this day and age of debit and credit cards. We hear reports daily disclaiming the use of cash because it’s dirty, and spread germs, or because it’s inconvenient or dangerous to carry around. But folks have been using some form of currency for thousands of years as a method of exchange for goods & services and there are countless good reasons to continue using it or even to reconsider it.
With all the technological advances in payment methodology, there’s good & bad. Safety & privacy are just one of many reasons. You’re not going to get hacked through the exchange of that $20 bill, for one. No data breaches with cash. No one can steal your identity. And there’s a lot to be said for the kind of behavior and control that cash enables.
But debit cards are just as good as cash, right? They’re easy & convenient, certainly. If it’s a pre-paid card, there’s a limitation on the amount of cash the balance is tied to. If it’s a bank or credit union card, it’s generally tied to your checking account, sometimes even savings. And that entire balance can be available through using that card. Additionally, there are some liabilities and risks as well – as low as $50 and as high as $500, or the entire balance of your account if you’re not fast enough -- if your card is used by an unauthorized person, or your debit card is stolen or the account hacked.
One very good reason to reward yourself by, and for, using cash is the amount of control it can give you. Cash lets you manage your money in a way it’s easier to spend just that little bit more when pulling out a card. First, the amount of cash you’re carrying is finite; whether that’s $20 or $2,000, if that’s what you have in your wallet, that’s it. And if your goal is to exercise some restraint, cash is an awesome way to manage a budget.
You’re much less likely to make impulse purchases when you use & carry cash. It helps you plan ahead for the day’s spending and exercise some degree of control over those items. Know that you always stop for a newspaper and coffee in the morning. Make sure you have a $5 or $10 in your wallet; you’re much less likely to spring for that additional triple shot of espresso and fashion magazine if you are exercising your cash only option. You may even save some calories! And you certainly are going to save some money.
But what to do with all those coins you get as change. While you’re controlling your impulses by using cash, reward yourself by using Pockitapp. Take that spare change and convert it into digital currency and add it to all those savings you’re accumulating by managing your budget with cash!
See you on the flip side!
Penny Pockit | Customer Relations