Maybe you wanted a few groceries, but you didn’t have hard cash, and the grocery store owner won’t allow you to make your purchases. Most stores only accept cash for small purchases, meaning that even with your credit or debit card, you might sleep on an empty stomach. This is where having a few bucks in your pocket will always save the day. Even in today's modern world, not every store accepts cards.
The notion that cash is king is still debatable in most countries because a small percentage of people nowadays carry money on them, and this is understandable. No wonder most states have adopted cashless payment systems where you can pay with card on almost everything, including bus fares.
Whereas the cashless society has not yet entirely set in, it’s in the pipeline, and sooner than later, you will need not cash on you to make any transactions. However, there are still reasons why you should opt for cash payment. To find out what those reasons are, continue reading below.
Cash Comes in Handy During an Emergency
We all know credit or debit cards are convenient but wait till an emergency strikes and you can’t use your card. In this situation, you will regret that you never kept cash on you in the first place. Imagine you need money, and there is a power outage, or your card is stolen, having some cash on you will save the situation. Whereas it is not advisable to keep your savings in a piggy bank, having $200 or $300 on you will save you when an emergency strikes.
It Is a Necessity While Traveling
Most travel nomads will agree that traveling without money is a typical disaster; you will always need money if you are on the road. Keep in mind that not every store accepts cards, plus there are pickpockets everywhere. Imagine as a tourist if the ATM swallowed your card, what would you do without some cash on you? As you set out on your next adventure, remember to carry some money separate from the main wallet, just in case it's stolen. For these reasons and more, it is also wise to have at least some cash on you when you are traveling.
Paying in Cash Makes Your Server Happy
Whereas it's possible to tip your server on the card receipt, note that some bosses don’t deliver these tips to them. In this case, the best thing to do is to leave some cash on the table, or you hand it to them yourself. Who knows, this might even be the transport back home that they have been banking on. So if you want to put a smile on your server’s face, consider leaving some cash behind.
You Could Get a Discount
Most businesses that use cards are charged processing fees. If you are unlucky, you might be charged this fee in the form of an extra cost. In other places, mostly gas stations, cash payments are usually lower than card payments-regardless of whether you are buying the same item or not. Even health facilities charge more to patients paying by card and less to those buying with cash. Therefore, paying in cash might actually save you money.
Spend Less by Using Cash
Research shows that people who pay using cards spend more compared to those who pay using cash. Have you ever found yourself in the same boat? Then you might want to carry a few bucks in your pocket. Having tangible money in your hand can help you be more aware of the actual money you are spending.
Well, you might argue that paying with cash has its drawbacks, such as having no rewards, losing it, or no getting price protection, but don’t forget the advantages that come with it. For all of the reasons mentioned above, carrying at least some cash on you is always a good idea. However, there is never a reason to carry excessive amounts of cash on you, as this puts you at risk.