Cash

[MossRoad]

I pay cash for all the toys I don't want the mrs. to know how many $ I spent versus spendin on her!

HA! I know what you mean... my wife works at the financial institution where we keep our finances and debit card. If I try to buy her something for a surprise, she knows exactly where I bought it from and how much it cost within 24 hours. So for those purchases, I use a credit card. That takes a month for the bill to come. :laughing:

 

[jimmyj]

Interesting thread. In Canada debit use is much much higher than in the US, but for checks it is the other way around. They are practically a thing of the past here.

I use Debit for everything, never hardly ever use cash. I did a test though and when I took a weekly cash allowance I did manage my funds better than when I used the debit. Something about the debit seems to make me not pay attention to where I am at and it's easier to overspend. Almost like how a person can run up there credit card. With cash there is a "hard stop" when your wallet goes empty!!!

(Ok so this is, by way of admission, a full disclosure of the fact that I'm an impulse buyer LOL).

 

[mjarrels]

Well, my renters finally paid the rent two days ago for the month of April. I put 50 dollars in my pocket, gave 50 dollars to my wife and 50 dollars to my daughter. Got to make my 50 dollars last a month (hair cut, tips, maybe a few jesses hot dogs) Odd thing is, went next door at the golf course yesterday for lunch and they now have a ATM machine in the club house!

mark

 

[tulenutn2o]

Well, my renters finally paid the rent two days ago for the month of April. I put 50 dollars in my pocket, gave 50 dollars to my wife and 50 dollars to my daughter. Got to make my 50 dollars last a month (hair cut, tips, maybe a few jesses hot dogs) Odd thing is, went next door at the golf course yesterday for lunch and they now have a ATM machine in the club house!

mark

That's why I don't play golf- Lots of money to pay to get Po'd at that little white ball I can't find off in the weeds.

 

[Kyle_in_Tex]

Its good to keep a stash of cash for an emergency. When power is knocked out, your debit card no worky.

Always use credit card at big box stores. If you lose receipt, they can look up back purchases by credit card.

 

[jinman]

I use two credit cards for safety, and pay either or both off monthly online. You could make a darn good case of me being paranoid, but recently at a restaurant, I had a card number stolen and several purchases were attempted. The CC bank fraud people called me the next day and told me of the bogus activity. They cancelled my card and I would have been without one for over 5 days if I didn't have a backup.

I use a credit card for all online purchases. I buy cash cards at Walmart for discounted gasoline at their stations, but keep that balance low because Walmart is using my money until I spend it. I use my debit card mostly for purchases where the card never leaves my hand. If I have to hand my card to somebody, I use the credit card.

As far as restaurants go, I've taken to paying in cash only because of my bad experience. If we are going out to eat, I will make sure I have enough cash to cover the meal and tip whether that is $20 or $200. I simply refuse to hand my card to somebody and have them carry it away beyond my sight. I'm carrying some paranoid baggage since the attempted theft.

 

[marimus]

Well needless to say we got peeeed... and not done business with Best-B since and never will again....

The stories i've heard about them, i'm surprised anyone still shops there.

 

[MikeD74T]

I always laugh when I am selling something, for, say $500.00. Someone comes up and says they'll give me $400 CASH RIGHT NOW!!!

...... as opposed to what? CASH RIGHT LATER? :laughing: Like I'm going to set up some kind of payment plan or something? ....

Last weekend I looked at a Hossfeld bender from a CL ad. Rusty with no dies. Asking price in the ad was $250. I told the seller over the phone that I'd already looked at it & $250 was too much - what did he really want? He said he been offered $200 the day before, to which I replied "but you didn't take it - I was thinking more like $150 but I'll give you $175 cash in 15 minutes? In 15 minutes it was mine. You probably would have laughed at me but he took my money. MikeD74T

 

[rtimgray]

I'm definately one of the "cash poor" folks. I'm like a Fedex Driver - less than $20 cash.

I use credit cards all the time, practically everywhere. We use one exclusively for gas, because we get 5% rebate - why pay cash when card is cheaper and more convenient?

We use another credit card for most of our other "general" purchases and get 1% to 5% back depending on the items, locations, and if there are promotions for that month. We pay of our cards completely every month. We also have 2 other "back-up" cards that we don't use. We've had more than that, but canceled them because it's probably silly to have too many.

I will agree that you can spend too much with a card quickly - but it's just a matter of discipline. It is easier to be undisciplined with a card, because, as mentioned - with cash there's a "hard stop". But it's nice to have the card when you're on a trip and you have unexpected trouble (tire blowout, storm makes you stay an extra night, etc.) and you have the extra cushion already.

And I would echo the sentiment about "no power, no cards". We learned that during the ice storm last year - cash is king for that. We were fortunate that we had enough cash laying around until the banks could get back open (by generator power) to be able to get some more. Now as a rule, we keep a few hundred in cash around. Although, we noticed then too - having a $100 bill is almost like having no money - some places don't have enough to cash it out if you only buy $20 or so.

I also like seeing the itemized statement on my cards - that way I know at least where I spent my money and wonder if I really needed that monogramed tractor-radio cozy or not.

Good luck and take care.

 

[MossRoad]

Last weekend I looked at a Hossfeld bender from a CL ad. Rusty with no dies. Asking price in the ad was $250. I told the seller over the phone that I'd already looked at it & $250 was too much - what did he really want? He said he been offered $200 the day before, to which I replied "but you didn't take it - I was thinking more like $150 but I'll give you $175 cash in 15 minutes? In 15 minutes it was mine. You probably would have laughed at me but he took my money. MikeD74T

I'm not laughing at you. I'm laughing at him. What was he thinking you were going to pay with besides cash? Goats? :laughing:

 

[MossRoad]

When the power it out, all but the smallest stores close and you can't use cash because their computer operated cash registers won't work.

Take groceries, for example. There are no prices on most dry goods, the bar code readers are dead and the cash drawers won't open. They lock the doors until the power returns.

Same thing for gasoline. No power, no pumps.

That's why everyone needs a plan B. Enough food to last for a few weeks. Enough liquid to drink for a few weeks. Some cash for bribing the power company to get you going sooner... that kind of stuff.

Don't forget your plan B toilet if you live on a well. Generator or outhouse? Either one works. :laughing:

 

[two_bit_score]

McDonalds and other fast food places started taking credit cards because their studies showed that people paying with credit/debit cards actually bought more than people paying ith cash. It's true for almost any situation. People spend more when they are paying with plastic. Even the government. Especially the government.

 

[polo1665]

McDonalds and other fast food places started taking credit cards because their studies showed that people paying with credit/debit cards actually bought more than people paying ith cash. It's true for almost any situation. People spend more when they are paying with plastic. Even the government. Especially the government.

Yes, and unfortunately they sometimes spend more than they have. The banks are making a killing on people who overdraw their checking accounts using debit cards. Not defending those that overdraw, but they sure seem to make it easy for the youngsters to spend what they don't have. Can't hardly do that with cash.

Mark

 

[/pine]

Same thing for gasoline. No power, no pumps.

after the multi-hurricane years that came back to back...Florida made it manditory for gas stations to install generators so they can dispense fuel when the grid is down...

all the larger grocery stores have all installed large back-up power plants at all of their stores...

 

[two_bit_score]

Yes, and unfortunately they sometimes spend more than they have. The banks are making a killing on people who overdraw their checking accounts using debit cards. Not defending those that overdraw, but they sure seem to make it easy for the youngsters to spend what they don't have. Can't hardly do that with cash.

Mark

You are absolutely right.

The banks, credit card companies and insurance companies make a lot of profit on people who can't manage their money.

 

[rtimgray]

During the ice storm, the power was out for more than two weeks, but most stores (hardware, grocery, wal-mart, gas stations) were back running in 3 or 4 days because they used generators. They couldn't take credit cards because their communications lines were still down (and I guess people don't use the imprint machines any more?), but they could still take cash.

I love my credit cards for daily activities, but I think it is a good habit to keep a few hundred in cash stashed away for just such an occasion.

 

[MossRoad]

McDonalds and other fast food places started taking credit cards because their studies showed that people paying with credit/debit cards actually bought more than people paying ith cash. It's true for almost any situation. People spend more when they are paying with plastic. Even the government. Especially the government.

I thought they started taking credit cards because their employees don't know how to make correct change.

 

[MossRoad]

after the multi-hurricane years that came back to back...Florida made it manditory for gas stations to install generators so they can dispense fuel when the grid is down...

all the larger grocery stores have all installed large back-up power plants at all of their stores...

I guess that's one of the perks to living in hurricane country. :laughing: