6 Things Good to Know About Paying With Cash

By | November 3, 2015

dollar banknotes in hand

Good article on Kiplinger on six considerations for using cash.

Excerpt —  From PayPal to Bitcoin to Samsung Pay (the newest contender among mobile wallets), advances in payment technology make pocket change look as if it’s headed for the history books. But according to a 2012 study from the Federal Reserve Bank of San Francisco, 40% of an average consumer’s transactions were in cash—more than for debit cards (25%), credit cards (17%), electronic payments (7%) and checks (7%). The number of notes in circulation has grown by about 5% per year since then, says Doug Conover, an author of the study.

  1. The cashless society may be coming but not so fast.
  2. Cash comes in handy for vending and small purchases
  3. Hackers cannot hack cash
  4. Interchange fees (cost of getting cash) can be noticeable if you get it anywhere (ie outside your bank)
  5. Use it for budgeting. Mobile phone apps like Good Budget and Mvelopes are mentioned

Good read.