How Much Cash Do You Carry On You?
I was reading a post at Generation X Finance the other day about how much money people typically carry on them. I wasn’t surprised to see that most people do not carry very much money on them.
There are many times I do not have any money on me. I typically carry between $20.00 to $30.00. That generally will cover most small purchases and if I need more I can use my credit or debit card.
I generally use a credit card that has some rewards tied into it. If not using a credit card I will use our debit card. One of the reasons is for tracking purposes.
By having a business there are many deductions that you can take advantage of. I have separate credit cards for each business so I can keep track of expenses for the separate businesses.
Personally we have always used a budget so we will use our debit card or a personal credit card so we also can track our purchases. We have found that is an easier way to keep us on track.
Many people made comments that they felt it was easier for them to use their debit card or credit card so they felt they were spending more money using their plastic.
I feel exactly the opposite. If I am carrying cash, I feel like it is really easy for me to spend money. For some reason by using plastic I seem to think about what I am doing.
So is it easier for you to spend money using cash or using plastic? How much cash do you carry on you?
Comment by Jorge on 11 September 2008:
I usually carry less than $50 and also try to use my debit or credit card for tracking purposes.
I’ve found that using this service: http://www.expensr.com to track even pennies, made me realize that I was spending a lot on things I didn’t even knew!
Cool post!
Comment by Mark Nelson on 13 September 2008:
Thanks for the site Jorge.