While more and more of the world has gone digital, it’s still a good idea to keep carrying cash on you, which is something Speedy Cash CEO Don Gayhardt can certainly help you with. Remembering to carry cash is especially important now that we live in a world of direct deposits and automating, meaning you can go several months without actually holding money in your hands. Here are a few reasons to visit the ATM every now and then and withdraw cash rather than keep it all on your card or inside your online bank account.
You Miss Out on Cash Discounts
You might have noticed that some companies, both large and small, offer discounts to customers who pay in cash. While a two or five percent might not seem like much, it can certainly add up over time if you visit a lot of businesses in your area that offer this discount.
It’s Easier to Split Bills
Even though it might not be too much of a hassle for restaurants to split up bills, not having to do so saves time, and there’s also the fact that the server might mix up credit cards if there’s more than one, which could lead to even more time spent in the restaurant as well as the time it takes to reverse accidental payments. It’s much easier to pay your portion of the bill with cash. Additionally, your cashless friends might forget to pay you back if you agree to cover their percentage of the bill.
Raffles and Showers at Work Are That Much Easier
Do you work in an office where there are showers, parties and celebratory lunches galore? If so, then you might already have an idea of how difficult it can sometimes be to gather money if everyone doesn’t make it a habit to carry cash on them. While you could always go to an ATM, doing so could be more trouble than it’s worth.
Tipping Is Better for Servers
You can always leave a tip on your card, but it’s better to do so with cash. This is because when you tip with cold, hard cash, the server gets to keep all of it. When you tip on your card, management might take a percentage to cover credit card processing fees. If you want to improve the lives and the livelihoods of servers, pay them with cash instead of adding it to your card.
Incidental Buys Are Less Complicated
Have you ever bought a cup of coffee and gone back up to the barista to ask for a refill to learn it’s only a dollar? While you can always put that amount on a card, you might feel a bit silly doing so for such a small sum. By carrying cash, you can easily and conveniently satisfy your caffeine addiction. You also have to think about the fact that businesses have to pay fees for all card transactions, whether they’re credit cards or debit cards.
There Might Be Times When You Can’t Use Your Card
As convenient as electricity and the internet make life, there are instances where they can both bring life screeching to a halt when they don’t work. Imagine going to pay for a meal you’ve already eaten or a taxi ride you’ve already taken only to learn you can only pay in cash, or that the credit card reader is down. Rather than work out some type of IOU or find the nearest ATM, which might be far away or make the business owner wonder if you’ll return, you can make things quick and easy for everyone and whip out cash and use it to pay.
Can you remember the last time you carried cash? Get into the habit of having some on hand for the above instances.