Usually $5 or less in my wallet, and have about $50 in bills in a drawer for those last minute small cost needs. I also shamelessly borrow cash from the kids if needed - they each keep about $40. (I repay promptly) My DH is the one who regularly stops to get cash from the ATM, usually $40 at a time.
How much cash (actual greenbacks) do you keep on hand and why?
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W2R
Moderator Emeritus
This thread has got me thinking... (look out! LOL)
Every time I get cash from an ATM, I pay fees. They add up.
If instead of five $200 ATM withdrawals, I go INSIDE the bank and withdraw $1000 and hide it at home, I would save probably $10 or so (give or take a few bucks.. I don't know the exact amount).
Going inside the bank is not THAT inconvenient compared with driving through an aggravating ATM line five times. Actually it's probably easier. I live alone, so nobody is going to get into my "stash". Every $10 I save in ATM fees gets me that much closer to ER.
"I shoulda had a V-8!!!"
Thanks, guys.
Every time I get cash from an ATM, I pay fees. They add up.
If instead of five $200 ATM withdrawals, I go INSIDE the bank and withdraw $1000 and hide it at home, I would save probably $10 or so (give or take a few bucks.. I don't know the exact amount).
Going inside the bank is not THAT inconvenient compared with driving through an aggravating ATM line five times. Actually it's probably easier. I live alone, so nobody is going to get into my "stash". Every $10 I save in ATM fees gets me that much closer to ER.
"I shoulda had a V-8!!!"
Thanks, guys. 
Khan
Gone but not forgotten
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Want2retire said:This thread has got me thinking... (look out! LOL)
Every time I get cash from an ATM, I pay fees. They add up.
If instead of five $200 ATM withdrawals, I go INSIDE the bank and withdraw $1000 and hide it at home, I would save probably $10 or so (give or take a few bucks.. I don't know the exact amount).
Going inside the bank is not THAT inconvenient compared with driving through an aggravating ATM line five times. Actually it's probably easier. I live alone, so nobody is going to get into my "stash". Every $10 I save in ATM fees gets me that much closer to ER.
"I shoulda had a V-8!!!"
As a result of this thread I am spurred to keep a little more cash around the house.
I get almost all my cash using the debit card at the grocery.
lazygood4nothinbum
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i usually have between $75 & 100 on me because the supermarket only lets me put $75 on debit card with purchase but the healthfood store lets me take $100. if it looks like we might get hit with a hurricane i might have as much as $200 on me though i've never needed even that much cash.
W2R
Moderator Emeritus
rjpatt said:
I do, and avoid ONE fee that way. There are still fees. Perhaps your bank is better about that, and if so, how nice. Here in New Orleans we have a limited selection of banks (recall the recent NY Times article about this being a "third world country", which is not entirely untrue). Mine is the best about fees, overall. For now, I prefer walking 10 feet to withdraw money from a brick and mortar branch, to the alternative. I'm not THAT lazy!!
brewer12345
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Want2retire said:I do, and avoid ONE fee that way. There are still fees. Perhaps your bank is better about that, and if so, how nice. Here in New Orleans we have a limited selection of banks (recall the recent NY Times article about this being a "third world country", which is not entirely untrue). Mine is the best about fees, overall. For now, I prefer walking 10 feet to withdraw money from a brick and mortar branch, to the alternative. I'm not THAT lazy!!
How about an online bank or something similar? I do 99% of my banking with Schwab, which actually rebates ATM fees charged by other banks back to me. I just keep a no-fee local account with $100 in it so that I can deposit stuff locally and transfer it to SChwab when I need to.
W2R
Moderator Emeritus
Want2retire said:I do, and avoid ONE fee that way. There are still fees. Perhaps your bank is better about that, and if so, how nice. Here in New Orleans we have a limited selection of banks (recall the recent NY Times article about this being a "third world country", which is not entirely untrue). Mine is the best about fees, overall. For now, I prefer walking 10 feet to withdraw money from a brick and mortar branch, to the alternative. I'm not THAT lazy!!
brewer12345 said:
My bank has zero fees, if I maintain a decent balance and don't use the ATM. If I use their ATM, there ARE no fees charged by other banks, so how is refunding them an advantage to me?
Of course, if I kept a local account with $100 in it, I'd be charged three low balance fees that would end up being high enough that the balance would probably be gone in two or three months...
Really, all this detail about my bank's fee structure is not all that necessary, is it?
Want2retire said:This thread has got me thinking... (look out! LOL)
Every time I get cash from an ATM, I pay fees. They add up.
If instead of five $200 ATM withdrawals, I go INSIDE the bank and withdraw $1000 and hide it at home, I would save probably $10 or so (give or take a few bucks.. I don't know the exact amount).
Going inside the bank is not THAT inconvenient compared with driving through an aggravating ATM line five times. Actually it's probably easier. I live alone, so nobody is going to get into my "stash". Every $10 I save in ATM fees gets me that much closer to ER.
"I shoulda had a V-8!!!"
As I mentioned earlier we take out an entire months money on the first of the month. We then distribute the money into envelopes. This also means that we walk into the bank with a grocery list of denominations. We never use ATM's.
Since moving to an envelop system we have realized an additional $200/mo, simply in efficiency and frugality. We found new area's to save money that we couldn't find before.
Because of this, we will save/payoff (ie change our NW) by $71,000 this year alone!!! I *LOVE* the envelop system. When the envelop is empty we are done spending money. It really make you think twice about what you buy.
Bimmerbill
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About $1000 in the gun safe. Along with the guns and plenty of ammo.
I read stories of ATMs being wiped clean during hurricanes and gas stations not being able to process credit cards or debit cards so I think it is prudent to keep some cash on hand.
I read stories of ATMs being wiped clean during hurricanes and gas stations not being able to process credit cards or debit cards so I think it is prudent to keep some cash on hand.
FinallyRetired
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I keep about $20 cash. Was wondering, does anyone keep gold around for TEOTWAWKI? Sometimes I think about stashing away a couple of thou in gold coins, but then wonder who would take them and how would they know their value?
Believe me if it ever comes to the point where gold and silver coins are again circulated for payments, people will know exactly the value at the time of transaction. It would only be a matter of days before those coins were the preferred standard and coin of the realm. And yes, we keep gold ans silver coin in different denominations.
TargaDave
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DD accumulates her waitressing tips until she gets to the bank. Way more than typical $60 we have in our wallets.
I keep envelopes of Euros, Yen and Shekels since it's a pain getting to the exchange after each biz trip. Maybe $100-200 worth
Gold coins and several silver bags in secure locations (influence of my depression era dad; heck of a run since I got them. Thanks Dad)
I keep envelopes of Euros, Yen and Shekels since it's a pain getting to the exchange after each biz trip. Maybe $100-200 worth
Gold coins and several silver bags in secure locations (influence of my depression era dad; heck of a run since I got them. Thanks Dad
)
happy2bretired
Thinks s/he gets paid by the post
I have a few gold coins and 140 ounces of silver ingots in my safety deposit box. Not sure how I could spend it in an emergency tho. Oh well, it helps maintain my muscles every time I need to handle my safety deposit box.
KB
Thinks s/he gets paid by the post
rw86347 said:
What areas of spending do you pay cash? groceries, gas, eating out, household miscellaneous spending... Roughly how much money are you talking about?
I've thought about doing the same thing, just didn't have a firm plan in place.
KB said:
about $900/mo in cash.
I pay for *EVERYTHING* in cash. My wife pays for everything but gas in cash. Regular bills like insurance, mortgage and utilities are all paid electronically. As the owner of a car wash I have learned that the average consumer buys 30% more stuff on plastic.
My goal for paying for everything in cash is to enable me to watch every penny. I want to keep that extra 30%.
I figure just by closely watching my spending I can save an extra $2.3M over my life. With inflation this number will be higher.
