Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 02-25-2020, 04:39 PM   #41
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 5,827
Quote:
Originally Posted by 11522914 View Post
I rarely use cash. Charge everything. But when I occasionally go to Target I get $40 cash back. Will last me months.
+1
I didn't say I used a lot of cash, I just said I don't want or think it can go away. An ATM withdrawal of $200 will last 3 months. I need to learn the technique of cash back from the register. That would have never occured to me. I watched someone get cash back at the grocery store the other day and I thought it was cool to walk out of the store with more cash than you went in with.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-25-2020, 04:56 PM   #42
Full time employment: Posting here.
racy's Avatar
 
Join Date: May 2007
Posts: 740
Quote:
Originally Posted by GalaxyBoy View Post
I wish cash would go away.
I wish the little old ladies at the checkout, who open their purse, search for their coin purse, get out a handful of change and start counting nickels, dimes and pennies, would go away
__________________
"It is better to have a permanent income than to be fascinating". Oscar Wilde
racy is offline   Reply With Quote
Old 02-25-2020, 04:59 PM   #43
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 7,982
I only get cash from my local BOA ATM machine.
I use around 4 stores in that strip mall, which is 10 minutes away, so very convenient.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 02-25-2020, 05:18 PM   #44
Recycles dryer sheets
 
Join Date: Nov 2012
Posts: 179
I use the ATM when I need cash (every month or two). I use cash at yard sales, to tip at bars, and at marijuana dispensaries.

I do my checking at Schwab and so I don't have a local branch to get money from but they rebate fees from any ATMs. I never use a debit card.
geeky_grrl is offline   Reply With Quote
Old 02-25-2020, 05:58 PM   #45
Thinks s/he gets paid by the post
dixonge's Avatar
 
Join Date: Mar 2008
Location: On the road
Posts: 1,393
Quote:
Originally Posted by Midpack View Post
In a recent thread, many/most replies said they hoped cash never goes away, at least for smaller purchases. Many went on to say they only used credit cards for purchases above $20 or thereabouts.

Then today thereís a thread where many/most say they donít use their ATM cards often.



So where are you (even limited) cash users getting your cash if not at an ATM? Bank walk in? Cash back with (grocery) purchases? Larger bank withdrawals for a cash stash at home?

DW and I usually use a nearby ATM to take out $40/week each for ďallowanceĒ to buy all sorts of small incidental purchases (lunch, snacks, 1-2 items at grocery, etc.).

https://www.early-retirement.org/for...te-102245.html

https://www.early-retirement.org/for...ve-102307.html
We used a lot less cash when we lived in the states, but this last trip was crazy. With my new Apple Card and watch and ApplePay I just double-tapped my watch button and money magically moved around the internets. I used it *everywhere* - needed cash even less than usual.

Back home in Mexico, not so much. We get a few hundred out every 3 weeks or so, and that covers all expenses including rent. Lately I've been using the apple card for groceries though, but only at the big stores. Also Uber. It's still a big cash society down here though...
dixonge is offline   Reply With Quote
Old 02-25-2020, 06:44 PM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 16,716
I’m still surprised at how little cash most here seem to be using. In another article I read cash was used for 85% of transactions worldwide, 40% in the US.
Quote:
The 2018 report on the Diary of Consumer Payment Choice (DCPC) was the fourth Diary study conducted by the Federal Reserve. A demographically-representative sample of approximately 2,800 individuals participated in the Diary in October 2017. Findings from the 2017 DCPC show:
  • Cash continues to be the most frequently used payment instrument, representing 30 percent of all transactions and 55 percent of transactions under $10.
  • While online shopping continues to grow, 77 percent of payments were made in-person.1 For these in-person payments, cash accounted for 39 percent of the volume.
  • Survey respondents between 18 to 25 years of age and those 45 years and older use cash approximately 34 percent of the time to pay for transactions.
  • In 2017, consumers held more cash on average than their 2015 and 2016 counterparts, though the difference was not statistically significant.
https://www.frbsf.org/cash/publicati...ayment-choice/
Quote:
The drawbacks of these digital alternatives are evidenced by the resilience of cash. Eighty-five percent of all transactions globally (and 40 percent in the United States) are still carried out using cash, particularly transactions involving small amounts of money. There are good reasons why that is the case. Cash is convenient. Cash is private. Cash is intuitive. Cash does not incur explicit transactions costs.
https://slate.com/technology/2015/07...olve-cash.html
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 30% bond funds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Old 02-25-2020, 06:48 PM   #47
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
ls99's Avatar
 
Join Date: May 2008
Posts: 5,654
Quote:
Originally Posted by racy View Post
I wish the little old ladies at the checkout, who open their purse, search for their coin purse, get out a handful of change and start counting nickels, dimes and pennies, would go away
Then there are the folks who can't remember their pin, or zip code, or just have fumble fingers and takes them three or four tries to complete the transaction. Each time the cashier has to re-initialize the transaction.
Just a few days ago I walked out of a store behind such a comedy routine, leaving the merchandise on the cashier's counter. I was followed out the door by three other customers in the same manner.

I use cash (from ATM) for all under $20 transactions. Won't feed the tracking trolls of where and when I have coffee or ice cream or KitKat etc.

Besides it is cheap entertainment giving the cashier pennies, and them trying to figure out change when the register is not working.
Darn kids can't do arithmetic, even using their fingers and toes.
__________________
There must be moderation in everything, including moderation.
ls99 is offline   Reply With Quote
Old 02-25-2020, 07:09 PM   #48
Thinks s/he gets paid by the post
 
Join Date: Apr 2010
Posts: 3,752
We withdraw $200 at a time from the ATM. It can last us a week, it can last us for two months...or anything in between. Our first choice is always a credit card.
brett is online now   Reply With Quote
Where Do You Get Cash? Iím confused...
Old 02-25-2020, 07:12 PM   #49
Thinks s/he gets paid by the post
 
Join Date: Feb 2007
Posts: 3,063
Where Do You Get Cash? Iím confused...

I go to the bank in our grocery store the last few days of the month and I get cash for the next month. We use cash for all local spending which is grocery stores, Walmart, Home Depot, etc, and eating out. So itís usually under $1500/month. I donít use the ATM because of their amount limits.

DH likes the reality of using cash. I used to enjoy playing the credit card rebate game but when DH retired I asked him to get involved in our finances and he asked that we try paying cash for things. Now, I also like using cash.

DH using cash for local spending is still his only involvement in the finances. But at least he got that far. I tried.
__________________
Married, both 66. DH retired June, 2010. I have a pleasant little part time job.
Sue J is offline   Reply With Quote
Old 02-25-2020, 09:00 PM   #50
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 29,165
Quote:
Originally Posted by Midpack View Post
I’m still surprised at how little cash most here seem to be using. In another article I read cash was used for 85% of transactions worldwide, 40% in the US.
Well, what do you and your wife use cash for?

This group is often very different than the general population.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 02-25-2020, 09:54 PM   #51
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 5,827
Quote:
Originally Posted by racy View Post
I wish the little old ladies at the checkout, who open their purse, search for their coin purse, get out a handful of change and start counting nickels, dimes and pennies, would go away


Just wait, they will.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Old 02-25-2020, 10:03 PM   #52
Thinks s/he gets paid by the post
Just_Steve's Avatar
 
Join Date: Apr 2016
Location: Dutchess County
Posts: 1,601
I go inside and see a teller at my credit union to get cash.
I can't believe so many on ER use no cash, the cash economy is alive and well in my neck of the woods.
So who do I pay in cash you might ask?
1) Lawn guy.
2) Auto mechanic.
3) Many small job contractors.
4) Dog groomer.
All of the above give about a 10% discount for cash.
5) Barber, no discount for cash but do so anyway.
6) Slip the garbage man a few bucks and they will take anything I put out.

Those are just off the top of my head, I'm sure I could come up with a few more if I really thought about it.
Just_Steve is offline   Reply With Quote
Old 02-25-2020, 10:17 PM   #53
Thinks s/he gets paid by the post
 
Join Date: Jan 2005
Posts: 2,912
We lent our son money to pay off his car loan and he pays us back monthly in cash. Prior to him owing us money, I would either get it at grocery store or at the bank.

We usually charge most everything. My hairdresser charges 10 percent less, if paid in cash, so I use cash. We also use cash when we cruise for tips. We also like to carry extra cash when we are on a vacation, just in case there is a problem with credit cards. We usually bring most of it back home with us though.
Dreamer is offline   Reply With Quote
Old 02-25-2020, 10:35 PM   #54
gone traveling
 
Join Date: Dec 2015
Location: Berkeley, Denver, CO, USA
Posts: 1,407
Quote:
Originally Posted by Just_Steve View Post
So who do I pay in cash you might ask?
1) Lawn guy. Mow our lawn and our neighbors’. They pay us $10/week via Venmo.
2) Auto mechanic. Plastic
3) Many small job contractors. Venmo, Square, e-check
4) Dog groomer. I am a cat guy
5) Barber Venmo
6) Slip the garbage man a few bucks and they will take anything I put out. City employees. I would never think of bribing them.
.
No cash for me.
davebarnes is offline   Reply With Quote
I'll take 3 lbs of bananas at 39 cents/lb if you throw in a head of lettuce
Old 02-25-2020, 11:17 PM   #55
Thinks s/he gets paid by the post
Mdlerth's Avatar
 
Join Date: Oct 2016
Location: The Shire
Posts: 1,504
I'll take 3 lbs of bananas at 39 cents/lb if you throw in a head of lettuce

Quote:
Originally Posted by Midpack View Post
I’m still surprised at how little cash most here seem to be using. In another article I read cash was used for 85% of transactions worldwide, 40% in the US.
Perhaps because so many of those 85% of worldwide transactions involve haggling, whereas most transactions stateside do not. The price is marked and you either accept it or forgo the purchase. (Yeah, there are exceptions, but they are infrequent.)

But in developing countries everything you buy might be haggled. And there it's much easier to exchange cash instead of inserting a chip card.

Oh, and I get cash from the credit union ATM. If someone is bringing your food or cutting your hair, it's a good idea to tip bountifully and in cash.
__________________
Paying it forward is the best investment.
Mdlerth is offline   Reply With Quote
Old 02-25-2020, 11:21 PM   #56
Thinks s/he gets paid by the post
Katsmeow's Avatar
 
Join Date: Jul 2009
Location: DFW Area (Tx)
Posts: 4,663
Quote:
Originally Posted by Midpack View Post
Iím still surprised at how little cash most here seem to be using. In another article I read cash was used for 85% of transactions worldwide, 40% in the US.
This group is not necessarily representative. Here are two extremes.

1. Until recently my daughter was paid in cash because she didn't have a bank account. So she mostly spent using cash. She recently did get a bank account but she still tends to use a lot of cash.

2. My late mother who died at 94 used a lot of cash. She didn't have a debit card and rarely used a credit card. She would withdraw cash at the bank each month and would use it for a lot of purchases (otherwise would write a check or do automatic payment for some bills).

Anyway, where have I gotten cash the last few years: my daughter paid me her share of the phone bill in cash once, I received cash for a Christmas gift, cash from selling some items at a garage sale, cash refund at store where the original amount was charged to credit card and a small refund was made in cash. Occasionally we do withdraw money from either ATM or bank withdrawal. The latter is done if we have to go into the bank and do something else with the teller.

Things we use cash for: valet parking, lottery tickets, some service people for small services, gifts
Katsmeow is offline   Reply With Quote
Old 02-25-2020, 11:38 PM   #57
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 6,638
Think I used an ATM to make some check deposits several years back - don't know that I ever pulled money from one. We get small checks mailed to us every couple months from a laundry service running some coin-op machines at an apartment complex. Had a small loan, paid off a couple months ago, that was sending $315/month which we cashed at the bank. Sold about a thousand dollars worth of clay, cast iron, kayak and bicycle on Craigslist for cash last summer.. Seems like there is more cash or cash-able checks coming in than going out.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
calmloki is offline   Reply With Quote
Old 02-26-2020, 12:00 AM   #58
Thinks s/he gets paid by the post
rk911's Avatar
 
Join Date: Dec 2018
Location: DuPage County IL
Posts: 1,403
Quote:
Originally Posted by Midpack View Post
In a recent thread, many/most replies said they hoped cash never goes away, at least for smaller purchases. Many went on to say they only used credit cards for purchases above $20 or thereabouts.

Then today there’s a thread where many/most say they don’t use their ATM cards often.



So where are you (even limited) cash users getting your cash if not at an ATM? Bank walk in? Cash back with (grocery) purchases? Larger bank withdrawals for a cash stash at home?

DW and I usually use a nearby ATM to take out $40/week each for “allowance” to buy all sorts of small incidental purchases (lunch, snacks, 1-2 items at grocery, etc.).

https://www.early-retirement.org/for...te-102245.html

https://www.early-retirement.org/for...ve-102307.html
mostly cash back with groceries when we're on the road and at our bank ATM when we're home. quite simple, really.
__________________
Rich
Ham Radio, Sport Pilot, RVer
FIRE: 8/11/2005, age 55y,1d
Administrator for a regional 9-1-1 call center
rk911 is offline   Reply With Quote
Old 02-26-2020, 05:02 AM   #59
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 29,165
Quote:
Originally Posted by audreyh1 View Post
Well, what do you and your wife use cash for?

This group is often very different than the general population.
OK, I remembered in the OP where you said
Quote:
DW and I usually use a nearby ATM to take out $40/week each for “allowance” to buy all sorts of small incidental purchases (lunch, snacks, 1-2 items at grocery, etc.).
I will go over two months before pulling a twenty out of my wallet, and that’s usually to break up for smaller bills which take a long time to use up. DH no more and maybe even less.

Plastic rules. We don’t eat out much but all meals and groceries go on credit cards, no matter how small. I’m sure the 3% and 6% cc rewards trained us, but I also find it convenient. Even a bottle of water at an airport - it’s more convenient to use ApplePay. Especially if you are trying to avoid hand contact. And I hate dealing with coin change.

So tips for hairdressers - which may still end up on the credit card if I don’t have small bills - is the most common use. And that’s not much as we go less than once a month. Usually we’re carrying some USD “just in case” and it takes forever to spend it.

Other than paying for vehicle inspection and hair cutter tips, I can’t think of anything I’ve paid cash for in a long time......

Rarely write checks either......
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 02-26-2020, 05:21 AM   #60
Thinks s/he gets paid by the post
Badger's Avatar
 
Join Date: Nov 2008
Posts: 1,981
I go inside my CU for a couple of hundred dollars in 20s that I put in my dresser and draw from that until the next time. Bills are paid electronically, CC used for gas, Costco, and online purchases, Cash for eating out and small purchases.
We have a Debit card that is only used at ATMs when traveling and it is linked to a separate account with limited money in it. If the card gets stolen or hacked the loss will be minimal.


Cheers!
Badger is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Big-Name Investors Get Long, Get Loud and Get Richer timo2 Stock Picking and Market Strategy 2 08-16-2013 08:02 AM
Confused...Starting to get my ducks in a row Seattle Hi, I am... 69 05-19-2012 08:42 PM
If you like trains you get to get to scranton pa mathjak107 Other topics 6 09-04-2009 06:44 PM
How many years of cash/cash equilivents do you have now Florida FIRE and Money 70 03-10-2009 03:32 PM

» Quick Links

 
All times are GMT -6. The time now is 01:18 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.