Today I brought my grandfather to the bank as he wanted to take some money out. It sounded like he wanted to take out like $300 as well which made me naturally ask why he needed so much cash. He basically just said it was just in case he needed it. I mentioned how it might be better to just use like a debit or credit card where that way you don’t have to have so much money on you while still earning interest on it. For the most part it didn’t really matter to him though as he was just used to it.
But it did make me think how many people do carry around like hundreds of dollars in their wallets or purse still with the same notion that you never know when you may need it. I actually can’t think of many times during my everyday life where having the lack of cash prevented me from getting the things I wanted to purchase. I usually only carry like ten dollars actually as if I ever do make sporadic purchases that require cash it is often like smaller grocery stores that only accept it.
I guess this is one of those habits I have that is completely opposite of those who tell you to cut up a credit card and carry more cash instead. I personally find it is just more convenient while having a lifestyle habit of earning money with my purchases by having less cash on me. Funny thing I find too is that people often spend a ton of money on small things due to having the cash on them and I find with a credit card for one reason or another people tend to not want to make small purchases with them as it is “embarrassing” to many. So in some ways it can help you spend less. Assuming you are not the type that spends more than you have of course.