Does anyone still use physical cash? Why?
- Thread starter Higgins909
- Start date
The #1 community for Gun Owners in Texas
Member Benefits:
Fewer Ads! Discuss all aspects of firearm ownership Discuss anti-gun legislation Buy, sell, and trade in the classified section Chat with Local gun shops, ranges, trainers & other businesses Discover free outdoor shooting areas View up to date on firearm-related events Share photos & video with other members ...and so much more!
Member Benefits:
I keep cash on hand for face to face transactions, no paper trail with cash, everyone likes to get paid in cash. And, how's the old saying go? There's nothing that you can't fix with a hundred dollar bill and a 30.06.
Another good piece of advice. Renting is just pissing away money into another persons wallet.
I bought a cheap house and I am renovating it room by room. Im not a carpenter but I taught myself how to do everything on my own house and vehicle. Being a cheap bastard is paying off
Axxe55
Retiretgtshit stirrer
Another piece of advice. Set up a savings account, or a couple of them. One, you set up as emergency funds for large expenses. IIRC, you are in the process of buying a house, correct? Large expenses are things like fridge goes out. House A/C goes on the kaput. For things that your homeowner's insurance doesn't pay for. And unless the house is brand spanking new, you are going to have expenses come up, and especially when you least need them. Having a few hundred, or even better a few thousand sitting in a savings account can take the sting out of those emergencies that come up.
A second savings account can be for things you want. Like a new pistol, or rifle, or scope, or a vacation. Stick back in that account, how much ever you can can get afford to live without.
Another thing about being single and your finances, is learning to put into priority for your needs, rather than your wants.
I have no idea of your work conditions or schedule, but, I'll throw this out there anyways. Might apply, or might not. Many times in the past, things I wanted to buy, but were not necessity things, I worked two or even three jobs, or did side jobs at home to make extra money. In 2001, I had worked a second job for three years, and saved several of my bonus checks for the same time to put a huge down payment on a really nice Harley Davidson Custom Softail motorcycle. I could have pulled the money out of my savings for the down payment, but what if something happened I really needed that money for some emergency? So I saved money from working a second job to come up with the down payment instead of pulling it from my savings.
A second savings account can be for things you want. Like a new pistol, or rifle, or scope, or a vacation. Stick back in that account, how much ever you can can get afford to live without.
Another thing about being single and your finances, is learning to put into priority for your needs, rather than your wants.
I have no idea of your work conditions or schedule, but, I'll throw this out there anyways. Might apply, or might not. Many times in the past, things I wanted to buy, but were not necessity things, I worked two or even three jobs, or did side jobs at home to make extra money. In 2001, I had worked a second job for three years, and saved several of my bonus checks for the same time to put a huge down payment on a really nice Harley Davidson Custom Softail motorcycle. I could have pulled the money out of my savings for the down payment, but what if something happened I really needed that money for some emergency? So I saved money from working a second job to come up with the down payment instead of pulling it from my savings.
Axxe55
Retiretgtshit stirrer
Damn good advice. The only exception to this is if the rent is considered part of a lease, with an option to buy, with the rent, or lease payments going towards the down payment if you exercise the option to buy.
But renting just makes the landlord richer. I can't see paying for something I'll never own.
Txhillbilly
Active Member
I'd say I'm 50/50 when it comes to paying with cash/debit card. I'm debt free, so I have lots of freedom when it comes to buying or doing stuff.
I have two credit cards, but if they are used, the balance is paid in full when the bill arrives.
Always pay as much extra as you can afford each month on any debt that you have. Not only will it save you a ton of interest, it will allow you to become debt free faster, and give you a lot of personal freedom in your life.
I have two credit cards, but if they are used, the balance is paid in full when the bill arrives.
Always pay as much extra as you can afford each month on any debt that you have. Not only will it save you a ton of interest, it will allow you to become debt free faster, and give you a lot of personal freedom in your life.
I have a debit card and I never use it. I always use a credit card and pay it entirely every month. If my debit card gets hacked, that's my money. If my credit card gets hacked, that's someone else's money.
Higgins909
Active Member
In 2020, I was hoping to have a house around mid 2022 if I budgeted correctly. I haven't exactly been keeping to the budget enough. I'm thinking I might try out cold hard cash and the envelope idea, because what I've been doing the last 3~ years isn't good enough. Late 2020, I was hoping I would have a part time job in early 2021, but that whole idea has been put on hold. I'm currently living with parents rent free. I need to focus on saving more.
I'm also leery of another economy crash coming soon. Houses are inflating and means I need to save even more. I'm not sure how realistic my monthly budget is, but here it is.
$96.82 Car Insurance
$50 Car Gas, slightly higher than needed
$45 Cat food and litter
$150 Food (This is noodles and spaghetti sauce, 31 days)
$341.82 total
I'm thinking I might need to add another $100 to food to be realistic. I don't actually eat spaghetti 24/7. I'm sure I have some other little expenses here and there, but if I can keep to this core budget, it would help a lot.
I'm also leery of another economy crash coming soon. Houses are inflating and means I need to save even more. I'm not sure how realistic my monthly budget is, but here it is.
$96.82 Car Insurance
$50 Car Gas, slightly higher than needed
$45 Cat food and litter
$150 Food (This is noodles and spaghetti sauce, 31 days)
$341.82 total
I'm thinking I might need to add another $100 to food to be realistic. I don't actually eat spaghetti 24/7. I'm sure I have some other little expenses here and there, but if I can keep to this core budget, it would help a lot.
You need a little "me money" once in a while. Doesn't have to be a lot, especially once you've really settled down on a good budget - but it's nice to treat yourself to a nice (reasonable) meal once in a while or something. A LOT depends on how self-disciplined you are. In 11 years, we paid off a $160k mortgage. 6 years later, I paid a $50k truck note off in 6 months - in part because we learned to focus. Main thing is, have a written budget that's REALISTIC. You need to have a $1k "emergency fund" (tire craters, minor repair on the vehicle, etc) on hand in cash. Learn to keep your fingers out of it. Learn to pay your CC off every 1-2 weeks, because the balance can sneak up on you in a month - it also makes you think twice before using it, because you know you HAVE to pay it off in a week or two. All told, we have about $100k in credit card limits available to us. Our balance is about $17 right now because we've learned to resist temptation.
And I agree with you on holding off on the home purchase. You're in the PERFECT position - I'm expecting major "corrections" in the housing market in the next 24 months, and it won't be pretty. In fact, it'll probably be bad enough to absolutely push the dems out of the White House in a landslide. When that correction hits, someone with good credit and a good down payment will damned near be able to steal about any house on the market. I can remember when the Japanese were buying land up all over S Texas (and golf courses all over the US) because they were so "cheap"....only to discover it was because it really wasn't capable of supporting the debt service they had to repay, and much of it went back to the banks. All the Californians flocking into Texas right now, paying stupid-high prices for "investment" property because it's "cheap" are going to find out that their ROI will suck BIG time when their house they paid 1.5X market value won't rent for enough because the wages in Texas are significantly lower than CA - and the taxes are HIGH.
So, hang tight, keep saving the cash and don't get in a hurry!
OP has apparently never dealt with shady businesses. Try using a credit card in a strip club and see how fast you learn that cash is the only way to go. Even I'm not stupid enough to have ever made that mistake.
Beyond that, any place that takes your card away from you, out of your sight, to run it is probably a place where you should pay cash. Even then, in places where there's even the slightest reputation for hidden skimmers (servers with certain types of wireless card readers, dodgy gas station pumps that are far from the door, etc.) cash is advisable. Having lost credit card info to a pump jockey in Oregon (where I was forced to let someone pump my gas), I know I've paid for someone to take at least a half dozen airplane flights all over the western U.S. without my knowledge. When you go through that, you learn to pay cash when you can't keep your mitts on your card at all times.
Also, I'm fond of saying that there are many problems in life that can be handled with so much less drama when you make it a habit to carry around a few hundred dollar bills. For example, a tree died on my front lawn. It was a big tree but I hadn't noticed because it was right next to another large tree that was growing fine. I had to look for a minute to realize that, yep, sure enough, there was a dead tree stuck right in the middle of all those green leaves.
Well, it just so happened that a neighbor was having a tree taken down. I walked over and talked to the guy in charge of the crew. The big boss with the shirt and tie had left after the paperwork was done; I was talking to the guy in charge of the actual work. I asked him if his crew would like to take down another tree today. He walked over, looked at the tree, and said to me "$200". I said sure. They took down my tree over their lunch break, threw the wood in with the wood from the neighbor's tree, and pocketed the extra $50 per crew member. I'm sure they never told the company boss. I got a tree taken down for less than half price, the workers got a bonus, everybody was happy. Only cash made that possible.
There have been a bunch of good reasons in this thread so far and I can agree with almost all of them but I'll spare you examples from my life. The two I'd like to stress are the ability to make purchases for discount prices from sellers who swoon at the sight of a stack of green bills...and bail money. Cash on hand for that stuff is more than money; it can be priceless.
Beyond that, any place that takes your card away from you, out of your sight, to run it is probably a place where you should pay cash. Even then, in places where there's even the slightest reputation for hidden skimmers (servers with certain types of wireless card readers, dodgy gas station pumps that are far from the door, etc.) cash is advisable. Having lost credit card info to a pump jockey in Oregon (where I was forced to let someone pump my gas), I know I've paid for someone to take at least a half dozen airplane flights all over the western U.S. without my knowledge. When you go through that, you learn to pay cash when you can't keep your mitts on your card at all times.
Also, I'm fond of saying that there are many problems in life that can be handled with so much less drama when you make it a habit to carry around a few hundred dollar bills. For example, a tree died on my front lawn. It was a big tree but I hadn't noticed because it was right next to another large tree that was growing fine. I had to look for a minute to realize that, yep, sure enough, there was a dead tree stuck right in the middle of all those green leaves.
Well, it just so happened that a neighbor was having a tree taken down. I walked over and talked to the guy in charge of the crew. The big boss with the shirt and tie had left after the paperwork was done; I was talking to the guy in charge of the actual work. I asked him if his crew would like to take down another tree today. He walked over, looked at the tree, and said to me "$200". I said sure. They took down my tree over their lunch break, threw the wood in with the wood from the neighbor's tree, and pocketed the extra $50 per crew member. I'm sure they never told the company boss. I got a tree taken down for less than half price, the workers got a bonus, everybody was happy. Only cash made that possible.
There have been a bunch of good reasons in this thread so far and I can agree with almost all of them but I'll spare you examples from my life. The two I'd like to stress are the ability to make purchases for discount prices from sellers who swoon at the sight of a stack of green bills...and bail money. Cash on hand for that stuff is more than money; it can be priceless.
There is a lot of good advice here. I also recommend listening to Dave Ramsey. Take his advice, the advice here, and incorporate it into your own plan.
24/25 is when I moved out of my parents house. I wish I found the information available today back then. I too had multiple credit cards doing the 0% interest balance transfers. Guess what, I lost track what was where and I was spending to much. But hey it was all on credit cards no big deal right? Wrong. My big ah hah moment was when I had to admit I couldn't pay for an overseas work trip. I was beyond embarrassed. It has taken me seven years to dig out of that hole. Please don't go down that same path.
I carry and still use cash. I have $100 hidden in the truck, and $50 hidden on the motorcycle. Enough to fill up the tank and get home when I forget my wallet. I still use credit cards but for online purchases, gas, and reoccurring charges. Everything else, I either use cash or a debit card. I still write checks, mainly for HOA protection money, vehicle registration, and property tax payments.
For your budget, yes add $100 to your food budget. Many a times Dave Ramsey has stated he went head to head with his wife on the grocery budget. She finally told him you do it, he did, and went back home with his tail between his legs and told his wife she was right. I do see some holes in your budget, you stated you use your credit cards for the cash back(STOP THAT) but I didn't see a line to pay the CC's. I also didn't see a lone for your cell phone bill. I also didn't see a line for any monthly subscriptions(Netflix, Xbox Live, etc.). They add up.
I know a few people here renting is throwing your money away. I agree with them to a point. However, I would recommend renting for a few years only to learn how to budget and how much rent and utilities would be. An apartment eviction would suck, but not near as bad as a foreclosure.
I know this is long, but I know, and I bet the others here, wish we had this advice and know what we know now when we were 25.
24/25 is when I moved out of my parents house. I wish I found the information available today back then. I too had multiple credit cards doing the 0% interest balance transfers. Guess what, I lost track what was where and I was spending to much. But hey it was all on credit cards no big deal right? Wrong. My big ah hah moment was when I had to admit I couldn't pay for an overseas work trip. I was beyond embarrassed. It has taken me seven years to dig out of that hole. Please don't go down that same path.
I carry and still use cash. I have $100 hidden in the truck, and $50 hidden on the motorcycle. Enough to fill up the tank and get home when I forget my wallet. I still use credit cards but for online purchases, gas, and reoccurring charges. Everything else, I either use cash or a debit card. I still write checks, mainly for HOA protection money, vehicle registration, and property tax payments.
For your budget, yes add $100 to your food budget. Many a times Dave Ramsey has stated he went head to head with his wife on the grocery budget. She finally told him you do it, he did, and went back home with his tail between his legs and told his wife she was right. I do see some holes in your budget, you stated you use your credit cards for the cash back(STOP THAT) but I didn't see a line to pay the CC's. I also didn't see a lone for your cell phone bill. I also didn't see a line for any monthly subscriptions(Netflix, Xbox Live, etc.). They add up.
I know a few people here renting is throwing your money away. I agree with them to a point. However, I would recommend renting for a few years only to learn how to budget and how much rent and utilities would be. An apartment eviction would suck, but not near as bad as a foreclosure.
I know this is long, but I know, and I bet the others here, wish we had this advice and know what we know now when we were 25.
Can you live off of only a $400 a month consideraing outlay for food, shelter, utilities, clothing, toiletries, guns & ammo (I am assuming you spend something on them being you are on this site, Internet access, a computer or smart phone and on and on? If so, please tell us all how you do that. Is it that you live like a pauper, are a hermit living in a cave, are you in the military and having the basics supplied, are you in jail and likewsise having all the basics supplied, or do you live with your parents (or other relatives) and sponge off of them? No offense meant with those questions; it is just, with all due respect, I do not see how anyone can live by spending only $400 per month. That is of course if you live a semi-normal life in the USA. Of course, if you can do it, please let me know how because I might want to join the club - so to speak.
I will answer your question - yes I use cash but of course I use plastic too.
As far as I am concerned, and I think as many others think, the only kind of cash is physical. It is the best way to spend if you are watching your budget, want you purchases to be private, do not want a paper (or digital) trail following your around, do not want someone stealing your credit information, and so forth. Thus the saying Cash Is King.
