Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

13 Reasons Why Cash Is Terrible

Monday, February 3, 2014 - 6:23 PM
"Apparently the latest fad is to do all your spending in cash. One of our contributors recently chronicled how debt-riddled 20- and 30-somethings turned around their lives by moving to a cash-only existence. Plus, as The New York Times' Hilary Stout reports, many are also now contemplating switching to an all-cash diet after high-profile cyber thefts at major retailers like Target. But there lots of reasons why cash is bad, and we should be eager for everyone to stop using it."

  Why Cash Is Bad - Business Insider
7
ShorebreakShorebreak2,613 posts since
Apr 6, 2010
Rep Points: 14,167
1. Monday, February 3, 2014 - 9:26 PM
To have a balanced view: Cash is king with the stock market tanking.  Of course, each one has a different definition of "cash", don't want to fall into that trap again:D
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
2. Tuesday, February 4, 2014 - 11:50 AM
Did not loose in the market because we were only in from between 95 and 99 and I do not use cash because I use a credit card only except my reward checking debit cards in a couple of stores only. Never have over $2 in my purse (usually from bottle returns) and no cash in the house. If stores don't want my credit or debit card I don't shop there.

Banks pushed checking accounts because it was cheaper than cash and then they pushed credit and then debit cards because it was cheaper than checking accounts. Wonder what they will push now because of all the security hacks? 
1
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
3. Tuesday, February 4, 2014 - 1:13 PM
I'm from the old school of thought (post-Depression).  I don't believe in plastic and have never used a Debit card.  I don't do the Rewards things because it means carrying around those credit cards.  I have one only credit card I carry for when I run up bills for more than the cash I have with me.  If I could, I would have a mattrasse made of that ole "dirty" stuff. :)  Didn't I read a post on DA not too long ago recommending we stock up on as much cash as we could?  I forget what the reason was but I don't need an excuse to prefer cash.  I will never forget an old saying my beloved mom who lost everything in the Depression, said to be all my life.  "Don't trust the banks or anyone else with your cash.  Always protect it yourself".  Well in order to build up a savings, I had to stretch her words a bit but I make sure I don't ever trust any "one" banking institution with our savings.  I am the Queen of "Don't put your eggs (or money) in "one" basket". 
4
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,010
4. Tuesday, February 4, 2014 - 6:10 PM
  I personally like to have my money work for me by making more money (interest). I carry very little cash on me and use my cash reward credit cards as much as possible. Not a fan of using debit cards. Also, keep very little in my checking account that earns next to nothing. Instead, I keep most of my available cash in a money market account that earns a decent return in today‚Äôs world. When my monthly credit card statements arrive I figure how much money I need for the month and transfer the funds from the money market to checking then use bill pay to pay the bills. I understand the reasons people prefer using cash because you only spend what you have, but if you keep on top of your accounts I do not understand how people get hit with fees every month. It just takes a little effort and self control not to overuse your plastic.

By the way congrats to Paoli2 for surpassing the 1,000 post mark.
4
FARFAR106 posts since
Feb 26, 2013
Rep Points: 381
5. Tuesday, February 4, 2014 - 7:55 PM
Thanks for the congrats FAR.  I had not noticed it.  Time flies when you are posting daily I guess.  Do those numbers mean anything on DA?  Do we get some protections from the Deleters?  :) 
1
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,010
Reply