How do you handle your money? Do you deposit your check every payday and then swipe your card when you want to buy something?
Every time you swipe your card in public you place yourself in danger. Not only do you put yourself at risk of having your card information stolen by skimmers, you also run the risk of spending more money. Studies have shown that people who prefer cash over cards spend less money. Even worse, some banks charge you a fee every time you swipe your card. My personal bank charges me a dollar every time I use my bank card as a debit card at stores.
Carrying cash can eliminate this issue. If you withdraw the amount of cash you have budgeted for gas, groceries, lunch, and other extras during that pay period, you eliminate the danger of overspending. You know you have so much money for the week, so you need to be careful with your money.
Paying cash also eliminates any chance that you will fall prey to a skimmer. They can’t steal your card information if you don’t give them access to your card in the first place.
If you’re worried about being robbed of your cash, place your money in a place where thieves won’t look for it. My father kept his stash in his sock; I keep mine in an assortment of places aside from my wallet (no, I’m not going to tell you where). It also helps if you don’t attract attention by driving fancy vehicles or dressing in clothing that indicates you’ve got money. It makes little sense to rob someone who appears to be broke just to get a few pennies. Dressing simpler also comes in handy when haggling for a lower price. Some sellers tend to charge more if they think you can afford it.
While you can’t pay cash when shopping online, you can do this for the everyday purchases you make locally. Food, fuel, and other everyday purchases can be made just as easily with cash as with plastic.
If you are not paying cash for your everyday purchases, you need to start doing it now. Your budget will thank you.