10 Replies Latest reply on Jun 5, 2014 11:16 PM by BoBraxton

    how to live without cash (give cash up)


      My spouse has her ATM card. I have no card, by choice.

      That has caused some difficulty in maintaining on-line access to my / our checking account(s).

      That is unfortunate.

      When I say "live without cash" I mean cash (literally) but also ATM.

      No cash. Never cash. Always what's not in my wallet.

      Leave it to her.

      My month-long trips to volunteer work in Kenya taught me a long time ago that there is no necessary cash:

      1980, 1988, 1990, 1993, 1996, 1999, 2008, 2009, 2011, 2013, 2014 --

      I used $2 of hers for a Derby wager, bet on the favorite, returned a total of $11 in our little party group.

      What's a cash winner to do?

      It just rests on my dresser. There are always the grandson and grand-daughter.

        • Re: how to live without cash (give cash up)
          MyR Community Manager

          BoBraxton, thank you for creating a new discussion thread! We appreciate and enjoy your participation in the MyRetirement online community and look forward to your future contributions.

          • Re: how to live without cash (give cash up)

            nine percent do not carry any cash; (my group)

            seven percent carry more than one hundred dollars cash;

            close to fifty percent carry less than twenty dollars cash;

            • Re: how to live without cash (give cash up)

              So do you use credit cards? Checks? Or just let your wife handle everything?

                • Re: how to live without cash (give cash up)

                  Good questions. I / we use checks (many). It is more like I am the one to handle everything. Yes, we put charges on credit card: hers / his / and a special Travel which does not charge "foreign transaction" fees. We used that one for our February 4-week trip (Kenya). Also, I do not (as a matter of principle) have or use ATM card. Spouse does - that is how she gets her cash. In fact, I am so *n*l retentive about it that if she gets cash some other way, require deposit slip to put that cash into the bank before getting cash out (a record in both direction).

                • Re: how to live without cash (give cash up)

                  You must be a big fan/investor in wall street banks.

                  It does a big disservice to local communities to siphon 2-3% off to the credit card companies.

                  Tips are best left in cash.

                  Do you give a baggage handler a check or do you not acknowledge their efforts?

                  Capital One has a no foreign currency transaction fee card I use for international travel.

                    • Re: how to live without cash (give cash up)

                      Many smaller restaurants prefer to deal in cash as well.  The credit card fees eat up their profits.  And even ones that do take credit cards appreciate cash tips.  And as you point out, many other service providers need to be tipped in cash - baggage handlers, shuttle bus drivers at the airport, taxi drivers.  In general these service workers don't make much money and the tips are the difference between just barely paying their bills and having a little extra to get them by between paychecks.  Yes we all wish that employers would pay employees enough so that they didn't have to depend on tips so much but the truth is that in the U.S. this is not done in many cases with service workers.  And in less developed countries in many cases service workers exist entirely on tips.

                        • Re: how to live without cash (give cash up)

                          I use cash most of the time (no ATM nor Debit card), credit cards and checks.  If there is a problem with

                          a credit card you are protected = if there is a problem with a debit card. good luck = you are on your own. 

                          I have one credit card with a very low credit limit which I use for online purchases.  Cash has saved me

                          thousands of dollars over the years = even if all that I could haggle was the 3% fee that a credit card

                          would charge and if I didn't get it, I would charge and get the bonus points.  Win win !!  95% of the

                          time cash wins.  I also put a freeze (free I think for older folks) on my credit cards, ratings and opted

                          security alerts which now have totally curtailed pre-approved credit card applications.  Don't need

                          additional credit.  I always wanted to go to Switzerland but with my luck the Matterhorn would be shrouded

                          in clouds for the whole trip.  Bought a PBS video instead.  $20.  I'm happy !!

                          • Re: how to live without cash (give cash up)

                            I would gladly pay at restaurant(s) by check but many (all?) do not accept check(s) in payment. Thus, credit card. My biggest preference is not to eat out - full stop.

                        • Re: how to live without cash (give cash up)
                          Rich S.

                          What's the point of not using cash? What advantage?