There are a number of benefits to spending cash instead of using checks and credit/debit cards. Of course, I am referring to payment in person (in a store or person to person transactions). Benefits of using cash include:
- Research shows that when you spend cash, you spend up to 33% less.
- You have no worries about bouncing checks after a major purchase.
- You no longer worry about having your credit/debit card denied at the checkout register.
- You don't need to check the balance on your checking account or your credit card limit before going shopping.
- Cash is anonymous. You no longer worry about off-line identity theft (checks and credit/debit cards always leave a paper trail).
- For major purchases, it shows that you have control over your finances and that you are not purchasing the item on credit.
- If you lose the cash, you lose the money. If you lose a credit card, you are required to go through the hassle of calling the credit card company and cancelling your credit card.
- Cash is accepted in more places than credit/debit cards or checks.
- You know exactly what your spending limits are for that shopping trip because when your wallet is empty, you are done spending.
Yes, I'll admit that there are a couple of disadvantages to carrying cash:
- If you lose your cash, it's gone.
- After a purchase, you end up with change in your pocket.
