$20 in the U.S., $50 in Australia, and I try not to spend it... just as a backup/emergency if I find myself in a situation where I can't use a credit card. If I have to spend it / break the note, I'll use the change on gasoline, get a new bill from the bank and try to avoid using it again.
It's a bit more difficult in Australia as it's more common for places to add in a surcharge for using credit, and I'm not about to pay more - the main reason I use the credit card is for the cash back bonus... which is a crazy thing since it helps drive up the cost to vendors who pass the expenses on, but I didn't make up this system I'm just adapting to what they're rewarding me to do...
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
$100 to $200 usually. Over the last year I've migrated most of my spending to credit cards for groceries, gas, etc (paid off in full every month). I used to always use cash for day to day purchases so I wasn't "tracked" (for whatever value that had). But since I started carrying a smartphone I realized I was tracked everywhere so I was only fooling myself. I've reduced my visits to the ATM by from 4 to 1 per month.
Most of our cash spending is meals out, either restaurant or takeout. If I don't frequent a store a lot I tend not to want to use my credit cards there.
The closest helping hand is at the end of your own arm.
Over the years I've reduced carried cash to around $5 to maybe $40 if I've just reloaded. The only real cash requirement I have is when I play golf with the boys and settle up our bets afterward - but there is a $10 max so again not much requirement for cash. (The cash goes towards the drinks -- nobody actually leaves the table with any money in their pocket.) Otherwise, a debit card or more recently Android pay works for me.
Dave81 wrote:I've noticed that people differ a fair amount in how much cash they carry around. I very rarely have more than $100 and often less. This is because I pay for most things with cards, plus carrying large amounts of cash makes me uncomfortable. One time someone who owed me about $300 offered to give me cash and I said I'd actually prefer if they used PayPal!
I can't really justify my reluctance to carry more than $100 in rational terms. But I am curious what other people do and why.
Not really reluctant to carry large amounts of cash around, I just have no need. Most everything I buy goes on the Fidelity Visa, and gets paid off once a week. There are a couple of blue-plate restaurants here in town that won't take plastic, so I typically carry around a few bucks, but almost never more than about $60 or so.
I have an "emergency" hundred folded up and hidden in the wallet. Other than that, zero. If I go somewhere that doesn't accept cards, I'll usually turn around and walk back out.
Just reached into my pocket and pulled out a soggy old $5 and I think I have a new $20 in my wallet.
Quick story about being robbed. On our honeymoon in Spain, we were boarding the metro in Madrid and 4 young guys were heading out let us in the door and then all bumped my, one grabbed around my ankles looking for an ankle wallet two other grabbed under my arms, guess thinking I had one of those neck wallets. I pushed they off and they ran out the door. My wife looked at me and asked if I still had my wallet. Well I keep a throw away wallet in my left front pocket and yep it was gone - never felt the pick. They got a few pesos and some change. luckily I had a money belt.
I usually carry about $80 dollars in my wallet. It is easier when using a drive-thru, my closest take-out place has a minimum larger than my orders, and I don't like to use a credit card at sit-down restaurants because that seems the easiest way to get your number stolen. Oftentimes cash is faster when making small purchases. I rarely use the debit card except at the ATM.
livesoft wrote:I stopped carrying a wallet. I carry only a drivers license and a credit card around nowadays.
How long can you go without spending any cash? For me, practically indefinitely.
It might be more interesting to see when the last time you used an ATM was. I bet I use one less than twice a year. I bet I spend most of my time with less than $50 in my wallet.
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Cheyenne wrote:It's not a good idea to carry more than about $300 in cash unless you're willing to have it seized in a traffic stop under civil forfeiture laws.
I had to look that up. That's a little scary but good to know. Evidently, folks are trying to get that system reformed.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson
I give myself $250 a week, in cash, to spend. That covers my grocery shopping, going out, and any miscellaneous purchases. Easiest way to stay on budget. I use my credit card for gas and times when nothing else will work.
For me it's too easy to go over budget when I'm using a credit card for my daily purchases. Easier to track when you can look at your budget in your hand - in 20 dollar bills.
Cheyenne wrote:It's not a good idea to carry more than about $300 in cash unless you're willing to have it seized in a traffic stop under civil forfeiture laws.
I had to look that up. That's a little scary but good to know. Evidently, folks are trying to get that system reformed.
They police allegedly confiscated $5 billion last year. Meanwhile thieves supposedly only raked in $2.7 billion!
"We have seen much more money made and kept by “ordinary people” who were temperamentally well suited for the investment process than by those who lacked this quality." Ben Graham
I need cash for small purchase such as coffee and bagels and to more quickly leave a restaurant. Some gas stations charge more for credit card purchases. A few other places do not take cash or charge more for cc purchases. Lunch or dinner at the local Lodge costs less for cash. Some places run by volunteers do not take credit cards. A local center that offers some interesting courses does not take credit cards in the cafeteria or to pay for the courses. Otherwise credit cards are more convenient and company is good about catching any fraudulent charges. I might be dragged to a tag sale that requires cash.
I average about $150 although the only regular cash transaction I have is my bridge - $10 two to three times per week. Why as much as $150? So I don't have to go to the ATM too often.
I would never feel comfortable with zero cash. After all, it is useful to be able to bail out those people who smugly tell you they never carry cash, just before they ask if they can borrow some for the collection at work/snack machine/tips/donation jar/parking meter....
Related to the fraud charge, I recently changed my account settings to send me a text for every transaction over $1. Now that's a little crazy if you ask me, but I'll immediately know if there was a charge that I didn't swipe
+1 I usually get a text in restaurants before the waiter/waitress comes back with the card. I crosscheck it almost daily on my cc website so I can check the tip was correct or look for < $1.00 charges. Note Bank America does not have real-time text, it lags a business day or two.
I usually have about $25-100 in my wallet. Currently 70 dollars. Mostly used for a few places we like to eat that don't accept cards. We use credit cards for everything else. Mostly use 2% cash back card.
I grew up very much a cash only person, but flipped to a near 100% CC person for the miles/bonuses.
Regardless, I usually carry around 1000 in my wallet, probably ranges from 500-1500. It lasts longer and longer, and these days I mainly only hit it to pay off a college girl.... (Babysitter when the wife and I go out)
I travel a fair amount, but even then Uber has decreased the need for cash.
I don't have an ATM card but the wife does. I keep a cash kitty at the house and replenish occasionally from the bank. Haven't been robbed or home broken into yet, but probably will now that I broadcasted this on the net!
I am famous in my family for always having money tucked away somewhere. Usually $30-50 cash, but 2-3 $100 bills (or the Japanese equivalent, since I live in Japan), tucked into pockets in my wallet. And always the same amount in the glove box of my car.
I was always taught to carry enough cash to give for tips. So I always have about $10 dollars in change. I only carry more cash if I'm on vacation, but, no more than $200 dollars. My wife and I take out $200 dollars in change every month and leave it in a drawer to replenish our wallets should the need arise.
Occasionally, my wife will give me some cash for an allowance. Into the wallet it goes until she has need of it. The two twenties currently residing therein have been there for months.
$30-45. Never more than $50 unless for specific cash only purpose and can't remember doing that in ages. Used to take more on vacation but found I never used it in lieu of plastic. My parents meanwhile carry $100s...
Usually $0 - $40. My wife gets upset with me when we're out and in [rare] need of cash and I look at her and smile. I don't remember the last time I went to an ATM.
My wife takes out $200-300 from the ATM every 3-4 weeks. It drives me crazy that she uses up that much cash, since I can't track what it's being used for in my spreadsheet, but there are a few times when we need cash (as I mentioned at the beginning of my reply) so my $0 cash balance isn't ideal, either.
I still carry around a very bulky "George Costanza" wallet, though, to carry my credit cards and all of the receipts I ask for when I use those cards.
My wife gets upset with me when we go through a McDonald's drive-thru and I use a card to pay for a $5 order. Hey, 2% cash-back on my Citi card! Every little bit adds up.
Between $100 and $60. Not a debit card fan and use cash mostly for gas (to get 10c/gallon cheaper), small purchases instead of a debit or credit card.
The one thing I did learn when there is a major storm coming is to load up on cash. During Sandy our power was out for 4 or 5 days and cash was king. We were lucky that the next town had some restaurants open but some of those couldn't accept charges.
I also load up on cash when going on vacation. I like to limit the use of credit card to major institutions like hotels not for the local gas station or fast food chain. I feel there is probably less chance of my CC being compromised and if it is I rather deal with the CC company and a major institution than Joe's garage two states from home.
saltycaper wrote:About $100. Any more invites murder, as well as robbery. (Actually saw that in an old bank advertisement.)
All true, and the opposite is also true. If you get held up by someone demanding "money" they are not going to accept a piece of plastic from you. You need to hand over cold, hard cash quickly, even if it's only $20. You are safe because you carry cash, but others without cash on hand may want to think twice
The advice that I've heard was that if you give a mugger a couple of hundred they may say 'Thanks' and walk away happy whereas if you say 'I've only got $2 on me' they'll put a couple of bullets in you just out of spite.
Independent liquor stores in Ohio only accept cash for the hard stuff, so I need to carry enough for that and tips.
Usual cash withdrawal from ATM is $500. This is for 2 of us. Probably only 1-2 per month. Generally get more cash when my wallet goes under $200. Probably use more cash in US for car valet tips. Don't use coins really. Throw the small ones away and put the quarters in a bowl.
Last edited by SQRT on Sun May 08, 2016 6:58 am, edited 1 time in total.
Anywhere from $10 to $200. While I mostly use my credit card for the rewards and ease of record keeping, I prefer to keep a bit of cash available at all times. A few years ago when my husband and I were with a group of friends, I ended up buying movie tickets for most of the people we were with because the theater's card readers were down. I do tend to waste more money on Diet Cokes when I happen to have ones for the vending machine at work, though.
saltycaper wrote:About $100. Any more invites murder, as well as robbery. (Actually saw that in an old bank advertisement.)
All true, and the opposite is also true. If you get held up by someone demanding "money" they are not going to accept a piece of plastic from you. You need to hand over cold, hard cash quickly, even if it's only $20. You are safe because you carry cash, but others without cash on hand may want to think twice
The advice that I've heard was that if you give a mugger a couple of hundred they may say 'Thanks' and walk away happy whereas if you say 'I've only got $2 on me' they'll put a couple of bullets in you just out of spite.
Yes. This makes sense. I believe the advertisement was suggesting that if you had enough money on you, the mugger would figure it worth their trouble to go to your home to get more, and then murder you. (Posted partially in jest; the bank advert was probably a century old.)
A few decades ago my spouse was mugged in a parking garage after coming out of a building with a bank. She had less than $2 in quarters on her. She had not gone into the bank. The perps were not the brightest folks and went to jail.
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