There are going to be a lot of people who read this and think I’m crazy and old. Both are true. However, I don’t make this statement without having reason for it. Cash may be old fashioned and a thing of the past, particularly in countries like Sweden but there are three excellent reasons for spending cash as opposed to credit or Apple Pay for example.
- The transaction is over when you hand over the money. No need for a bank or a financial institution to be involved when spending $5.00 for a diet Coke and a bag of pretzels. The response I often receive to this statement that is “I get points for every transaction”. Rest assured, whatever points someone receives isn’t going to buy a Ferrari. The information gathered by these institutions is worth far more than the few cents in points earned. That brings me to my next point.
- Privacy – For some reason people or maybe millennials, aren’t concerned about a lack of privacy. Why are so many willing to give up what is the most important part of living in a free and democratic society? I value my privacy as much as I value my right to vote, freedom to speak, the right to bear arms or the right for the LGBQT community to marry. There is no Freedom without Privacy!! Freedom should be unconditional and free from surveillance! While I certainly understand the reality of living in 2020, I don’t have to accept it!!
- Speed – Nothing is faster than a cash transaction. It never fails. It’s never rejected and it never has to be authorized. It works 100% of the time, no tech malfunctions. If I have to wait one more time at a register for a 20 something-year-old to pay with a card for a $4.99 latte, I’m going to lose my shit. I of course always make a comment because as you get older it’s completely acceptable. Carry a few dollars so you can pay for things that are inexpensive. Do millennials not tip people who help them with their luggage or who service their hotel rooms? Cash is quick, necessary and always appreciated. I only tip servers and bar tenders with cash.
One final point, I would challenge anyone reading this to spend one week paying for whatever she or he purchases, only with cash. I don’t mean a car or furniture. I mean pay for everything else with cash. You might realize that a) you purchase things that maybe you shouldn’t and therefore b) realize that you need to be a little more responsible when spending money. Credit, Apple Pay and other forms of payments make it too easy to spend money you don’t have. That will once again be the cause of the next recession; people over extending themselves and using credit to purchase things they can’t afford. It’s just a suggestion but it might teach you things about spending you never expected. Life is expensive and everyone needs to live within their means.