The Pros & Cons of Carrying Around Cash

We live in a plastic world. Credit cards, debit cards and even our insurance cards are made of plastic! Does this mean the days of carrying cold hard cash are over? No way. There are definite benefits to carrying around cash in addition to, or even instead of, your plastic payment cards.

 Here are some pros and cons to carrying around cash:


  • You might spend less. For many, the act of handing over a debit card doesn’t hurt as much as the act of handing over several crisp $20 bills. You feel the ache a bit more when you actually see the cash leave your wallet.
  • No longer be caught off guard when you need cash for parking, or for some other cash only transaction. It’s the worst  feeling to need just a few dollars and realize you have no real money on you!
  • In addition to spending less, you also will get a better grasp on your spending habits. Think you don’t spend much eating out during the week? Use cash for the week and see how quickly that dining out fund goes over budget!


  • You could lose it or your cash could be stolen. This is a real possibility unfortunately.
  • It could be harder for some to keep track of their spending this way. Some people do better keeping track and monitoring their purchases from their online bank account.
  • If you resolve to only use cash, you will have to consistently make trips to the bank/atm for more cash each week. This can be time consuming.

Personally, I feel that everyone should always strive to have a bit of cash on hand at all times.  Enough cash to pay for parking or an ice cream cone, but not so much that you couldn’t pay your mortgage if you lost your wallet.

If you do decide to exclusively use cash, be sure you are keeping exact records of your spending and keep your wallet/purse in a safe place and by your side at all times.

The best part about carrying around cash? Having change for the kids to throw into the fountain or in their piggy banks!