More and more people use debit and credit cards to make all their purchases nowadays. Cash payments are usually considered inconvenient and more risky as cash can easily be stolen. So it happens that many people ask whether there even are any advantages of paying with cash. The simple answer is ‘Yes’. The advantages of paying with cash are vast, actually. Using this payment method can help you save money and avoid debt. Contrary to the popular belief, it also vastly limits the amount of money that might be lost to theft.
Thieves will not ruin you
It is true that cash can easily be stolen, especially when one is careless. However, it is also true that any thief will only walk away with the cash you had in the wallet. When carrying debit and credit cards, thief potentially walks away with all your money. The knowledge that the thief cannot withdraw your money from ATM without the proper pin is certainly comforting. The problem is that a resourceful thief will follow you around and peak the pin. It is always better to avoid this by paying in cash unless there is some expensive purchase to make.
It is easier to stick to the budget
Both debit and credit cards make people much less disciplined about their expenses. All the money one has is always conveniently at hand. The delicious Swiss chocolate, new video game, six-pack of beer, new shoes and even new car or plasma TV are much more tempting with enough “cash” in your pocket. On the other hand, no sane person goes grocery shopping with thousands of dollars in his wallet. Most of us are happy, if the cash is enough for necessary purchases. With limited amount of cash at hand, it is much easier to stick to your budget and leave all the temptations behind.
Paying with cash saves you money
Apart from making it easier to stick to your budget, paying with cash saves you any credit or debit card fees. This is also true for any interest you might have otherwise had paid on credit. Even avoiding the basic withdrawal fees is worth the effort though. Apart from fees, you can also easily save money by simply putting the loose change on the side. It is easy to save considerable amounts of money this way in a long term.
Cash will help you avoid debt
Many people get into dept only because they pay by credit card. This tiny piece of plastic makes everything affordable. The reality only kicks in much later. However, you cannot get into debt, if you only use the cash. Well, at least as long as you are not stupid or desperate enough to withdraw the money you do not have using a credit card.
To conclude, the advantages of paying with cash are numerous and vital to one’s financial health. It usually pays off to leave the plastic at home and carry around only limited amount of cash. No thief can peek your pin and raid your account this way. Remaining out of debt and being able to save money much easier are other great advantages of paying with cash.
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