How Much Money Should You Carry With You
Many of us rely on debit and credit cards in our daily lives. The survey, conducted by the US bank in 2017, showed that 50 percent of respondents carry cash with less than half the time. Of those who carry cash, 76 percent have less than $ 50.
But luckily, we’re not quite a cashless society yet, and the good old five dollar bill will still come in handy. So how much money do you keep with you day in and day out?
As with most questions about money, there is no right or wrong answer, just what you feel comfortable with or found works for you. Personally, I take anywhere from $ 40 to $ 60 for my salary and wait until it runs out before taking more if I don’t need the money for something specific. This is usually enough to get by in New York, where the wine cellar rarely accepts cards for purchases under $ 10, and all other restaurants only accept cash.
This Reddit thread offers various rules of thumb:
- “Take enough with you to get home. If it’s just a taxi in the city, then it’s 20-40 dollars. If that means buying a new tire in the suburbs, that means $ 300. ” – StructuralGeek
- “My rule of thumb is 120% of the cost of a petrol tank.” – AstroturfingBot
- “I keep $ 20 in my wallet and $ 20 in the glove compartment in case of a gas accident.” – two-color
- “A good rule of thumb is to carry at least $ 500 per piece to avoid rain.” – khazpat
In addition to emergencies, there are other reasons to carry cash:
- You are using an envelope budgeting system
- You need to tip someone (always cash preferred)
- Your cards are blocked / you often have an overdraft
And a million more random cases when cash is preferable to cards. What’s your rule of thumb for cash transactions?