Carry Cash to Save Face and Money
A hot money tip from US current affairs and culture site Slate is: Always Carry Cash. In a digital world, keeping a few bills and coins to hand can save face and money—and it will cover essentials during the occasional cashless crash.
Slate’s Editor in Chief Hillary Frey wrote in her lifestyle tips column that having $40 to $60 in cash keeps people ready for a multitude of situations. She gives the example of having her Uber hijacked after seeing Olivia Rodrigo with her daughter at Madison Square Garden, leaving them at a busy venue without ready access to transportation.
Just minutes later, a yellow cab without its light on pulled up. I knew what this meant: The driver was off duty but potentially willing to pick us up. “Where you going?” he asked. “Brooklyn.” “You got cash?” “Yep,” I said. “How much?” “I have 40 bucks,” I said. He waved us in. We were on our way home. I am not scripting this when I tell you that my daughter said to me, “Good thing you always carry cash!”
The appeal of cash—an instant, secure and fee-free way to pay that appeals to many independent contractors such as taxi drivers—ensured she was able to get home promptly and safely. She also highlights another benefit of physical money: its value for budgeting, being a tangible indication of how much remains at any given moment.
I do always carry cash, and you should too. My recommendation is $40 to $60. Having cash on me is in my DNA. I grew up with parents who cashed a check every week for the spending money they’d have on hand, which kept them to their budget and with zero debt (truly impressive).
There is a convenience to cash for smaller purchases—such as ‘popping into the bodega for milk and watermelon gum’—for which it can feel embarrassing to pull out a phone or card (and rightly so, given the transaction fees levied by payment providers eat into profit margins to an extent felt most keenly by small, local businesses).
Many staff—from independent contractors to hospitality and restaurant workers—also prefer to receive tips in cash. The money goes directly to them, with no percentage taken by an employer or payment provider.
Many small and medium businesses are actively encouraging cash payments, with Frey giving examples of her local nail salon offering a 10 percent cash discount and her mechanic operating on a cash-only basis.
Her final reason for carrying cash—particular to New York but broadly applicable beyond—is for occasions when ‘Showtime dancers show up on my subway car.’ She’s clear that while she does not give money to every subway performer, she appreciates those ‘who do gymnastics on a moving train car and manage to get nearly everyone to clap along and smile at the end of the workday’
While the financial sector has many reasons to prefer cashless payments—such as the aforementioned fees, and opportunities to monetise personal data for a ‘double dip’ of profit—individuals and small businesses often depend on cash. For them, for convenience, for the chance to grab a late night taxi, and for the times when cashless payments are down: carry some bills and coins.