No one can deny that credit and debit cards have made life much easier and brought a lot of convenience in the way we do our day to day transactions. However, much of this convenience still does not outweigh the benefits that came with cash transactions.
Here are 6 advantages of using cash.
1 cash is accepted everywhere
In as much as credit and debit cards are popular among many vendors, it is worth noting that no all vendors accept them. However, no vendor will turn you away if you have cash. There are vendors who still want to touch and feel money, or some who feel that it’s not necessary for their businesses to incur the extra cost of equipment to handle credit or debit cards.
2 No extra fees for cash transactions
When you use credit and debit cards, you will often incur an extra cost over the transaction cost. Some call it a service charge or transaction fee. However, cash transactions will always be free. You pay for exactly the service you received, nothing more nothing less. Unless of course you are a good tipper.
3 Using cash enables you to budget better
The beauty about cash is that you can only spend what you have with you at the time of doing the transaction. This means that it is much easier to stick to your budgets. The same cannot be said for credit and debit card holders who have historically been known to exceed their planned budgets.
4 Using cash improves arithmetic development
Many people never really think about it but dealing with cash actually improves your math. The fact that you have to keep on physically counting your money in order not to make mistakes while making payments will improve your arithmetic.
5 Using cash reduces debt
Many people today are struggling with credit card debts because credit cards grew shifted from being a convenience into a debt trap as a result of people spending money they do not have. However, when it comes to cash, the fact that you can only spend what you have means the probability of buying what you cannot afford reduces hence reducing your chances of falling into debt.
6 Using cash makes you more financially responsible
The good thing about cash is that before you spend it on something, you will always look back at how much time and effort you had to put in order to make it. This makes you think twice before spending your money on something that is not worthwhile. Such habits make you more financially responsible.
There you have it.
At the end of the day, the choice of whether to use cash, credit or debit card is usually down to an individual’s own preference.