Do you carry cash, or have some stashed at home?

[Kimberland30]

I rarely carry cash with me, I think right now I have maybe $6 in my wallet. I use my check card for every purchase, even if it's only $2. We also don't keep cash at home...if we need some we'll go to the ATM.

I remember growing up that if my parents needed me to run to the store, or if we asked for money for something, they'd go into their room and close the door, and voila, they'd have cash-in-hand. For DD, if we need something I usually ask her to use her bank card and I'll either pay her back in cash when I have it, or write her a check that she can cash at the bank. Usually it's for small purchases like a gallon of milk or something (she works at a grocery store).

I don't know what made me think of it today, but I was just wondering if most people do what I do, or if they carry/hide cash to have on hand if they need it.

[PinkMartini]

DH takes cash out of the ATM almost daily and always has cash on him. I'm a SAHM that rarely leaves the house so I usually don't. 99.9% of the time I pay with my Debit/Credit card.

[jennylou]

We buy groceries, gas and various other items in cash - we take out our budget amount weekly (some categories are monthly) and put them in envelopes marked with the appropriate category. It makes it really hard to overspend that way for us. :)

[Daisy]

I rarely have cash on me and I typically only do if I take a little from DH's wallet (who seems to have time to stop by a cash machine).

Back in the day, before direct deposit and ATM's, etc., my mom would literally go to the bank on pay day to deposit her check and get out a couple hundred in cash so she would have cash on hand.

[Boskie]

I keep some cash on me, about $40-$50 to be used for things like ordering in lunch or something small at the grocery store. For the majority of purchases I use my credit card. We pay them off each month and use the points we earn for other things.

[bookworm]

It's a good idea to have cash on hand in case of emergency (like a natural disaster, power outage, etc.). Even $50 or $100 will get you some basic supplies when ATMs and credit cards may not be working.

(This is not necessarily what I do, although I really should put an envelope in a drawer.)

[Cocotte]

I rarely have cash on me, and if I do its not a whole lot.

[eponymous]

I try to keep some money in my wallet, but less than $20. (Well, I usually start with a $20, and then goes down from there. :) ) I keep a few $20 bills in my house so that I can grab one quickly if I need one, but I generally pay for everything with a credit card. We get 1% cash back and adds up! (It gets paid off every month.)

[Yolanda]

I carry no more than $20 on me and I do have money stashed in the house. We always put most everything on our credit card (gets paid off every month).

[Kimberland30]

We buy groceries, gas and various other items in cash - we take out our budget amount weekly (some categories are monthly) and put them in envelopes marked with the appropriate category. It makes it really hard to overspend that way for us. :)


Do you do the Dave Ramsey program? I tried the cash envelope thing but it didn't work for us. I do use Quicken to track all our spending (DH gets an "allowance" every week) and that has helped. We start the 13 week Dave Ramsey course in a couple weeks.

It's a good idea to have cash on hand in case of emergency (like a natural disaster, power outage, etc.). Even $50 or $100 will get you some basic supplies when ATMs and credit cards may not be working.

(This is not necessarily what I do, although I really should put an envelope in a drawer.)

Yeah, I've heard this too and we should probably start doing it since we are in a hurricane area...you just never know. I used to keep a $20 "hidden" in my wallet in case of emergency - like I didn't have my bankcard on me - I'm notorious for leaving it in a pants pocket - or any means of payment for something small. But I used it and haven't replaced it. I did try to keep cash in the house but I have no will power not to spend it. :o

[jennylou]

Yes. :D

We started in January with cash envelopes and it has been tremendously helpful in curbing our spending. It's amazing how much less we are spending when we have to think about it instead of whipping out the debit card (and then wondering where all that money went to - sure, it would say Target, but I couldn't tell you what that $105 went to at Target, kwim?).

[salysaturn]

We take an X amount of money out each week at the MAC machine. We use it for our groceries, gas, and if we got out to lunch or dinner. I usually use my credit / debit if it's a big spending trip. We don't stash $$ in our home, aside from lots of change :)

[laura]

We both try to have about $20-$40 in our wallets the majority of the time, but sometimes we both end up with no cash. We typically use a credit card for anything above about $10 though (for the miles).

We keep emergency cash in our home. Sometimes I "borrow" from that cash for things that come up at home that require cash (like paying our cleaning woman), but my husband dislikes that b/c I am terrible about remembering to "pay it back" and have depleted the supply in the past, completely defeating the purpose of having cash on hand in a true emergency situation. So I'm trying to be better about that.

So we are both, but the cash at home is not designed for daily use.

[Jennifer]

I usually have some cash in my wallet ($50 or so) and like to keep some cash (1-200) at home for emergency situations (for example if electronic systems are down for days/weeks after an earthquake). Like a previous poster though, I'm bad about raiding that emergency fund and not repaying...I went to "raid" it this week - and discovered there was none left! I have to hit the bank this weekend ;)

[kalogrias]

When I lived in the US, I hardly ever had cash on me, but we always had a stash of emergency cash at home and in the earthquake kit in the car (lived in SoCal).

Here, it's largely a cash economy, so I generally have cash on me -- about $50, sometimes more. We also have a stash at home, both in dollars and local currency. We live in a pretty politically volatile part of the world, and we need to be able to "grab and go", so to speak, if we even need to leave quickly.

To echo Bookworm -- an emergency stash is essential -- if you can set aside anywhere between $100-$500 and keep it safe somewhere, it could really come in handy.

[laura]

I agree that an emergency fund is essential. But FWIW, we had an emergency kit in our car (not with cash in it) that got stolen when our car was broken into. So if that is a possibility in your area, maybe don't keep it in your car.

[tenofcups]

I had really gotten out of the habit of keeping cash on me, to the point that it bothered me. I felt ridiculous using an ATM card to buy a coffee or something else minimal like that. So I'm trying to remember to take cash out -- say $100 at a time -- occasionally for small items and keep some on me. It lasts a while since I still pay for most things with an ATM card, but I feel better knowing I have some on me.

DH gets paid in cash frequently so he tends to have more actual cash readily available. We don't specifically keep any on hand for an emergency, but he almost always have enough that would cover any emergency in between his bank trips.

[thedoorchick]

We buy groceries, gas and various other items in cash - we take out our budget amount weekly (some categories are monthly) and put them in envelopes marked with the appropriate category. It makes it really hard to overspend that way for us. :)

This is what we do, for groceries, restaurants, clothes, entertaining, and a few other items. I really like how it puts structure around things. We don't use it for gas though. If the car is out of gas, I can't just not go to work because the envelope is empty.

We've recently taken Dave Ramsey's Financial Peace class and all during it I pondered why he recommended envelopes for gas.

We do our envelopes based on the monthly budget and each paycheck we take out what applies. It gets rather nuts because I get paid twice a month and DH gets paid every two weeks.

I also keep $10 in ones in the glove compartment of my car now, because too many times I've gotten pulled into work dinners at nice places that have valet, and gotten stuck without cash for tips. :o

[tinkerbelljenny]

We never carry cash, we buy everything on credit cards and then pay off the whole bill every month. The only thing I really would need cash for is the $1.50 hot dog at Costco.....LOL....and when I do buy one which is rarely I take the money from my son's piggy bank for that, of course I ask him first.

[jesseybell]

I barely ever carry cash. I found too much of it was going to paying for lunches at work :rolleyes: (even when I had brought my lunch) Every once in a while I'll take out $20 when I pay for my groceries with my debit card.

I update Quicken pretty often and I try to put in the memo was the $100 was a Target or BRU - not every item but the bigger items or if it was at an outlet, what clothes I bought DD.

After 9/11 I did put $250 in cash and change in my fire box at home...but over time I took it out and never put it back. Though I really should.

[ManteoChik]

I *always* carry at least a couple hundred on me when I travel. I was driving back to school in FL from a trip home to NC when I stopped in GA at the outlet mall. I went to the Quicksilver store for some much needed shopping and the credit card of the people in front of me wouldn't go through. We thought it was because they were from another country and maybe their bank flagged it. Then, I went to pay and mine debit card wouldn't work. I thought, "hmm, thats weird because I KNEW I had quite a bit of money in my account". I left there and went to get gas it still didn't work.....luckily I was able to pay cash.

I immediately called my bank totally pissed. Turns out they had been flooded with calls...turns out one of the towers or phone lines (however that works) was down and causing cards all over the place to not work. I don't know what I would have done had I not had cash on me.

When I'm at home I usually only carry cash in the summer. I'm driving from one shoot to another so I eat out a lot and hate buying a bagel or cup of coffee with a debit card. In the winter, not so much because I eat at home more. I usually deposit my paychecks and keep out $50-75/week for things like lunches and little stuff.

[thyme]

I don't tend to have more than $2 or $3 on me, but we keep $500 in the house during hurricane season.

[bciob22]

oh sure I have cash at home.... Well if you count loose change in the sofa and the drawer of pennies in my nightstand

[Hello Kitty]

We have cash at home in envelopes, and I usually have just a few dollars on me - either left over from grocery shopping or for my lunch. I usually use my CC for stuff. Last week DH charged 92 cents at the home store. :o

Sometimes I "borrow" from that cash for things that come up at home that require cash (like paying our cleaning woman), but <snip> I am terrible about remembering to "pay it back" and have depleted the supply in the past

We do the envelopes for some of our monthly expenses, and it works really well except for this. I'm always borrowing from the dog or going out money, and then at the end of the month, I'm thoroughly confused. Lately, I've been keeping notes of what came out of where, and that's helped.

[Tracie]

I like to keep about $20 in my wallet just in case. I usually use credit cards, but if I'm buying something for less than $5, that just seems silly. We don't have money stashed at home anywhere, only in our wallets.

[HeatherH]

I have a serving job, so I come home with cash everyday. I stash it into my safe so I don't have to go to the bank all the time. I try to only keep a few bucks in my wallet so I don't spend too much on stuff I don't need.

[karlatta]

We have a modest chunk of cash on hand for use in emergency situations (hurricanes, widespread power outages, etc.).

I also keep about $20 in cash on me at all times for less serious emergencies, like if I *need* a drink at Sonic or have to pay parking downtown unexpectedly or something.

[imagirliegirl]

I have change in my car just in the event I need to make a phone call and my cell is dead or I have to unexpectedly meter park. Otherwise I never carry cash. I use my debit card for everything. My husband loves all the $1 charges from packs of gum or bottles of water. Ha.

[trestlegirl]

I carry a little bit of cash, but use my debit card or credit card for most everything. It's easier for me to keep track that way, why type everything into quicken when I can download it! I don't buy crap I don't need, so I don't need a cash budgeting system to keep me in line.

I do have a stash of foreign currency at home but not much American cash other than a huge change jar. I guess if the big earthquake ever hits, I'll have to hope I can bargain in Renminbi or Euros :D

[gardenmommy]

Back in the day, before direct deposit and ATM's, etc., my mom would literally go to the bank on pay day to deposit her check and get out a couple hundred in cash so she would have cash on hand.

Back in the day? My parents did this until my Dad retired about 2 years ago. He was a CFO for a major company and would stand in line and deposit his check and take out $500 for my mom every 2 weeks for groceries and expenses. She still walks around with $100-$500 in her purse at all times. She would be such a fantastic target for a mugger I swear!

[kdotp]

DH takes $XX at the beginning of the week which is supposed to last him until Friday. Sometimes it does, usually it doesn't (especially now, during softball season - beer and umpire fees tend to eat that up).

I very rarely have cash on hand. Maybe once a month I'll stop at the ATM and take out $$, but I try and make do without. I tend to eat lunches at home and don't often stop for coffee or anything before work. Sometimes it is annoying when I want to get something quick and don't have the cash, but it does help keep me from overspending on piddly little things I don't *really* need.

We do have a massive change jar, but no other real cash stashed at home.

[ambula704]

I dont carry cash but I always have my checkbook, on top of my debit card. So if for some reason my card wont I can write a check.

If I have cash on me, I WILL spend it on something stupid. Usually candy bars in the vending machine, or something else I dont need.

[heather1029]

I never ever have cash on hand (not even a dollar). I deposit any amount of cash I receive. If I had cash in my wallet, I'd think of it as "fun money" and waste it on Starbucks or candy or some other crap. When I use my debit card, I know it's going to appear on the bank statement and I don't want a bunch of little frou-frou expenses showing up for me to feel guilty about! So, using debit really *saves* me money in the long-run.

[R_mageddon]

The big black out taught me to carry at least a small amount of cash. I ended up stranded because I didn't have cash on me and of course bank machines were not working. It was an interesting experience (that I'd rather not repeat).

[jennylou]

This is what we do, for groceries, restaurants, clothes, entertaining, and a few other items. I really like how it puts structure around things. We don't use it for gas though. If the car is out of gas, I can't just not go to work because the envelope is empty.

We've recently taken Dave Ramsey's Financial Peace class and all during it I pondered why he recommended envelopes for gas.

We do our envelopes based on the monthly budget and each paycheck we take out what applies. It gets rather nuts because I get paid twice a month and DH gets paid every two weeks.

I also keep $10 in ones in the glove compartment of my car now, because too many times I've gotten pulled into work dinners at nice places that have valet, and gotten stuck without cash for tips. :o

He's actually fine with you using your debit card for gas. I myself just prefer to use cash, because then there is no reason to have my debit card on me and wanting to use it for something else. :) Plus, for me, if I'm almost empty and I don't get my next allotment for another few days - well, it makes me stay home. For DH, he just takes less frivolous trips - he combines more of his errands (like to HD, before he might go every night for $10 worth of supplies) now he thinks about his gas and how it needs to last so he'll buy a week worth of supplies instead.

[kari]

I never have cash, always use my debit card. You can pretty much use it everywhere nowadays and it works just fine for me. Cash burns a hole in my pocket.

[miaclear]

I'm intrigued by this Dave Ramsey guy now.....but see that his class costs an arm and a leg. What is this envelope theory he has? DH and I are debt free other than our house but now that I'm a SAHM I'd love a way to extend the income.

[jennylou]

I'm intrigued by this Dave Ramsey guy now.....but see that his class costs an arm and a leg. What is this envelope theory he has? DH and I are debt free other than our house but now that I'm a SAHM I'd love a way to extend the income.

LOL, Dave Ramsey's theory is that you should be debt free except for the house. :D

You can also buy the book - it's called "The Total Money Makeover".

There are a few steps -

pre-step 1 - get current on your bills and make a budget
step 1- Save a $1000 baby emergency fund
step 2 - pay off all your debt except the house and a second (if it's more than a portion of your yearly income - I think it's half).
step 3 - fully funded emergency fund. Should be three to six months of your expenses. After people get here, they sometimes do a 3b, save 20% for a down payment on a house.
I may mix the next ones up - we aren't there yet. ;)
Step 4 - save for your retirement 15% of your yearly salary
Step 5 - save for the kids education
step 6 - pay off the house
step 7 - build wealth, have fun and give :)

The envelopes are part of the budget - the theory is that you spend more than you would with plastic than you would with cash. I've heard others say the same thing, and I myself find this to be true. Basically, if your grocery budget is $100 per week, you'd pull out $100 and fund that envelope. You go to the store and you can't spend any more than that (I am pretty good at keeping a running total but some bring calculators). By saying you're only going to spend X and committing to staying within that amount, you might find that you suddenly start paying attention to store sales and coupons.

[Chimichanga]

DH and I rarely have cash on hand. I find we spend it way too easily when we do. We usually use our debit/credit card. While it can get a bit out of hand, we generally will opt not to use the card for something small and not really needed. But, if we have cash then we for sure will buy it even if we don't need it.

[thedoorchick]

I'm astounded at how much less I spend on groceries using the envelopes. I'm mean, we've nearly halved the monthly bill. And not because we're suddenly spending more on restaurants. I just shop a lot smarter, and it's become like a game I try to beat myself at.

I understand using envelopes for gas if you don't have a lot of places you *have* to go, but just about all our driving is commuting (I would guess in excess of 80 to 90 percent). When you've gotta get to work, you've gotta get to work.

Plus, I am lazy, and insist on paying at the pump. ;)

The Financial Peace class we took cost $89.95 I believe. I considered it a small price to pay considering the impact the principles have had on our finances.

[jmvan74]

I rarely have cash on hand. Maybe a few dollars here and there. I just use my debit card for everything.

[looch]

I have some cash in my wallet at all times, sometimes it's easier to pay with cash and you never know when you're not going to be able to have access to an ATM (l was glad i had $20 in my wallet to pay for a cab ride home during the blackout in the NE that summer).

Other than that, no cash, other than DH's currency bank, which has singapore dollars, british pounds, euros and US dollars in it. It's from his work trips, it's easier to reuse it than change more money.

[Kimberland30]

Funny that Dave Ramsey's class was brought up. DH and I start his Financial Peace University classes on Sunday. A co-worker took the class and learned so much!

The guy that teaches the class came to one of our work's "in-house lunches" to discuss finances and went over the Dave Ramsey course briefly. I'm really looking forward to starting the class.

Not sure if we'll use the cash envelopes or not. While I agree in theory that we'll spend less, cash-on-hand is never a good thing for either of us ... it's too easy to slip out a $20 for something else, KWIM? I guess a lot of that will take discipline, which his program is really about.