4 ms·

Do people not carry cash? Maybe the types who have an apartment with a doorman in Manhattan don't. But I (a "millenial") often go to bars and restaurants that

Do people not carry cash? Maybe the types who have an apartment with a doorman in Manhattan don't. But I (a "millenial") often go to bars and restaurants that are cash only. Eventually, I found it was easier keep budget my "entertainment" in cash. Visually being able to see how much I have, how much I'm taking out helps. Being able to see that amount grow if I'm frugal one month feels good too. I have friends who claim they get value from "points". But unless you're working towards a spending minimum for a sign up bonus, I've found the amount you make (2-5%) from using your credit card is less than the savings from thinking critically about which cash purchases to make.

lazerpants 9y ago
Anecdotally, New Yorkers (of all varieties) carry some cash most of the time. There are just too many places that do not accept cards in NYC for people to go cashless. My friends in Denver and LA almost never seem to have cash, and are always surprised that it is a problem when they visit NYC.
- Androider 9y ago
  New Yorker here, I can't really think of any place that doesn't take cards. Some bodegas have minimums, e.g. $5 or $10, but even those are rare and I typically pay for everything by card and carry no cash.
  - lazerpants 9y ago
    Off the top of my head I can think of: JG Melon (1 Michelin Star), Grimaldis, Tile Bar, McSorleys, Alta, Lil Frankies, Peter Luger (1 Michelin Star), Artichoke Basilles. Plus at least 2 more restaurants in my neighborhood that I like and are somewhat popular with tourists. And my barber. Really, it just comes down to the fact that I never know if I'll end up somewhere that doesn't take cards, so I prefer to have it. The bodegas where I work are also serious sticklers for the $10 credit card minimums.
  - StanislavPetrov 9y ago
    Obviously not a fan of the dirty water hot dog.
lotsofpulp 9y ago
How did you measure your last claim?
- astura 9y ago
  People typically spend around 5-10% more when they pay with plastic. https://www.nytimes.com/2016/03/27/your-money/credit-cards-encourages-extra-spending-as-the-cash-habit-fades-away.html https://www.nytimes.com/2016/03/27/your-money/credit-cards-e...
ravenstine 9y ago
In LA, pretty much every bar takes plastic. I rarely carry cash on me; only when someone doesn't have Venmo or I need to get quarters for the laundromat do I need to obtain actual cash. Whenever I got out to eat with people, cards are used 90% of the time and the bill gets split between cards. It's not that paying with cash is a faux pas, but it is slightly weird and an inconvenience when the person doesn't have quite enough cash on hand. I do so out of convenience and because everything I buy is basically on-record. Points are BS. I've stopped budgeting entirely because I found that it reinforces the idea that money needs to be spent. Even if I tried to keep this in mind, I would often end up spending more because I would create spending limits that were higher than necessary. What I instead do is I hardly pay attention to how much money I have at a given time. With a vague idea of the amount in my checking account, I found I'm much less likely to find reasons to spend money. When I do check my statement every few times a month, I'm always astonished how much money I have left over. That almost never happened when I did everything consciously. But that's my own twisted psychology at play. If more people carried cash, we might see fewer muggings because anyone with just cards can just call their bank and have them turn off all the cards if they get stolen.
- jstarfish 9y ago
  > If more people carried cash, we might see fewer muggings because anyone with just cards can just call their bank and have them turn off all the cards if they get stolen. I don't think it makes much of a difference. People used to carry cash almost exclusively and muggings still happened with regularity. The difference between now and then is that your cellphone is the first object removed from your person (which will later get fenced at a recycle-your-phone kiosk and shipped overseas), followed by a quick rifling through of your wallet looking for cards. For debit cards, a gun gets thrust in your face, a PIN is demanded (if you aren't abducted and taken to the ATM altogether) and you get pistol whipped while they withdraw $500. It used to be done on a succession of ATMs but I don't know if the FIs impose caps on ATMs withdrawals now. Thieves know cards can be deactivated so they'll make like Bain Capital and load them up with as much debt as possible before busting out. The primary goal is converting your plastic currency (debit or credit) into something that can't be terminated remotely (such as cash or prepaid gift cards) before you have a chance to make those calls.
zippergz 9y ago
I carry very little cash, certainly not enough to be tipping people in cash on a regular basis. What usually happens is maybe 1-2 times a year my wife or I will get a few hundred dollars out of the ATM, split it up, and that will be enough to get us through six months or more. I just checked and currently I have three dollars on me. I can't remember the last time I encountered a place that was cash only, though I'm sure they exist. Contrary to your last point, I actually find that using credit cards for everything makes it FAR easier to keep a handle on our spending, which in turn keeps things more reasonable. Having a single place where we can see almost all of our cash flow is very useful.
morinted 9y ago
In Ottawa, I know very few people who regularly carry cash. I easily haven't made a cash transaction in 6 months. When I went to the States (NYC), I was surprised at how hard it is to get around without cash (restaurants, hairdressers, tolls, all cash-only or EZPass) and eventually caved in and took out money for the trip. I think America is just slightly behind the times in terms of cashlessness.
keyboardhitter 9y ago
I don't abuse cards or rush to a minimum spend to get benefit from cash back bonuses. I use two different 2% cash back cards for groceries and food, respectfully, and pay off in full each month. in fact, these cards still give the bonuses without even carrying balance to statement close, though not all do (amex comes to mind). I have never accrued interest or fees by using the card on everyday purchases towards cash back benefits. many people are apprehensive to do this and I totally understand why, especially those who don't feel they have self control around spending habits it is worth it for me, i do have to stay vigilant but it keeps me in check with my budget at the same time. then at the end of the month I will have some extra money to pay for generous tips or a cup of coffee, or to put back in my checking/savings account. it works great for me. I never use cash unless I am buying marijuana (Washington state but not all stores allow cards at this time). having to manually track my cash spending actually has the opposite effect on frugality awareness for me, because I may forget to notate it, or will be more impulsive because I won't have to see it right away on any bank statements/spend tracker apps Obviously everyone has their own preferences. Figured I would share my contrary pov!
amyjess 9y ago
> But I (a "millenial") often go to bars and restaurants that are cash only. Where do you live? I'm in North Texas, and very few places are cash-only. I avoid those places. Even most of the hole-in-the-wall Asian restaurants who were too cheap to get a credit card reader finally gave in when Square became a thing.
dionidium 9y ago
I started carrying cash when I moved to Manhattan, because so many bodegas, street vendors, etc only accept cash for small amounts. Its convenience here far outweighs anywhere else I've lived.
r00fus 9y ago
I try to have cash, but honestly another trip to an ATM is just something that falls out of my daily schedule. So yeah, I support cash transactions (and spend cash as a way to give the restaurant I like a way to avoid CC fees) but very often I don't have any or enough, and need to use CC. Cash is easier to split, too unless you want to use Venmo or something (does everyone have Venmo?).
strictnein 9y ago
I carry cash, but very rarely use it, so my wallet has $20s, $50s, and a $100 or two. Too much for a tip, unless it's for dining out. I still try to tip waiters and bartenders cash.
beisner 9y ago
Anecdotally, I’m a millennial with an apartment in Manhattan. I never carry cash, and generally avoid cash-only places. In fact with some notable exceptions, I rarely see cash-only places. Even food trucks have Square readers. The only times I carry cash are when I go to the barber, since you generally can’t tip with card.

lazerpants 9y ago

Anecdotally, New Yorkers (of all varieties) carry some cash most of the time. There are just too many places that do not accept cards in NYC for people to go cashless. My friends in Denver and LA almost never seem to have cash, and are always surprised that it is a problem when they visit NYC.

Androider 9y ago
New Yorker here, I can't really think of any place that doesn't take cards. Some bodegas have minimums, e.g. $5 or $10, but even those are rare and I typically pay for everything by card and carry no cash.
- lazerpants 9y ago
  Off the top of my head I can think of: JG Melon (1 Michelin Star), Grimaldis, Tile Bar, McSorleys, Alta, Lil Frankies, Peter Luger (1 Michelin Star), Artichoke Basilles. Plus at least 2 more restaurants in my neighborhood that I like and are somewhat popular with tourists. And my barber. Really, it just comes down to the fact that I never know if I'll end up somewhere that doesn't take cards, so I prefer to have it. The bodegas where I work are also serious sticklers for the $10 credit card minimums.
- StanislavPetrov 9y ago
  Obviously not a fan of the dirty water hot dog.

lotsofpulp 9y ago

How did you measure your last claim?

astura 9y ago
People typically spend around 5-10% more when they pay with plastic. https://www.nytimes.com/2016/03/27/your-money/credit-cards-encourages-extra-spending-as-the-cash-habit-fades-away.html https://www.nytimes.com/2016/03/27/your-money/credit-cards-e...

ravenstine 9y ago

In LA, pretty much every bar takes plastic. I rarely carry cash on me; only when someone doesn't have Venmo or I need to get quarters for the laundromat do I need to obtain actual cash. Whenever I got out to eat with people, cards are used 90% of the time and the bill gets split between cards. It's not that paying with cash is a faux pas, but it is slightly weird and an inconvenience when the person doesn't have quite enough cash on hand. I do so out of convenience and because everything I buy is basically on-record. Points are BS. I've stopped budgeting entirely because I found that it reinforces the idea that money needs to be spent. Even if I tried to keep this in mind, I would often end up spending more because I would create spending limits that were higher than necessary. What I instead do is I hardly pay attention to how much money I have at a given time. With a vague idea of the amount in my checking account, I found I'm much less likely to find reasons to spend money. When I do check my statement every few times a month, I'm always astonished how much money I have left over. That almost never happened when I did everything consciously. But that's my own twisted psychology at play. If more people carried cash, we might see fewer muggings because anyone with just cards can just call their bank and have them turn off all the cards if they get stolen.

jstarfish 9y ago
> If more people carried cash, we might see fewer muggings because anyone with just cards can just call their bank and have them turn off all the cards if they get stolen. I don't think it makes much of a difference. People used to carry cash almost exclusively and muggings still happened with regularity. The difference between now and then is that your cellphone is the first object removed from your person (which will later get fenced at a recycle-your-phone kiosk and shipped overseas), followed by a quick rifling through of your wallet looking for cards. For debit cards, a gun gets thrust in your face, a PIN is demanded (if you aren't abducted and taken to the ATM altogether) and you get pistol whipped while they withdraw $500. It used to be done on a succession of ATMs but I don't know if the FIs impose caps on ATMs withdrawals now. Thieves know cards can be deactivated so they'll make like Bain Capital and load them up with as much debt as possible before busting out. The primary goal is converting your plastic currency (debit or credit) into something that can't be terminated remotely (such as cash or prepaid gift cards) before you have a chance to make those calls.

zippergz 9y ago

I carry very little cash, certainly not enough to be tipping people in cash on a regular basis. What usually happens is maybe 1-2 times a year my wife or I will get a few hundred dollars out of the ATM, split it up, and that will be enough to get us through six months or more. I just checked and currently I have three dollars on me. I can't remember the last time I encountered a place that was cash only, though I'm sure they exist. Contrary to your last point, I actually find that using credit cards for everything makes it FAR easier to keep a handle on our spending, which in turn keeps things more reasonable. Having a single place where we can see almost all of our cash flow is very useful.

morinted 9y ago

In Ottawa, I know very few people who regularly carry cash. I easily haven't made a cash transaction in 6 months. When I went to the States (NYC), I was surprised at how hard it is to get around without cash (restaurants, hairdressers, tolls, all cash-only or EZPass) and eventually caved in and took out money for the trip. I think America is just slightly behind the times in terms of cashlessness.

keyboardhitter 9y ago

I don't abuse cards or rush to a minimum spend to get benefit from cash back bonuses. I use two different 2% cash back cards for groceries and food, respectfully, and pay off in full each month. in fact, these cards still give the bonuses without even carrying balance to statement close, though not all do (amex comes to mind). I have never accrued interest or fees by using the card on everyday purchases towards cash back benefits. many people are apprehensive to do this and I totally understand why, especially those who don't feel they have self control around spending habits it is worth it for me, i do have to stay vigilant but it keeps me in check with my budget at the same time. then at the end of the month I will have some extra money to pay for generous tips or a cup of coffee, or to put back in my checking/savings account. it works great for me. I never use cash unless I am buying marijuana (Washington state but not all stores allow cards at this time). having to manually track my cash spending actually has the opposite effect on frugality awareness for me, because I may forget to notate it, or will be more impulsive because I won't have to see it right away on any bank statements/spend tracker apps Obviously everyone has their own preferences. Figured I would share my contrary pov!

amyjess 9y ago

> But I (a "millenial") often go to bars and restaurants that are cash only. Where do you live? I'm in North Texas, and very few places are cash-only. I avoid those places. Even most of the hole-in-the-wall Asian restaurants who were too cheap to get a credit card reader finally gave in when Square became a thing.

dionidium 9y ago

I started carrying cash when I moved to Manhattan, because so many bodegas, street vendors, etc only accept cash for small amounts. Its convenience here far outweighs anywhere else I've lived.

r00fus 9y ago

I try to have cash, but honestly another trip to an ATM is just something that falls out of my daily schedule. So yeah, I support cash transactions (and spend cash as a way to give the restaurant I like a way to avoid CC fees) but very often I don't have any or enough, and need to use CC. Cash is easier to split, too unless you want to use Venmo or something (does everyone have Venmo?).

strictnein 9y ago

I carry cash, but very rarely use it, so my wallet has $20s, $50s, and a $100 or two. Too much for a tip, unless it's for dining out. I still try to tip waiters and bartenders cash.

beisner 9y ago

Anecdotally, I’m a millennial with an apartment in Manhattan. I never carry cash, and generally avoid cash-only places. In fact with some notable exceptions, I rarely see cash-only places. Even food trucks have Square readers. The only times I carry cash are when I go to the barber, since you generally can’t tip with card.