Exactly How Much Cash Should You Carry? The Answer’s Surprising!
For the record I think that is WAY too much!
The phrase ‘cash is king’ is a thing of the past. Nowadays plastic is the prince of people’s finances. Everyone I know, me included, never has cash on them anyone. We always go to our debit or credit card for every situation, whether it’s going to a movie, paying a bill, food shopping or emergencies.
It’s not great, I admit it. But sooo convenient.
But there are some people that still do carry that rare piece of gross paper. How much though depends.
A Money magazine recently did a study and shocked me. It found 42% of people carry no more than $40 in cash, and 30% carry between $41 and $99.
But the study says that carrying $200 is the perfect amount because it is enough for a variety of things in a week. $200 should be able to cover dinner with a friend if the plastic gets declined, or a vehicular emergency, for example.
Timeout. Where are you going out to dinner with just one other friend where you drop close to $200?!?!? My heart just stopped. Are medical emergencies budgeted in the $200?
Anyway, according to the study, the $200 seems to be the popular opinion (certainly not for me), but what about you?
I thought $40 was good, but apparently I’m wrong. What do you think...
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