Why Cash is (Still) King

[@Idfkwhyy]

My grandpa used to carry cash with him all the time, i dont think ive ever seen him using a card. Everything he bought, from gas to groceries, were all in cash and thanks to him, i also got this habit of carrying cash with me. The amount of times it came in handy for me made me never go out without at least a couple 20s

[@ambiarock590]

I've been doing this too. I've been making sure to keep a few 20s on me at all times. Cash is king, cash is untraceable.

[@MrScottyBCollects]

Anoter benefit of cash is that banks and credit card providors don't get any cut of money made during a transaction (which is likley a reason why some places charge slighty more when using a payment card). It honestly surprises me that there are small businesses that don't accept cash since it would potentially benefit their business even more when people pay with cash vs using their bank/credit cards.

[@spencers-adventures]

This is a great point! It’s crazy to me how many businesses near where I live are no longer taking cash

[@gcanaday1]

"This note is legal tender for all debts, public and private." It's right on the damned bill.

[@RetroEdUK]

I’m with you on this one. I was at a concert on Sunday and wanted to buy some tour shirts. It was card only and the seller couldn’t get a signal :0(. Disappointed fans and a loss making seller. When tipping i always use cash as am sometime sceptical how much goes to the waiter/waitress when paying via card. Financial planning is an important point. When I relied solely on cash I knew exactly when my budget was depleted; these days it’s easy to lose track through the various means of payments (cards, bacon transfers, PayPal etc) and personally I believe that introduces challenges when trying to teach good financial disciplines to youngsters. I find myself checking online banking everyday in order to account for things, tick off expected bills, and above all avoid going into the red!! An awesome thought provoking video as always Spencer. Wishing you a great week.

[@spencers-adventures]

Thanks for the comment Ed! And bummer about the band shirts!

[@semectual]

Cash is certainly the best way to go if you are able to use it to the maximum despite technology trying to defeat the use of it. What made me go back to using cash, back in 2021, I got let go from my last job and since then, I try to use cash to the maximum as I can. 1) Spend it on Food, such as going to the grocery store, while skipping to eat out. 2) By the essentials, like housewares to use at home. 3) Ignore consumerism as much as possible. I personally think that people who are in the consumerism life, they don't see the big picture outside the box.

[@mothbythesea]

Spencer! One of your other videos on carrying cash inspired me. I hadn't used cash in so long that I didn't even know where the ATM is in the town ive veen living in for 2 years (!!). I went and got some cash out and lo and behold, 3 days later we were hit by a crazy storm that took out powerlines, internet and water for a 20km radius. We were without power for 13 days and internet for 37. Sure enough, that cash came in super handy since our vehicles were on empty and no one had any access to payment terminals. Thanks for the reminder! ❤

[@joshuajohnson3296]

Where on earth do you live? Region or state

[@adamwragg4606]

Wow it's a good job you saw his video then! Hope you're all OK and you managed wirb the cash you had! I'm starting to use cash more now and will be taking some of these tips on board

[@mothbythesea]

@@joshuajohnson3296 I live in the state of Victoria in Australia.

[@spencers-adventures]

Buddy this is amazing! I’m so glad that you’re good and the video helped you out! It really does come in handy for emergencies like you mentioned and without being overly pessimistic I think it’s something we need to be more prepared for in the future 👍

[@CDTucker336]

I went to a restaurant last week and it took the whole $20 with a tip!!!! I can't get fast food with a $10 bill anymore. I definitely see how using cards makes you spend more. When there's no cash payments they can inflate the price to whatever they want an people will still pay.

[@mitchell.9632]

In a future with no cash the (private) central banks also can go negative interest rates as well to make you spend now verses the future.

[@bodean137]

I live in Glace, Bay Nova Scotia and Fiona really did hit everyone hard. My son and I were without power for 9 days and in the first 5 days and we were trapped (vehicle wise) because the only exit out of the area we lived in was covered with downed trees. I limit myself on Social Media taking deactivation breaks and I keep a basic bluetti powerstation handy that I can charge in my truck. I have to say it was a peaceful treat to limit ourselves to 3 hours a day of screentime without internet (which we saved for watching movies in the night time) and spend daylight reading and listening to records on my turntable. (they eat up almost no power) without any distractions. My son was 14 at the time (like any 14 year old, he loves his screentime) and I'm thrilled to say he read 5 novels cover to cover. I Just discovered your channel Spencer, and Im already subscribed. Love what I'm viewing so far.

[@gazmodius]

I love the ending section with the coin pouch. I think mindfulness in daily activities like counting out exact change versus just tapping is a nice thing to have in life. Thank you for the thought and effort behind the video!

[@addvurtbikes]

I’ve kept a ~50 dollar bill in my jacket’s hidden pocket for 5 years. It wrapped in a post-it with “emergency cash” written on it. I find it once a year and remember that it’s there. I don’t think it would take me far in an emergency but the most likely situation is that my phone runs out of battery and I’ve left my wallet at home.

[@cherylT321]

You need to have money in low denominations. In a crisis, you might not be able to get change for that 50!

[@dashingjac]

I think of carrying cash as the best way not to miss any opportunities. A lot of places add a small fee for using a card or phone and when I drive by that flea market, trade center or garage sale that catches my eye I always wish I had cash.

[@YogiTheBearMan]

I wish more places gave a cash discount

[@Florin_Dark]

As a German it's insanely crazy to hear that there are stores that only accept Card Payments. A lot of small businesses still only accept cash here. I absolutely hate these authoritarian digitilisation trends.

[@atlantisia]

same in switzerland

[@mitchell.9632]

I know of more cash only then cashlesses in there area I am at in the U.S.A.

[@MoneyMindsetCoach3]

I would seriously consider not spending money at a store that doesn’t accept cash, if enough people did that they may change that trend🤔

[@JJ_Smilez]

This is such a timely video! I just started cash stuffing and carrying cash with me to help me stay on budget. It’s been super helpful and fun. I loved seeing your coin purse! That’s so neat! I use a small coin purse that was one of my kids’. I love it, it makes me want to put coins in! I feel like a little ol granny or something 😂 I also use an a7 binder as a wallet, then use little folders with stickers on them for different categories. Each category gets a certain amount of cash. It’s just cash stuffing, but in a more compact, easier to carry vessel than a lot of other cash stuff options. Anyways, I like your content! We are really on the same journey.

[@spencers-adventures]

Thanks for the comment - I’m glad you enjoyed the video! I love the binder idea with labeling for uses. That’s a great idea!

[@Nicobreizh]

One more point , cash is better for your local shop or other . Too much taxe on card . If you pay in card 50 dollars in the end this 50 dollars disapear in the pocket of the bank really fast . Cash is way better for money circulation ( healthier ) Sorry for my english …. 😅 need to practice and stop my autocorrection in French

[@spencers-adventures]

You’re right! It should be seen as a benefit to small businesses rather than something they would think to get rid of.

[@tihamertamas4672]

I completely agree with you, I would add that most people don't understand the freedom cash gives you.

[@Planet-U]

Awesome thoughts Spencer! I just made a 'cash is king' breakdown myself but you brought up some ideas I didn't think about. I remember that Rogers outage too! That was nuts. But yeah, you can't beat the 'feel' of cash. Your point #2 is my biggest reason.

[@spencers-adventures]

I’m glad you got something out of the video! The Rogers outage really got me thinking about our reliance on tech tools for so many things, and some of the more recent other tech outages have solidified that point even more. Appreciate the comment :)

[@onemanswrld405]

I never even had a bank account until my junior year of college, and the first two years I just kept a safe hidden in my dorm room😂 my friends probably thought I was a drug dealer

[@adamwragg4606]

Great video so relevant nowadays as well, especially in my town of Brigg in the UK. One pub has gone for fully cash transactions! The cost of the machines and everything is getting too high and as you say, cash is king! Great point with technology is that when it goes down, what do we have? No way to pay for stuff, Internet etc! Luckily here we don't get weather events like in the US and Canada but still I might start carrying cash and having some reserves in the house 👍 That coin purse is amazing! I now need one!

[@spencers-adventures]

Glad you like the coin purse lol! Cool to hear that your town is giving cash a boost - not a common thing but something to be celebrated for sure!

[@adamwragg4606]

@@spencers-adventures oh definitely! I think so! Unfortunately the only place I could see that I could get one like yours is from Canada lol

[@spencers-adventures]

@@adamwragg4606 keep your eyes peeled and maybe it’ll come along somewhere near you!

[@adamwragg4606]

@@spencers-adventures hopefully but I doubt it seeing as it's an etsy creation but you never know!

[@MoneyMindsetCoach3]

I love cash and take out for miscellaneous and food at the beginning of the month, i love counting it at thecend of the day, week and at the end of the month!

[@heavensea141]

Completaly agreed! At the end of the day it is nothing wrong with digital- teknologi alone it is about opinions. Same goes with books, movies, TV SHOWS and video games ' Keeping THE phycical even if digital exist' Ownership and freedom. No reason for both to coexist.

[@spencers-adventures]

Exactly. The two can certainly coexist - it’s the complete elimination of the analog that’s the problem

[@eduardomavlyutov4710]

That's an interesting topic! 🙂 Fortunately I can control myself in terms of buying stuff, that's why I prefer to use cards. And when in some store they say they don't accepts cards I usually get frustrated. Also the country I live in now and my bank's country are two different countries, that means paying with cash equals paying more. But anyway I prefer paying with cards - it's convenient and safe. Though I can't agree more in this - keeping some cash just in case is a must. Thanks for the video! 🙂

[@madisonsnovlogging]

Keeping cash is definitely important, especially lately. That's why I am trying to save the cash that I have. I also can't access Facebook Marketplace so I am REALLY saving cash right now lol.

[@spencers-adventures]

Facebook marketplace is a huge problem for me too lol I love antiquing on there!

[@adonisvillain]

0:05. Lo,l in russian this job also called Cashier - "Касир" Now I understand entomology.

[@eduardomavlyutov4710]

Right you are, but it’s ‘Кассир’ (double сс) 😉

[@terrym3837]

I always keep some cash on me

[@cesarcanete3402]

Cash is always been there & saved my butt multiple times (still is to this day). I still and will always use & save cash. I'll only use my debit if I have to cash is not accepted.

[@cherylT321]

I don’t shop anywhere that won’t allow me to use my cash!

[@tippy7831]

In my city there are people begging for cash on every street corner. It is constant. And me with my fear of seeming heartless and inability to say no to people, if I were to carry cash I would be broke within the week. (It has happened to me before when I first moved here.) I know that's my own fault, but at least I'm aware enough to know now that carrying cash wouldn't work well for me.

[@MonieMuse]

Yes let’s bring cash back, it helps me spend less money. 😂 today I paid with cash cause I didn’t wanna deal with the tip question hahah just wanted to get my item and leave

[@spencers-adventures]

That’s a great way to avoid unnecessary tipping for sure! I love to pay exact change when I can

[@MonieMuse]

@@spencers-adventures btw, when I do tip in cash the person lights up and says thank you cause they see their tip ☺️

[@paulrose319]

i still use cash did so today

[@flybalbu]

I'm a minor and don't know how to pay with phone/card so i always use cash. It's simple and I like the fact I have more control. My parents can't see all my purchases which is great for privacy. Although most people I know use phone to pay nowadays and honestly i get it, it's easy and convenient and honestly if i knew how to do it on phone i would cause easy but it's good to have cash on hand

[@spencers-adventures]

Yeah I think there’s a good balance, no need to use one or the other exclusively. Thanks for the comment!

[@user-pp3dl8id7r]

Fantastic content

[@knallkiste5151]

Lots of big tech companies go into banking because harvesting banking invormations is very provitable.

[@williamcruz0323]

Woo bro what a such great video thank you bro for the great idea

[@genmaicha_]

man this is a very "developed country" perspective, but i do still appreciate the video coming from a country where cash is still absolutely king

[@santostv.]

Where are you from? For example Germans love physical cash meanwhile the Swedish “hate” it 😂

[@angermanagementstudios]

I won’t use any business that won’t accept cash. Vote with your wallet chaps.

[@stevearcher50]

in the power outage scenario the registers aren't working either so there are no transactions, stores just close.

[@spencers-adventures]

I wonder if that applies to longer outages when supplies are needed? Not sure in that case

[@mitchell.9632]

Some retailers have paper pads for manual write-up.

[@DiehardtNG10]

I waited an hour in line for ice cream at a car show and their power went out.i went without. I keep a few hundred now at car shows

[@YogiTheBearMan]

Change is the worst part of using cash. I wish they would get rid of pennies, nickels and dimes. And give cash discounts

[@dimitriosfreedom9282]

Hi. Here in Australia we got rid of copper 1 and 2cent coins a long time ago. Now the lowest value coin is the 5 cent which I think is about the size of an American 10 cent dime. Every transaction is simply rounded up or down to the nearest 5 cents.

[@spencers-adventures]

Cash discounts should for sure be more widespread! Canada has no pennies anymore either

[@ambiarock590]

CGP Grey made a video years ago about getting rid of the penny. The USA used to make a half-cent coin which was discontinued for being worth too little, but when it died it had more buying power than today's dime so the quarter should prolly be the lowest denomination we circulate these days. I've been dumping all coins out of my wallet that weren't quarters.

[@amirtak9886]

Biggest advantage of cash is that it is untraceable.

[@santostv.]

In my country cash is still king and card queen although young people like payment app’s, it’s obligatory to accept physical cash and a lot of business don’t even accept card, cough because of tax evasion cough

[@ktown1389]

Which country are you from?

[@spencers-adventures]

I like that it’s obligatory to accept cash!

[@mitchell.9632]

@@ktown1389 Their channel says Portugal.

[@gbottesini]

Reason #2 is not an issue if you have an itemized budget and keep track of it consistently.

[@spencers-adventures]

True but there is something else that happens when you actually hand over bills vs tapping a card. I think it’s easier to feel the gravity of a big spend that way. Thanks for the comment!

[@polaris911]

There should be a law that they're required to take cash (legal tender)

[@extrememinimalism]

I think it's ridiculous that cash is not an option in some places. To withdraw cash, you are charged £2. I need cash to pay for my gas. On a bus now, if you pay with £10 you get a receipt for £8 that you can only use on the bus. They don't carry change anymore. My dad is barely takes £50 in cash to roundup at the end of a shift.

[@santostv.]

In my country it’s free to widraw money from atm’s only if you use a credit card you pay a fee. It’s obligatory to accept cash and apparently is also going to be obligatory to accept at least one digital method for payment.

[@extrememinimalism]

@@santostv. It used to be in the UK too, but not anyone. It's, I think, because people don't make money. Same with the limits for topping up gas or electric on key cards. They don't make money, so they put a limit. I think it's a problem that will effect the poorer people most.

[@spencers-adventures]

Crazy. Cash needs to be prioritized - it still has an important place that can’t be forgotten!

[@alexclifford2485]

I boycott any business that doesn't take cash on principal.

[@cherylT321]

Ditto!

[@geekyprojects1353]

If you could get 100 bucks in cashback every month for using credit cards, you wouldn't be that adamant about cash.

[@spencers-adventures]

You’re not wrong, but I think credit cards can be a dangerous game if the person isn’t disciplined. With the high interest rates it can be more costly than any points or cash back offers. These companies offer these “deals” to consumers because on average they (the companies) win, but if you’re disciplined with paying it off you can win too. I’m not anti credit card at all - I have a credit card that I use over debit (to reduce fees) and I use the points for gas money.

[@geekyprojects1353]

@@spencers-adventures I was wondering about you advocating for cash while your goal is FIRE. I get roughly 100 bucks every month from cashback and from buying discounted coupons to be used instead of cash. But yes, I never pay any interest on credit cards.

[@zimzam9166]

Sadly no amount of cash will ever help your affliction of being Canadian

[@waltlongmire6277]

💰💰💰💰💰💰💰💰

[@batrocbjj7866]

Let s go check if in ukraine credit cards or atm are still working, or in the Gaza stripe