“Cash is king” is a fairly popular phrase. Having cash at hand offers a lot of conveniences. Aside from anonymity and universal acceptance, cash transactions eliminate the risk of fraud or identity theft associated with electronic payments.
While the use of cash is becoming less common in today’s world, there are still certain situations where it’s better to pay in cash. Here are some examples:
Small Purchases
Cash is always the king for small purchases. It’s not worth paying the transaction fees associated with credit or debit cards for small purchases, such as a cup of coffee or a newspaper.
Even better? You might get some discounts for paying with cash.
Tipping
Well, you can pay your bill with your card, but it’s better to use cash when tipping someone in places like restaurants and bars. Cash tips are convenient for these circumstances as cash can be exchanged quickly and easily.
Also, tipping with cash is often seen as a more personal and heartfelt gesture of appreciation, demonstrating gratitude for excellent service in a tangible way.
Local Markets
If you occasionally shop at your local farmers market, you should always use cash. By doing so, you aren’t just supporting the local economy but also helping the local merchants as they don’t have to pay the transaction fees associated with credit and debit cards.
Also, using cash for grocery purchases can help you stick to your budget.
Street Vendors
You can’t always use digital currency, even if it’s your preferred payment method. For example, some street vendors may only accept cash payments. In most cases, it is convenient for both the customer and the vendor, as cash payments allow greater flexibility in pricing and accessibility.
Garage and Yard Sales
Still, cash transaction is the norm for garage and yard sales. If you stop at a garage sale, you will hardly see any electronic payment options there.
Also, who would want their yard sale money to be taxed?
Event Parking
Event parking fees are typically small and are often best paid with cash. That is because most on-site parking at concerts and games is operated by local workers or small businesses that rely on cash transactions for their livelihoods.
Carrying cash also means you don’t have to wait in line to use electronic payment terminals or deal with card processing delays.
Donations at Religious Centers
Cash donations have long been a traditional and accepted form of giving in religious settings. You will see temporary collection baskets or boxes in most religious centers where worshipers can place their donations.
For many worshippers, cash donations offer a level of privacy and hold symbolic significance.
Gas Stations
Have you ever noticed that it’s cheaper to pay with cash instead of a credit card at some gas stations? That’s because the gas station gives a discount for cash payers since they don’t have to cover a transaction fee when people pay in cash.
Flea Markets and Events
Flea Markets and Events are like a giant garage sale. And places like these are practically made for haggling. Having cash on hand gives you more leverage to haggle for better deals and discounts.
Also, it’s easier to stick to your budget when using cash at these venues.
Home Renovation Services
It’s useful to have cash for home maintenance services. You might be tempted to take out a loan or a line of credit, but this way, you pay more than you require in terms of interest.
So, paying by cash may just be a cost-efficient option for both homeowners and contractors.