5 Reasons Going Cashless Will Save You Money

Am I the only one who had to deal with bounced cheques as a kid?

You’d think it’s not something a kid even needs to know about. But I learned early on what it meant when a cheque was returned with a pretty stamp.

Of course, the bunch of returned cheques we’d periodically receive didn’t belong to me. Both of my parents were responsible for spending money they didn’t have.

My job was to help them file and keep track of when and where their money was rejected. There’s a quaintness in the ability to pay for something knowing you don’t have the money.

Old school money

Cheques are old school. The earliest known use of a cheque (or its equivalent) was in the 9th century. It was called a saqq. Quite simply, it was a vow of payment, to avoid having to send the actual payment over long, hazardous distances.

Which makes it particularly incredible that some people still use them.

Granted, the technology has improved quite a lot in the past 1200 years or so, but more and more the cheque is becoming outdated.

Cash is going the same route

But it’s no longer just cheques that are ridiculously outdated. Cash has been around for a very long time – the concept of coins and paper to which we arbitrarily assign value. An easy to lose, bulky, dirty symbol of what these days is an abstract concept.

In fact, in an age of digitized currencies such as bitcoin, it is absurd that cash still plays a big part in people’s lives. It’s as if we sometimes still rode horses to work instead of taking the car.

There are many reasons to stop using cash. These are the top 5.

  1. You have to count it

We’ve all agreed that if you’re a character in a movie, you can identify a million dollars on sight. But in real life, we have to count cash. In a world in which money can be easily viewed as a figure on a screen, counting cash is not just old-fashioned but a total waste of time.

  1. You miss out on modern innovations

Credit card processing machines are not the same clunky things with only one use. In fact, they now collect information, use biometrics, and can accept payment from smartphones. With new apps coming out that make paying a bill even easier, you stand to miss out on automatically updated loyalty cards, too.

  1. You can’t keep track of it

Okay, you can keep track of your finances, but it takes a lot out of you. It means holding onto receipts in order to annotate money spent. Whereas if you use a debit or credit card, the transaction will show up in your banking records automatically.

  1. You can get robbed

If your credit card gets stolen, you can cancel it immediately. If your cash gets stolen, it’s gone forever.

  1. You have to carry it

Fact: in the near future, we’re no longer going to carry wallets. Instead, we’re going to wear our money. Already, using a smartwatch is a great way to eschew even the credit card.

If you’re still carrying cash around, rethink how you spend your money. Going completely cashless will, in the short and long term, make your life more convenient, help you keep track of your finances, and keep you in touch with the modern world.