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Your Take: How Much Cash Do You Carry?

I’m not asking because I want to rob you, though if you carry more than a grand I would be tempted (just kidding! 🙂 ), but cash seems like such an outdated way to stay financed.

How much do you have on you right this very second? I just checked my wallet and I have $142, which is far higher than what I normally carry. It’s that high because two weekends ago we took a trip to Ocean City, MD with some friends and I did one of those “pay with credit card, take the cash” moves at a restaurant (Citi mtvU [3] offers 5% cashback and I have student loans to pay off!) so that boosted the amount.

A few months ago, I remember reading an article in a major men’s magazine that talked about how carrying a fat roll of cash gives you a sense of power, confidence, and bravado that you don’t have carrying a couple pieces of plastic. I believe the author likened it to a power suit. Anyone who has put on a nice suit can attest to this. Suits boost your confidence because you look good in them. You look professional, smart, and powerful. Does a roll of money do the same?

Normally, I don’t carry much cash on me, maybe forty or fifty bucks at any one time. I don’t really see the advantage in carrying a lot of cash. Plastic offers so many more protections on so much more money that credit cards are really my primary source of funding. If you lose cash, it’s gone. If you lose a credit card, you cancel it and get a new one. The combined credit limits on the cards in my wallet is easily over ten thousand dollars but I would never ever even consider putting more than a few hundred in my wallet.

How much cash do you have on you right now? How much cash do you usually carry on you? Why so little or so much? Do you think I need to carry more or less? Do you think I’m insane?

(Photo: refractedmoments [4])