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I think this will naturally happen eventually. Cash in general is becoming useless, in my opinion. I am 23 years old and a large percentage of people my age don't ever carry cash. Between credit cards, debit cards, paypal, online banking, etc. Cash in general is going to slowly become a thing of the past.
I'm the same age as you, and I can say, I never use credit cards. The only thing I use a debit card for is getting cash out of an ATM.
I pay my bills with checks, but I strive to keep my monthly bills as low as possible. With no credit cards, that is pretty easily accomplished.
You may like the convenience. But on average, you will spend less money and save more if you pay cash for everything. It doesn't hurt to swipe a card (even a debit card) but when you have to fork over hundred dollar bills for the same item, it hurts. It's a psychological thing. You think twice and wonder "do I really want this?"
Remember, points and rewards do not save you money, the only way money is saved is if it stays in your pocket to begin with.
lol... for me, it's 1¢. I pick it up no matter whether heads up or not.
My grandmother always told me "take care of the pennies and the dollars take care of themselves." So whenever I see one, I pick it up.
Then you should have it made. It was reported that few people ever bother to pick up a penny any more. It's just not worth the effort. I'm getting that way too.
So, keep your eye on the ground. It must be littered with pennies. Lucky you, no matter which way the penny is facing.
My husband had a thing for pennies and kept them all that came in change for 10+ years. When we moved, he had five pound coffee cans full of pennies all over the place that we had to look through before he'd let me take them to the bank. When we cashed them all in---which took weeks of trips to the bank---they came to a total of over $9,000 dollars. Oh, an he ended up with a shoe box full of collectible dates to sell to collectors on e-Bay.
We still find it hard to believe how many young people just throw pennies on the parking lots.
but, then my change jar would ACTUALLY be worthless(as opposed to virtually)
No it wouldn't. Even if they stop making pennies, they'd still be a valid form of payment. Five pennies would still equal a nickel, and 100 would still equal a dollar.
Only if it's head's up. If it's tail's up don't pick it up.
Me neither. I see tails up pennies all the time. I can't remember the last time I saw a heads up one...maybe because people pick up the heads up pennies and leave the tails up ones on the ground.
No it wouldn't. Even if they stop making pennies, they'd still be a valid form of payment. Five pennies would still equal a nickel, and 100 would still equal a dollar.
Were they to stop making pennies, they would likely become more valuable over time. After all, coin collectors would then start looking for them.
strange, i dont use credit cards at all, rarely pay with checks, have no debit card, do not use online banking and always pay with cash.
cash makes life go alot easier.
people your age? I have 3 daughters ages 29, 19 and 10, and all use cash and have no credit cards at all.
except for the 10 year old that is, too young to spending her own money yet, she just spends mine.
I know what you are saying...maybe it is just me and the people I know. I have never had a balance on my credit card, I pay it in full every month. I put everything on the same card. Budgeting is very easy, once a week I log into my credit card website and view my transactions. I have a tool I use online that shows me in % form if I am over/under my budgeted amount in the categories I set (food at home, food away from home, clothes, car expenses, entertainment and 'other'). If I am over my limit I see right away and adjust my spending accordingly. Credit cards (for me at least) have helped me spend a lot less money.
I know some people use only cash and no cards, but the tools I use (mint.com and chase blueprint - both free!) have helped me cut my day to day spending by a lot.
Quote:
Originally Posted by melinuxfool
I'm the same age as you, and I can say, I never use credit cards. The only thing I use a debit card for is getting cash out of an ATM.
I pay my bills with checks, but I strive to keep my monthly bills as low as possible. With no credit cards, that is pretty easily accomplished.
You may like the convenience. But on average, you will spend less money and save more if you pay cash for everything. It doesn't hurt to swipe a card (even a debit card) but when you have to fork over hundred dollar bills for the same item, it hurts. It's a psychological thing. You think twice and wonder "do I really want this?"
Remember, points and rewards do not save you money, the only way money is saved is if it stays in your pocket to begin with.
I understand that completely, however I do have very good money management skills. I have tried spending only cash, but with proper money tracking skills, credit cards can save you just as much money (and they are much more convenient). I have a budget, I use online tools, I also have an excel spreadsheet where I track every single item I spend. If I spend $1 on a redbox movie I record it in my spreadsheet. Thanks to the online tracking I can do with credit cards I can tell you how my spending in a particular category has increased/decreased on a month to month basis (I spent 20% less on food away from home in January than I did in December, for example). It takes some discipline to develop the correct habits, but if those habits are developed credit cards can save you a substantial amount of money. If you want a blank personal finance template PM me, I can send you a copy of the one I use. It is set up so you can set your budgeted amounts for a variety of categories and it will tell you if you are over/under your budget for the month.
I would also recommend creating an account with mint.com. It is an incredible tool to get you started.
I know what you are saying...maybe it is just me and the people I know. I have never had a balance on my credit card, I pay it in full every month. I put everything on the same card. Budgeting is very easy, once a week I log into my credit card website and view my transactions. I have a tool I use online that shows me in % form if I am over/under my budgeted amount in the categories I set (food at home, food away from home, clothes, car expenses, entertainment and 'other'). If I am over my limit I see right away and adjust my spending accordingly. Credit cards (for me at least) have helped me spend a lot less money.
I know some people use only cash and no cards, but the tools I use (mint.com and chase blueprint - both free!) have helped me cut my day to day spending by a lot.
I understand that completely, however I do have very good money management skills. I have tried spending only cash, but with proper money tracking skills, credit cards can save you just as much money (and they are much more convenient). I have a budget, I use online tools, I also have an excel spreadsheet where I track every single item I spend. If I spend $1 on a redbox movie I record it in my spreadsheet. Thanks to the online tracking I can do with credit cards I can tell you how my spending in a particular category has increased/decreased on a month to month basis (I spent 20% less on food away from home in January than I did in December, for example). It takes some discipline to develop the correct habits, but if those habits are developed credit cards can save you a substantial amount of money. If you want a blank personal finance template PM me, I can send you a copy of the one I use. It is set up so you can set your budgeted amounts for a variety of categories and it will tell you if you are over/under your budget for the month.
I would also recommend creating an account with mint.com. It is an incredible tool to get you started.
I don't really record every transaction I make per se. I am fairly old fashioned in how I manage my money. I budget for various categories (food, gasoline, entertainment, et cetera) and then put that amount of cash in envelopes. Obviously bill money stays in the checking account, and the rest goes into a savings account.
I have started using e-checks to pay bills, as then I don't have to write checks and buy stamps, both of which cost money.
It probably seems very simplistic and old-fashioned to you, but it works quite well for me and my savings is growing. It sounds like your system works quite well for you, too. That's what really matters is finding what works for you as an individual and sticking to it.
The penny is made from zinc after being made from copper until about 1981, and it's merely trying to mask inflation by trying to discontinue its use. When it costs more than a dollar to make a dollar, that'll mark the end of our currency as a whole.
I don't really record every transaction I make per se. I am fairly old fashioned in how I manage my money. I budget for various categories (food, gasoline, entertainment, et cetera) and then put that amount of cash in envelopes. Obviously bill money stays in the checking account, and the rest goes into a savings account.
I have started using e-checks to pay bills, as then I don't have to write checks and buy stamps, both of which cost money.
It probably seems very simplistic and old-fashioned to you, but it works quite well for me and my savings is growing. It sounds like your system works quite well for you, too. That's what really matters is finding what works for you as an individual and sticking to it.
yeah...it probably doesn't matter what you do, as long as you have a plan and stick to it. Having the discipline to manage yourself (no matter what form of money you use) is key.
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It was reported that few people ever bother to pick up a penny any more. It's just not worth the effort. I'm getting that way too.
Lucky you, no matter which way the penny is facing.
