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Author Topic: What's in your pockets?
Slick Willy
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Babbler # 184

posted 17 June 2002 06:51 PM      Profile for Slick Willy     Send New Private Message      Edit/Delete Post  Reply With Quote 
From another thread, Michelle mentioned this and it got me to thinking about it.

Michelle:

quote:
In fact, my ex-husband used to do exactly that, withdraw several hundred dollars cash from the bank machine so that he would have money to buy this or that for the week or the month. I asked him why, and he said that it was old habit, that back home everything was done with cash, and he was just used to having large sums on him.
Recently he actually LOST several hundred dollars because of this habit, and he's trying to force himself to use his bank card instead of cash.

In the past I have been in the habit of carrying cash. Mostly because sometimes it's cash or nothing. No kidding I bought a hot tub that fell off a truck that way.

But these days, I carry plastic, and two fifties one in the pocket and the other stashed just incase. Most things like groceries and clothing I buy with plastic as well as dinner out with the wife or with friends. If I am drinking somewhere I use cash but that is about it. I like that I can keep track of my spending when I pay the card off each month and I don't really feel to freaked out by someone knowing where and when I buy my socks and shorts. Though I get uncomfortable paying a female cashier when I buy them.

I understand that in Canada, we lead the way when it comes to debit cards instead of cash. So what's your take on it? Good, bad, can't remember what cash is?


From: Hog Heaven | Registered: Apr 2001  |  IP: Logged
Michelle
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posted 17 June 2002 09:32 PM      Profile for Michelle   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
I practically never use cash if I can get away with it. The only thing that sucks is that some necessities like laundry are cash only, and unless I make a special effort to remember to get money, I never seem to have cash on hand to do it (I live in a building where you feed the washer and dryer before using them). Also, there have been times where someone posts a notice that they're selling something, and I never have cash on hand to buy it. There's no such thing as spur-of-the-moment cash transactions around my place. Cab rides are a pain too - every once in a while when I'm late, I'll need to take a cab, but then stop at a bank machine on the way. Cabs DO take VISA, but I feel like I'm imposing on the cab driver by paying by VISA for a $5-10 fare.

It used to make me shake my head, that my ex carried so much cash on him all the time. Or he would stash some here and there in the apartment, etc. I didn't really care much, but it was one of those things that just seemed really weird to me.

Although sometimes I think I just might go back to doing that myself as a protest against absolutely INSANE bank fees.


From: I've got a fever, and the only prescription is more cowbell. | Registered: May 2001  |  IP: Logged
oldgoat
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posted 17 June 2002 10:13 PM      Profile for oldgoat     Send New Private Message      Edit/Delete Post  Reply With Quote 
I usually withdraw a few hundred every Friday. This covers allowances, our ritual Fri. pizza, weekend grocery shopping, gas, and sundry vices. Sometimes I use the debit card, but usually I carry cash. I should add that I consider myself to be poorly organised, financially undisciplined, and I suck at budgeting. You may be well advised to do the opposite of whatever I do with money.
From: The 10th circle | Registered: Jul 2001  |  IP: Logged
Timebandit
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posted 18 June 2002 12:12 AM      Profile for Timebandit     Send New Private Message      Edit/Delete Post  Reply With Quote 
We mostly use debit, which we can then download into Quickbooks off the net, code, and have a clear picture of where the money's going. We sometimes keep some on hand for coffee money or garage sales, but working at home (and, in the blond guy's case, 1/2 a block from home) makes it harder to justify spending on coffee out.

Of course, there's also the ice cream place on the corner....


From: Urban prairie. | Registered: Sep 2001  |  IP: Logged
DrConway
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posted 18 June 2002 03:12 AM      Profile for DrConway     Send New Private Message      Edit/Delete Post  Reply With Quote 
This gives some reinforcement to a chart I once did up, which I'll reproduce here, highlighting the differences between the way we "did things" in, say, the 1970s versus the 1990s. Of course, this is from an essay that was about privacy erosion, but...


From: You shall not side with the great against the powerless. | Registered: May 2001  |  IP: Logged
Timebandit
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posted 18 June 2002 05:11 PM      Profile for Timebandit     Send New Private Message      Edit/Delete Post  Reply With Quote 
The thing is, paying your bill electronically is actually cheaper than writing cheques these days.

I still get paid by paper cheques, and if over a certain sum (it's irregular sums at irregular intervals), I deposit it via the live teller, or they put a hold on it.

I hate that the banks figure you're likely to kite cheques or commit fraud, even when you deal with them in an exemplary way for several years.


From: Urban prairie. | Registered: Sep 2001  |  IP: Logged
DrConway
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posted 18 June 2002 05:38 PM      Profile for DrConway     Send New Private Message      Edit/Delete Post  Reply With Quote 
Ah yes. The infamous hold.

It's caused problems with my rent checks once or twice. Plus, my attempt to resolve this issue was met rather unprofessionally by the bank rep I ended up getting on the phone, so I'm considering switching to VanCity.


From: You shall not side with the great against the powerless. | Registered: May 2001  |  IP: Logged
Timebandit
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posted 18 June 2002 05:42 PM      Profile for Timebandit     Send New Private Message      Edit/Delete Post  Reply With Quote 
Well, as a person who works on contracts and gets lump sums, the 5 day hold is something I sincerely hate.

There is something terribly wrong with having 10 grand in the bank and having to leave your groceries behind because the damned card doesn't work....

What gets me is that it takes far less than 5 days for the cheque to be processed at both ends.... They have the money for at least 2 days before they'll release it!


From: Urban prairie. | Registered: Sep 2001  |  IP: Logged
skdadl
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posted 18 June 2002 06:01 PM      Profile for skdadl     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
I still get paid by paper cheques, and if over a certain sum (it's irregular sums at irregular intervals), I deposit it via the live teller, or they put a hold on it.

Zoot, I get paid mostly the same way, but I regularly deposit the cheques into a bank machine and draw cash on them right away. (I hesitate to do an ad, but name of bank available on private request.)

Something else Spring Chicken and I have in common: I try to run us as much as I can on cash. That hasn't kept me out of trouble with the plastic, but if I earned more, it would, and if I earned more, everything would be cash.

I don't keep the cash in a pocket, though. Nothing ever goes in my pockets, except maybe my hands. Men and the stuff in their pockets! Didn't anyone ever tell them you can ruin the cut and drape that way?


From: gone | Registered: May 2001  |  IP: Logged
Slick Willy
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posted 18 June 2002 06:12 PM      Profile for Slick Willy     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Didn't anyone ever tell them you can ruin the cut and drape that way?

Good safety tip there Skdadl.

Managing credit is another creature all together.
My Dad told me that you should go into debt for three things. Your house, your car and your first bussiness. Your car should be paid off before you buy your house. Your house should be paid off before you retire. Your business should be in the black within three years or you have no business being in business.

Living within your means is no easy feat for most people. I call it living in denial.


From: Hog Heaven | Registered: Apr 2001  |  IP: Logged
Michelle
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posted 18 June 2002 08:02 PM      Profile for Michelle   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
As opposed to living in de Rideau?
From: I've got a fever, and the only prescription is more cowbell. | Registered: May 2001  |  IP: Logged
Timebandit
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posted 19 June 2002 12:46 AM      Profile for Timebandit     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Men and the stuff in their pockets! Didn't anyone ever tell them you can ruin the cut and drape that way?

Woman after my own heart!

I might inquire about that bank.... We've looked at a few over the charges re: debit uses, and the one we're at is giving us a good deal that way, since we've had the account for several years. We also hesitate to use the credit card, which gets paid off every month, but it's harder to track the charges (too lazy to split them on Quickbooks consistently).

quote:
My Dad told me that you should go into debt for three things. Your house, your car and your first bussiness.

I'd argue that the last two should be avoided if at all possible. I don't believe in car loans, will save up for a vehicle if necessary. But then, I don't care how new my vehicle is, only how reliable.

And as to business, this is my second business, and I have yet to get into debt. Other than gap financing, which is guaranteed and short term, I don't intend to. I saw my dad get burned that way, and the blond guy has had bad experiences with that as well. It isn't as simple as:

quote:
Your business should be in the black within three years or you have no business being in business.

That's a little trite and simplistic. Great if you have a crystal ball, mind you. But most of us aren't Kreskin, and sometimes shit happens. Best to stay out of long-term debt altogether and pull in your horns when you need to.


From: Urban prairie. | Registered: Sep 2001  |  IP: Logged
meades
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posted 19 June 2002 04:50 AM      Profile for meades     Send New Private Message      Edit/Delete Post  Reply With Quote 
I carry cash, and I plan to do so for as long as possible. I absolutely hate all the other methods, mostly because I'm too lazy to learn, but also because I'm just not used to it (not to forget they can track you with plastic, you know ).

Then again, I guess it's easy for me to talk, since the number of muggings we have had in the Sault over the past five years is probably something like 3, all of which related to other conflicts, rather than random theft.

Also, I just like cash because I know exactly how much I have, instead of trying to guess/remember (they're one in the same now, ugh) how much I have in the bank. It's tangible. Plus I like how it looks. Oh, and it being currency and thus accepted everywhere, I never have to be worried if a store will have an interac doohickie.


From: Sault Ste. Marie | Registered: May 2001  |  IP: Logged
Sine Ziegler
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posted 21 June 2002 05:40 PM      Profile for Sine Ziegler     Send New Private Message      Edit/Delete Post  Reply With Quote 
Reminds me of my father. He doesn't have a wallet and stuffs around $300 in his coat pocket. I used to steal $5 for smokes once in awhile. He still doesn't have a bank card and only owns one credit card. This has rubbed off on me a bit.

I find it so incredibly annoying and incovenient when a group of people are at a restaurant and half a dozen of the group are paying their own independent portions of the bill with their debit cards.

Cash if the way to go!


From: Calgary | Registered: Apr 2001  |  IP: Logged
ReeferMadness
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posted 27 June 2002 02:35 AM      Profile for ReeferMadness     Send New Private Message      Edit/Delete Post  Reply With Quote 
I use credit cards for all big ticket items (I even purchased my used car with one). It's free money for 30 days at least. Credit card companies give you stuff for using there cards (air miles, cash back). Best of all, however, it's low risk. If someone steals my cash, it's gone. If they get my debit card and guess the PIN (only 4 digits), good luck dealing with the bank. But there's a law that says my limit of exposure is 50 bucks per credit card and then only until I notify them.

The trick to using credit cards is treat them like cash. Don't spend the money unless it's in the bank. And if someone is out there reading my grocery bills, well have fun.


From: Way out there | Registered: Jun 2002  |  IP: Logged
Anchoress
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posted 16 May 2004 09:17 PM      Profile for Anchoress     Send New Private Message      Edit/Delete Post  Reply With Quote 
I never carry cash, because I just spend it. However, I almost always use cash for expenditures. Every paycheque I deposit what I know I'll need for my automatic withdrawals, and keep in cash what I know I'll need for the month (groceries, bus pass, beauty parlour, mad money), and the rest goes into my piggy bank. Once every few months, I dump out the piggy bank (actually a 2-litre pop bottle), and buy a GIC with the proceeds. If I have an emergency, the piggy bank pays for it.
From: Vancouver babblers' meetup July 9 @ Cafe Deux Soleil! | Registered: Nov 2003  |  IP: Logged
radiorahim
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posted 16 May 2004 11:48 PM      Profile for radiorahim     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Cabs DO take VISA, but I feel like I'm imposing on the cab driver by paying by VISA for a $5-10 fare.

Not a good idea to use a credit card to pay for a cab ride.

I once heard a cab driver reading out someone's credit card info over the air on the taxicab radio...name, account number and expiry date.

Not only other cab drivers can hear this info, but anyone who happens to own a scanner radio receiver can hear it as well.


From: a Micro$oft-free computer | Registered: Jun 2002  |  IP: Logged
DrConway
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posted 16 May 2004 11:56 PM      Profile for DrConway     Send New Private Message      Edit/Delete Post  Reply With Quote 
The cabs out here in Vancouver have a (supposedly secure) electronic reader that authorizes the card for the transaction.

As for what I carry, I have a credit card or two, and I tend to use my debit card a lot. Cash I use mainly for transactions involving used computer equipment.


From: You shall not side with the great against the powerless. | Registered: May 2001  |  IP: Logged
Rufus Polson
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posted 16 May 2004 11:59 PM      Profile for Rufus Polson     Send New Private Message      Edit/Delete Post  Reply With Quote 
I'm not much of an impulse spender so I don't need to discipline myself by not carrying funds. And I'm vaguely paranoid about marketers and other professional shitheads getting detailed pictures of my spending habits. So while I carry a debit card and use it now and then, normally I snag a big chunk of cash every couple of weeks and spend it slowly. I think worries about mugging are overblown--I'm probably at least as likely to have someone scam my debit card as I am to get mugged. I keep the money in my front pocket, and I don't recall ever losing any.
I figure if you're going to carry cash at all, and you use bank machines that have service charges, getting mugged once with two hundred bucks in your pocket will cost less over time than paying five times as many service charges by only taking out 40 bucks at a time. Luckily for me, VanCity doesn't charge service charges when you use credit union machines (not just VanCity ones--any credit union). DrConway, YMMV but I've been very satisfied with VanCity.

Ssss . . . what has it got in its pocketses?
And my left back pocket has plastic--debit, credit, ID, health thingy, library card--and a comb. Right back pocket has bus tickets. Left front pocket has dozens of multi-sided purple dice. No mysterious golden rings.


From: Caithnard College | Registered: Nov 2002  |  IP: Logged

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