So, this coin shortage thing

[Left Seater]

Apparently we are running low on coins in circulation. Since so many businesses have closed the flow of coins thru the monetary system has ground to a halt. Our local grocery store has signs up asking for exact change.

My question is this? How many of you use cash for daily purchases? Are there still people younger than 70 who pay cash for most things? Do people still use checks as well?

And if the answer is yes, why do you still use cash?

[Softball Bat]

1. Per the doom thread, digital currency is coming, and you're not going to like it. Your kids will like it even less.

2. I use cash because using cash trains a person to be financially responsible. When you have to peel money out of your pocket to pay for something, you feel it. A card or digital system of some sort leads to very easy debt accumulation and/or reckless spending. Also, cash is freedom. Far fewer people know what I am doing with my money when I use cash. It is nobody' business what I do with my money.


Cash is wonderful.

[Innocent Bystander]

1. Per the doom thread, digital currency is coming, and you're not going to like it. Your kids will like it even less.
Learn to (exploit) code.

2. I use cash because using cash trains a person to be financially responsible. When you have to peel money out of your pocket to pay for something, you feel it.
Which is the number one way Natives were scammed in Alaska. You have to see it in action, but when you see it you'll either be righteously angry at the asshole who takes advantage of it , or the asshole who takes advantage of it.

What happens is four pennies are worth more than one dime. Now expand that to cash bills. The fishermen were routinely cheated of the true value of their catch.

Financial responsibility is dependent on knowing the value of the finances you are tasked with being responsible for. It's not intuitive at all. It's culture, and culturally ingrained. When two cultures values clash, don't blame the victim, blame the victimizer.


A card or digital system of some sort leads to very easy debt accumulation and/or reckless spending.
That's true.

It also helps keep track of where it goes, though. There are less excuses with digital. There is no 'I don't know where it went', like with cash. You see exactly where it went.


Also, cash is freedom. Far fewer people know what I am doing with my money when I use cash. It is nobody' business what I do with my money.
True. Which is why it's the most valuable information on the planet.

Cash is wonderful.
There will always be a place for cash. Maybe not for the value of the US dollar, but cash itself will always have a place.

[Left Seater]

I disagree with the digital currency replacing our current product.

As for cash and it keeping you from debt or reckless spending is a false narrative. As IB pointed out spending on a card keeps an exact record of every purchase. You can forget about the trip to Starbucks if you pay cash, not so if you pay with a card. Further the summary shows at a glance what categories your spend goes to.

Personal responsibility is the driver of your spending. You can put it all on a card and pay it off every month.

Further there is no bonus to spend with cash. However on a card you can choose to get cash back or some other currency of value. I choose to receive airline miles. Pay with cash and you get nothing but what you paid for.

But I will agree with you on the no one knows what you are spending cash on. I guess if you are hiding spending from your wife, I can understand the use of cash.


I do always carry cash when I travel. Not much, usually just ones and fives to use for tips. Housekeeping, valets, shuttle drivers, etc.

[Innocent Bystander]

Further there is no bonus to spend with cash. However on a card you can choose to get cash back or some other currency of value. I choose to receive airline miles. Pay with cash and you get nothing but what you paid for.

Bonuses depend on people not paying in full every month to 'reward' pennies. Bonuses also reward consumerism -- the more you spend, the more you're 'rewarded' with pennies earned off interest payments of other people.

Since that's the system, exploit it at will, but know how it exists and whose backs it exists off of.

As for accounts, everyone should have their own personal account as well as the 'joint' account. I think more marriages would be saved ...

[Left Seater]

Sure, I get that the Smiths down the street that are living paycheck to paycheck, yet are making more than $150K combined per year are helping to pay for my first class ticket to Asia or Europe for vacation. But their use of credit cards isn't the reason they are living paycheck to paycheck. Further, credit card rewards don't only come from interest payments. There are merchant fees and card fees that cover the cost of these "rebates."

As for having multiple checking accounts or separate accounts and then a joint account makes no sense to me. Why would I have a checking account with only my name on it and then a joint account with my wife? How does that help a marriage, unless you are saying it helps hide spending from the other spouse? In that case there is already an issue with the marriage.

[The Whistle Is Screaming]

As for having multiple checking accounts or separate accounts and then a joint account makes no sense to me. Why would I have a checking account with only my name on it and then a joint account with my wife? How does that help a marriage, unless you are saying it helps hide spending from the other spouse? In that case there is already an issue with the marriage.

^^ This, you're either all in on your marriage or not.

All of our accounts, loans, etc are in both our names since we got hitched. We do have separate credit card accounts as we had them coming in to the marriage. Only other accounts which are separate are our retirement accounts as they are through our employers.

We typically use our debit card for most purchases and on-line payments as it is the closest to using cash. I will grab $500 for vacation so we can leave some money for the kids and we have some cash for ourselves, otherwise I rarely carry more than 20-40 $ without a specific reason.

[Left Seater]

We also have separate credit card accounts but that is so we could get more of the bonuses for new card accounts. The other spouse is an authorized user on each of the other person’s cards though. Plus we both have access to each other’s card accounts via the apps.

[atmdad]

bringing it back to the original question, what to do with fricking coins?

Do away with pennies and nickels for hard cash/coin transactions. At the POS roundup/down to the nearest 10 cent denomination.
Debit/Credit card transactions, not big deal.

[atmdad]

The other spouse

So now you are a Polygamist as well!

[Left Seater]

The other spouse

So now you are a Polygamist as well!

Hardly.

[Screw_Michigan]

I use cash, but I don't go out of my way to use it. My friend takes out a couple hundred bucks a month from the ATM every month because she prefers to use cash for nickle and dime transactions. Whatever.

Poptart makes a great point about the value of cash both for confidentiality and for discipline. I was in college when it became common to use debit cards for everything, and as I was a broke student at the time, I would regularly get dinged for over drawing my account. Pretty stupid. It's much easier to be disciplined when you look in your wallet and see how fat, or not, it is.

[mvscal]

As for having multiple checking accounts or separate accounts and then a joint account makes no sense to me. Why would I have a checking account with only my name on it and then a joint account with my wife? How does that help a marriage, unless you are saying it helps hide spending from the other spouse? In that case there is already an issue with the marriage.

^^ This, you're either all in on your marriage or not.

All of our accounts, loans, etc are in both our names since we got hitched.

Pretty stupid measure of commitment. I've been married over twenty years and we've always kept separate accounts. How hard is it to split the mortgage and common bills?

[Wolfman]

I use my bank card for most purchases. I get some paper money from the ATM, seldom carry more than say $50. I check my bank account at least once a day to make sure no one is charging stuff on my account. One time there were about $80 in things like Netflix when my card was skimmed, I think at the gas station. The bank "ate" that, not me.

[smackaholic]

1. Per the doom thread, digital currency is coming, and you're not going to like it. Your kids will like it even less.

2. I use cash because using cash trains a person to be financially responsible. When you have to peel money out of your pocket to pay for something, you feel it. A card or digital system of some sort leads to very easy debt accumulation and/or reckless spending. Also, cash is freedom. Far fewer people know what I am doing with my money when I use cash. It is nobody' business what I do with my money.


Cash is wonderful.

I'm a cheap fukk. I don't need the visual of peeling cash out of my wallet to dislike spending money.

I can literally go weeks without using actual cash. To me it makes sense, If I buy a dollar coffee at Cumberland Farms, it is 1.07 w/tax. Why hand over 2 bucks, then have a pocketful of change jingling in my pocket. I rather spend 1.06....at the end of the month.

[smackaholic]

As for having multiple checking accounts or separate accounts and then a joint account makes no sense to me. Why would I have a checking account with only my name on it and then a joint account with my wife? How does that help a marriage, unless you are saying it helps hide spending from the other spouse? In that case there is already an issue with the marriage.

^^ This, you're either all in on your marriage or not.

All of our accounts, loans, etc are in both our names since we got hitched.

Pretty stupid measure of commitment. I've been married over twenty years and we've always kept separate accounts. How hard is it to split the mortgage and common bills?

To each their own. Separate accounts work for you and the Mrs, then fine, but I am with Lefty and TWIS on this one. Keeping separate accounts just doesn't feel right. It's almost as though you are planning on separating at some point, which, perhaps is a good thing for some.

So, the heater and I have been financially combined since day one. Partly because it is a demonstration of our commitment and partly because it's just easy.

[Softball Bat]

Watch Barry here (1:15 to 1:32)...







Peels off the cash, buys his goods, and takes his change... coins included.

I gotta say, that right there is how you do it.


Mind blowing that some of you are actually cheering the demise of coins.

It cost 48 cents to see a movie in 1952.

https://www.usatoday.com/story/money/20 ... /39998123/


Instead of saying, "Hey, we need to bring the good times back," you want to escalate your descent into slavery and degeneracy.



Throw your coins away.

Go do dat.

[Left Seater]

What are you mumbling about now?

How is paying with folding money or coins related to inflation? And paying with a credit card is akin to slavery? Seriously?

If you aren’t disciplined enough to use credit cards so be it. Props to you for recognizing it. But to call out others like this...

[Softball Bat]

You don't seem the least bit concerned about coins being phased out.

And...

Do away with pennies and nickels for hard cash/coin transactions.

Hence my post.


The fact that you are asking why people use cash shows that you feel you could get along without it.

And "rounding up or down" to the nearest 10 cent denomination, as adad recommends, is probably the greatest YES, PLEASE BEND ME OVER idea I have ever read.

In full compliance with the debasement of the currency that has gone on over the last many decades.

No, no...
I want my coins.

I want your coins.
I'll give you my address and you can all mail them all to me.


A no cash system will equal -----> your enslavement.

If you can't understand that, I pity you.

Good luck.

[Left Seater]

Yes. I could do without cash and coins. I already spend less than $30 a month in paper money and my wife probably goes months without touching paper money or coins.

But again, what does that have to do with inflation and pricing of movie tickets?

[Innocent Bystander]

Sure, I get that the Smiths down the street that are living paycheck to paycheck, yet are making more than $150K combined per year are helping to pay for my first class ticket to Asia or Europe for vacation.
You see a single tree, but not the forest. Credit card 'rewards' condition people to spend, not save.

But their use of credit cards isn't the reason they are living paycheck to paycheck.
Their student loans are and childcare are. And not exploiting business loopholes for tax purposes.

Further, credit card rewards don't only come from interest payments. There are merchant fees and card fees that cover the cost of these "rebates."
Why should merchants be overcharged a fee to process money digitally, so you can personally 'splurge' on an overpriced seating arrangement once a year? You're getting pennies from a whole lot of other people's dollars. Those total costs are passed to consumers. Do what you gotta do to indulge in taking personal advantage of it, but the only real winners are the banks.

As for having multiple checking accounts or separate accounts and then a joint account makes no sense to me.
Yet you don't commingle business accounts with personal accounts.

Why would I have a checking account with only my name on it and then a joint account with my wife?
Because there is Left Seater's money, Mrs. Left Seater's money, and the Seater family's money.

How does that help a marriage,
By forcing people to be honest about who's contributing what; while simultaneously nipping ' your money is my money, and my money is my money' in the bud. Most marriages fail due to finances.

If one partner becomes senile and starts draining the account to pay off scammers claiming to be a grandchild in trouble overseas, you're not both fucked. (Don't ask.)

For unmarried couples, if one partner dies the other partner isn't fucked by the dead partner's relatives. (Elderly co-worker. Ten years together, partner died, his family bullied her to remove everything from their 'joint' account and give to them.)

For both married women and men, if the spouse controls everything, you control nothing and will get fucked in a divorce. Gain peace of mind. Have your own shit.

unless you are saying it helps hide spending from the other spouse?
No. I'm saying it helps save money, and produces less stress in the long run. If you can't allow your partner the trust of privacy, are they your partner or prisoner?

In that case there is already an issue with the marriage.
Is this your first marriage or second?

[Innocent Bystander]

As for having multiple checking accounts or separate accounts and then a joint account makes no sense to me. Why would I have a checking account with only my name on it and then a joint account with my wife? How does that help a marriage, unless you are saying it helps hide spending from the other spouse? In that case there is already an issue with the marriage.

^^ This, you're either all in on your marriage or not.
Don't give up your financial freedom for a platitude. You can be all in without putting yourself at risk.

All of our accounts, loans, etc are in both our names since we got hitched. We do have separate credit card accounts as we had them coming in to the marriage.
Why is that okay, but not the separate bank accounts you also brought into the marriage?

[Innocent Bystander]

bringing it back to the original question, what to do with fricking coins?
Donate them to your local church or women's shelter.

Do away with pennies and nickels for hard cash/coin transactions. At the POS roundup/down to the nearest 10 cent denomination.
That's not how taxes work.

Debit/Credit card transactions, not big deal.
I like the concept of the apps which round it for you, 'saving' the difference in your account.

[Innocent Bystander]

I use my bank card for most purchases. I get some paper money from the ATM, seldom carry more than say $50. I check my bank account at least once a day to make sure no one is charging stuff on my account. One time there were about $80 in things like Netflix when my card was skimmed, I think at the gas station. The bank "ate" that, not me.

You're still of sound mind. You're blessed.

[Innocent Bystander]

I was in college when it became common to use debit cards for everything, and as I was a broke student at the time, I would regularly get dinged for over drawing my account. Pretty stupid. It's much easier to be disciplined when you look in your wallet and see how fat, or not, it is.

If it was that long ago, that was back when banks manipulated withdrawals to maximize overdraft fees. Bad times.

Pretty stupid measure of commitment. I've been married over twenty years and we've always kept separate accounts. How hard is it to split the mortgage and common bills?

Their wives aren't bringing shit in.

[Left Seater]

Pretty stupid measure of commitment. I've been married over twenty years and we've always kept separate accounts. How hard is it to split the mortgage and common bills?

Their wives aren't bringing shit in.

Wrong. Wife at times brings home more than I do.

And while it might not be hard to split bills, it is far easier to just have a single account.

[The Whistle Is Screaming]

It's just easier to have 1 account, why add more transactions by splitting bills, we have enough to deal with as it is. As for the separate CC accounts, it was mainly to not negatively impact our credit scores, for some reason, closing accounts lowers your score (even if it is temporary).

Cash is used on occasion, go to a small neighborhood pub which is cash only & the kids still rely on my wallet for things so small amount is on hand.

[Softball Bat]

Credit card 'rewards' condition people to spend, not save.

True.

Credit cards in general condition people to spend rather than save.

[Left Seater]

Credit card 'rewards' condition people to spend, not save.

True.

Credit cards in general condition people to spend rather than save.

I would disagree. It just incentivizes the method of the transaction. Case in point my American Express card is getting almost no spend. Instead my Citi card (American Airlines miles) and my Chase care (miles transfer to multiple airlines) are getting the spend.

But just because Chase is offering 5 x miles on gas doesn’t mean I buy more gas than the Lincoln or Suburban need. It just means that when I fill up the 26 gallon tank in the Suburban I don’t have to have $50 in cash. It also means I get 250 miles towards my next vacation for spend that was going to happen regardless.

[Mikey]

I use cash pretty much only at the farmers market on Saturday morning. Some of the vendors take cash only, and most of the others would prefer you use cash. I also stop at an ATM on the way there that I know will give me $10 bills, because the vendors get swamped with 20s and sometimes are hard up for change.

I used to use my debit card for most other transactions. It's sort of a compromise between a credit card and cash. It shows up on you checking balance immediately. But, over the past few years I've learned to be disciplined with the credit cards and pay them off every month. So, it does give you a small advantage to build up the "cash back" thing, even if it's only 1%. I almost always use a credit card for large purchases, even if I'm going to pay it right off, just for that reason.

And...

There are plenty of good reasons for having separate (or multiple) accounts.

For example, if either spouse has one or more children from a previous marriage, especially if either or both of you bring any assets to the partnership that pre-date the marriage - inherited assets in particular. In California, any salary or retirement that is earned after the marriage is community property. Anything from before the marriage is not, but becomes community property if it's commingled with other community property.

My wife and I share a common checking account, where my salary goes (and her SS checks), and we pay everything out of that. We also have a shared brokerage account to park larger amounts. This is all community property. But she also has a personal account (with me as the primary beneficiary) and I have a personal account (with her as the primary beneficiary). All of these accounts are part of a revocable family trust, which has our daughter as executor. My wife knows what I would want her to do if I passed away first, and vice versa, but who knows what might happen in the meantime. The way we have it set up makes it simpler for everybody in the long run and no questions to ask or answer.

I recently put some money into an on-line "high interest" savings account. The interest isn't very high (about 1.25%) but better than stuffing the mattress and a lot more secure and more liquid than stocks, etc. This will eventually be our "emergency" fund. Since these accounts have no fees I'm thinking about starting a second one just to put away monthly $$ for our property taxes, which we have to pay about $2,400 twice a year. It can be a big hit if you don't save for it.

[Screw_Michigan]

I think Poptart and Left Seater are both right. I think the credit card as a line of credit and transaction device encourages people to spend. Physically pulling money from your wallet to pay for shit makes you think more than having to pay something later. Obviously there are diminishing returns on this with the older and more well off you get.

Also, to Lefty's point, credit cards are great because they have great consumer protection laws and banks make them worth it. As long as you have fiscal discipline and sufficient income, you can benefit from credit cards.

I'm actually surprised that there not more of a sustained attempt to re-write consumer credit card laws. Consumers get a good deal, compared to debit cards, I figured the banks would try to water this down.

[mvscal]

Consumers get a good deal, compared to debit cards, I figured the banks would try to water this down.

Why would they? They're raping the seller with swipe fees on every transaction. Three percent is the low end
The higher point cards are considerably more.

What? You didn't think all those neat points and cash back was coming out of the banks' pockets, did you?

Of course banks want you to use your card. They make money on every transaction.

[FiatLux]

I only use credit cards and never use a debit card. I'd rather use their money and have my money working for me. Just need to pay it off at the end of the month so they don't make money off of me.

The only time I use my money is when I buy a vehicle. Always pay cash. They don't like it but fuckem.

[Screw_Michigan]

Consumers get a good deal, compared to debit cards, I figured the banks would try to water this down.

Why would they? They're raping the seller with swipe fees on every transaction. Three percent is the low end
The higher point cards are considerably more.

What? You didn't think all those neat points and cash back was coming out of the banks' pockets, did you?

Of course banks want you to use your card. They make money on every transaction.

Fair point. I have read a bunch of stories about the debate between banks and merchants on swipe fees and transaction costs. Seems like store owners are getting screwed.

[Left Seater]

I only use credit cards and never use a debit card. I'd rather use their money and have my money working for me. Just need to pay it off at the end of the month so they don't make money off of me.

The only time I use my money is when I buy a vehicle. Always pay cash. They don't like it but fuckem.

Why? There has been years of 0% loans. Our last three cars have been financed at 0%. Why spend tens of thousands in one go when they will accept a couple of hundred a month?

This way my money continues to work for me and they take a credit card payment each month.

[Screw_Michigan]

Why? There has been years of 0% loans. Our last three cars have been financed at 0%. Why spend tens of thousands in one go when they will accept a couple of hundred a month?

This way my money continues to work for me and they take a credit card payment each month.

You pay your car loan with a credit card? I didn't think they did that.

[Left Seater]

Why? There has been years of 0% loans. Our last three cars have been financed at 0%. Why spend tens of thousands in one go when they will accept a couple of hundred a month?

This way my money continues to work for me and they take a credit card payment each month.

You pay your car loan with a credit card? I didn't think they did that.

Some do, some don’t. But you can always ask your credit card company for “checks.” Normally they want you to use them for balance transfers. But we have used them for paying car loans.

There are also services that will pay bills for you and charge your credit card. Some change a service fee or percentage of the bill. Others charge a monthly fee and let you pay unlimited bills with your card.

[Innocent Bystander]

Why? There has been years of 0% loans. Our last three cars have been financed at 0%. Why spend tens of thousands in one go when they will accept a couple of hundred a month? :xxxl:

This way my money continues to work for me and they take a credit card payment each month.

You pay your car loan with a credit card? I didn't think they did that.

Good credit is like generational wealth.

Paying 'cash' for new model cars with 0% interest checks is older than dirt. Using the same checks to dump no interest loans into accounts, collecting the interest, then paying the principle off is also older than dirt.

It's shit intended for a certain class, not the hoi polloi.

[Left Seater]

Good credit is like generational wealth.

Explain. Good credit is in everyone’s control. Even unexpected items like a huge health care bill can be worked out with creditors.

[FiatLux]

I don't buy anything I can't afford. I know it sounds Un-american. I'm not a very good consumer.

My philosophy has helped me have a perfect credit score with Dun & Bradstreet
https://www.dnb.com/


Which has allowed me un-limited credit with the manufacturers I buy from https://www.thomasnet.com/