When you should use cash
- When you have an emergency: Cash is accepted everywhere, so have some on hand. Dave Ramsey recommends having at least $1,000 in an emergency fund.
- When you want to limit your spending: Psychologically, we spend less money when we use cash as you can see the money leaving your hand.
- When you want to make healthier purchases: Customers who pay with cash are less likely to make impulsive purchases.
- When you want to have a better relationship with the things you buy: When you pay with cash, you may feel a deeper sense of connection and pride in the item you purchased.
- When you want to make a small purchase at a small store: Every dollar you spend at a small store, they're losing two cents automatically - a cost that could eat up into their already small profits.
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