By Mark Olson, President and CEO, APG Cash Drawer, LLC
There are plenty of good reasons to carry cash. You get better control of your budget and will likely spend less than when you use plastic or electronic payments for everything, even a cup of coffee or a candy bar.
Mobile payments and credit cards make sense in some situations. If you’re putting down a deposit on a car or buying furniture, carrying enough cash to cover the costs may be impractical. But relying too much on plastic or electronic payments can be risky, especially in situations where paying with cash is preferable. Here are seven of those situations:
A power outage that lasts several days can create all kinds of trouble. You won’t be able to pay for purchases with anything but cash because merchants’ POS stations can’t operate without electricity. But they can still accept cash. Disastrous events like Hurricane Katrina kept thousands of people from using debit or credit cards due to network outages. Keeping quantity of legal tender for such emergencies is a good policy for anybody.