Is going cashless the best way to save money?

person holding mastercard credit card

There’s nothing like the feeling that comes with having a wallet bursting with notes. Indeed, by opting to carry large amounts of paper around, you can feel like a rich person with money to burn. But it could all be an illusion. While your wallet may be looking good, your bank balance could be telling a different story. For people who need to save money, opting not to carry cash around could be the key to reducing expenditure on a day-to-day basis. Here’s why a lot of youngsters nowadays are choosing to go cashless.

Research reported in the New York Post found that only 41 percent of Americans carry cash around. It appears that Millennials are driving this trend, with one in three claiming they rarely hold physical money. With alternative forms of payment on the rise, and most merchants hooked up to digital systems, the need to actually possess cash is decreasing. Not only does quitting filling a wallet with cash deter people from feeling like they are richer than they actually are, there are numerous other benefits in opting to abandon traditional money.

One of the leading reasons why cash is on the way out is because it has become so much easier for people to shop on the internet. 96 percent of Americans shop online, and this is a world in which cash is rarely used. Instead, shoppers can use credit cards and other digital payment systems to acquire goods. This is a more efficient way of performing transactions than withdrawing cash from an ATM before going to make purchases.

The diverse options available to consumers is another reason why cash is becoming inferior. There are now multiple different ways for people to pay for things, and there is usually an option to suit anyone’s preferences. Offering a multitude of choices is one of the major selling points in the competitive online casino industry. At Regal Wins Casino, for example, players can choose to top up their accounts using PayPal, Neteller, Paysafecard, or VISA. In other branches of the gaming industry, such as the PlayStation Network, modern payment systems are also embraced.

Going cashless can be a great way to keep track of transaction history and work on budgeting more wisely. Whenever a payment is made using an online system such as PayPal, the details of the transaction are recorded and consumers can refer to this when investigating what they have been spending their finances on. This is much harder to do with cash and coins. Some payment platforms even allow users to set their own limits so that they don’t go over their monthly budget. This can be ideal for people who feel that they can be irresponsible with their funds.

Some economists envision a future in which cash money no longer exists. With contactless payments and phone payments becoming more prevalent, this idea does not seem to be out of the question. Certainly, if cryptocurrencies take off in the next few years, cash could be obsolete by 2030. Consumers should get used to going cashless because it can help to save money, but also because it may soon cease to exist.

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About the Author: James Watt

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