RedGage

As credit cards, debit cards and other forms of electronic payment are becoming more and more convenient; people are rarely paying with cash, let alone, carrying cash with them anymore. These days, you can use your cards at just about any establishment and have become people’s primary method of purchasing items. There are many benefits of using debit and credit cards over cash, they help you build your credit score and a credit history which will help you increase your chances of being approved of loans, mortgages and cars in the future. Although the risk of identity theft is there, they are still much secure compared to carrying huge amounts of cash with you. However, although cash seems inferior to cards, there are still advantages to having cash on hand. At this point, you might be asking yourself questions such as Why I need cash? and Why I should carry some cash with me?Well, the answer is simple. It is because cash is just as important as credit and debit cards. Try to picture yourself in a situation similar to those people who were victimized by hurricanes. During those times, they were out of power including the internet, which left them with only their cash to buy essential items. Some instances even result to banks being closed which disables you to have access to your money. In these situations, you no longer have time to go to a bank or an ATM machine near you if they are indeed open or if there are still ATM machines available. Therefore, listed below are several advantages and some of the good reasons as to why carrying cash with you is still important.1. You need the cash in the event of an emergency.In the event of a natural disaster such as a storm, it might knock out the power which can result to unpowered ATM machines and credit card terminals. If these happen, chances are high that stores which are open will only accept cash. If you are lucky and a bank is open, you can withdraw some money, but you have to remember that withdrawals have limits which might not be enough for supplies and other essentials. Furthermore, having no cash on hand would be very much unfortunate for you especially in the event of a much bigger crisis where you are unable to go to your bank and the internet doesn’t work. During these times, it doesn’t matter high your credit limit is or how much money you have in the bank. All that matters is the amount of cash you have with you.This also applies to smaller emergencies where you need cash but are not able to have access to an ATM machine or a bank. What will you do if you pay for your purchases using your debit and credit card and you suddenly find out that they aren’t working? And what will you do if you lost your cards but have to pay for something? Not only will these incidents be embarrassing, but they can be traumatizing as well. So, when considering keeping cash, you have to remember that the he most important thing to remember is to put it in a security box or a safe in your home. Make sure that it is only you who knows where the security box or safe is and to never tell anyone else about it as much as possible. When going out, only bring a reasonable amount of cash with you or how much it is you feel you will need in the event of losing your wallet, having your cards stolen, etc.2. Using cash will allow you to stay off the grid.If you prefer to have some privacy, you might want to lay off using your cards and use cash instead. Now that everything is done digitally, every financial transaction can be monitored, controlled and regulated in some manner. If you have issues regarding financial privacy or if you are simply concerned with how financial institutions, banks and establishments keep your information private, the best way to resolve these issues is to simply use cash. When you use cash to pay for transactions, no personal and credit information are retained. In addition to that, using cash will never put you at risk of identity theft.Although these days, people are more inclined to using credit and debit cards, there is no harm in bringing cash. It protects you from identity theft and saves you in emergencies and certain situations that call for it. The important thing is to balance the use of your cards and your cash so that you can effectively make the both of them work to your advantage. Of course, the need for credit cards and debit cards are still there, especially if you check your credit report and see that your credit history needs a little boost; however, be sure that you are a smart consumer. Don’t just always use your cards for the sake of improving your score. If you feel a little doubtful of the establishment where you are making the transaction or if you are in certain situations that call for cash, then it is best to use cash instead. Just make sure that you still have enough cash set aside so that you have some to spend on emergencies.Joy is an active blogger who shares extremely interesting finance management tips over the web that encourages people to check 3 credit scores regularly and manage their personal finances.