MSE Poll: How often do you use cash?
Comments
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lofielectronic wrote: »I use cash daily as I find it much easier to track my spending. I've found it too easy to lose track when paying for things with cards over a few days between checking my balance and spending online. I suppose I could check that more often but still, a quick glance in my wallet is simpler and more convenient.
I would say the opposite is true and I think it's far easier to track what your spending with an account like Monzo that gives instant notifications when you use your card to update your balance and categorises your spending.
In a few seconds I can see how much I have spent in a particular month on shopping and eating out. With cash all you know is that you withdrew a certain amount that month but nothing to show where that money went.Too many snowflakes getting sucked into the Contactless/virtual debit cards on their mobile phones. and playing into big brother tracking your every move and spending habits. It's doing so many people out of jobs.
Why you'd just want to tap your way through buying things I just don't know.
Who really cares if the bank can see where you have spent your money and how much. Things like the Tesco Clubcard provide far more in depth data on what items specifically you buy during shopping and people voluntarily sign up to that.And I'm 25.
By the way, there's more cash being drawn out in branches than ever before, and more cash in circulation globally than ever before. Plus, the chief of the Bank of England (who's signature is on pretty much every banknote) said she doesn't trust Contactless payments; Contactless fraud has overtaken cheque fraud for the first time too.
Ofcourse there is more cash in circulation than ever before, have you never heard of inflation?.0 -
I would say the opposite is true and I think it's far easier to track what your spending with an account like Monzo that gives instant notifications when you use your card to update your balance and categorises your spending.
In a few seconds I can see how much I have spent in a particular month on shopping and eating out. With cash all you know is that you withdrew a certain amount that month but nothing to show where that money went.
Who really cares if the bank can see where you have spent your money and how much. Things like the Tesco Clubcard provide far more in depth data on what items specifically you buy during shopping and people voluntarily sign up to that.
Ofcourse there is more cash in circulation than ever before, have you never heard of inflation?.
1) You can get instant notifications with any bank. I've set alerts on credit cards and I get an instant SMS and email if I buy something exceeding my alert. I know how much I spend without relying on analytical technology. Doing it your way just tells what you are spending, it doesn't control your spending. With cash, when my wallet is empty I know I have no more until payday, and that suits me, as it stops me being able to spend. handling cash controls your spending.
2) Yes, the bank, but if you think other bodies don't have access to some data or get informed of it, then you are extremely naive. People sign up for loyalty cards, but not everyone.
3) Yes, inflation, but more people are drawing out that cash and spending it, contrary to what is spun.0 -
Contactless cards? Yes, I have seen them. Whenever somebody sends me one, I send it back. They are for lazy people (and lazy banks) who care more about convenience than security.
It's cash for little things, chip+pin elsewhere. Or gift cards if I can buy them at less than face value.
And I still use cheques occasionally, but not in shops any more.If it sticks, force it.
If it breaks, well it wasn't working right anyway.0 -
1) You can get instant notifications with any bank. I've set alerts on credit cards and I get an instant SMS and email if I buy something exceeding my alert. I know how much I spend without relying on analytical technology. Doing it your way just tells what you are spending, it doesn't control your spending. With cash, when my wallet is empty I know I have no more until payday, and that suits me, as it stops me being able to spend. handling cash controls your spending.
No you cannot get instant notifications from any bank. Traditional bank accounts allow offline spending on the cards of small amounts so the bank doesn't even know about the transaction instantly in a lot of cases.
Using something like Monzo is always online so you get instant notifications of transactions when you have mobile signal and instant balance updates.
If you use cash then you have to note down some how or go back through receipts to know where you money has gone, with Monzo this is all automatic.
A weekly/monthly standing order to put a certain amount into a Monzo account controls the amount you can spend and is automatic. If the account is empty then you know you have hit your budget. If you use only cash to budget then it's not easy to use that cash to buy things online. With Monzo you can use it for online and physical transactions and even withdraw cash if you want and label what its for.2) Yes, the bank, but if you think other bodies don't have access to some data or get informed of it, then you are extremely naive. People sign up for loyalty cards, but not everyone.
It doesn't bother me who tracks my spending habits and where i spend my money. I'm happy for them to do that in return for a convenience and free bank accounts/services. Just like i don't mind Google using my location data to create a very good Sat Nav App which can accurately show traffic and the fastest route and i don't have to pay to use it.3) Yes, inflation, but more people are drawing out that cash and spending it, contrary to what is spun.
You said:there's more cash being drawn out in branches than ever before, and more cash in circulation globally than ever before
So you saying more people use cash now than ever before?. So 100 years ago when there was no debit cards or electronic payments system less people used cash than they do now?. How exactly did these people pay for things if they didn't use cash in 1918?.
What you said is obviously not true so you need to specify exactly what you mean by that statement and what data you are basing that on.0 -
No -- I'm not one of those survivalists with a stash of canned goods in my retreat in the hills. But I am concerned about the galloping loss of our privacy, and especially about how much government knows about each of us.
With cash, only you and the person you are dealing with knows what you buy. With a credit card, everyone, the government in particular, can know.
Once you realise that, it is surprising how often you notice some official saying "it is time we got rid of cash". It supports the drug trade; it enables tax dodging, etc. But do you really want to send some government department a complete list of everything you buy each month?
I don't.
Not all officials are benign, and governments can change frighteningly quickly. And look at China for how IT/Internet can be used for social control, if you want to be really frightened.
Of course I use credit cards a lot. They are so convenient. But not always.
"Just because you're paranoid doesn't mean they're not out to get you"
Now, where's that tenner ... ?
Geo.0 -
I don't really care if I am being tracked. I use my amazon rewards credit card to get all my purchases during the month and then pay it off at the end. Makes things so much easier. The only thing I have to use cash for is the canteen at work, which is incredibly annoying as it is supposed to be a cashless system...but you can only add money on to it the lunch card using cash! I have also used apple pay on my phone, tied into the amazon card. It's really convenient at the pub on a Friday night!0
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No you cannot get instant notifications from any bank. Traditional bank accounts allow offline spending on the cards of small amounts so the bank doesn't even know about the transaction instantly in a lot of cases.
Using something like Monzo is always online so you get instant notifications of transactions when you have mobile signal and instant balance updates.
If you use cash then you have to note down some how or go back through receipts to know where you money has gone, with Monzo this is all automatic.
A weekly/monthly standing order to put a certain amount into a Monzo account controls the amount you can spend and is automatic. If the account is empty then you know you have hit your budget. If you use only cash to budget then it's not easy to use that cash to buy things online. With Monzo you can use it for online and physical transactions and even withdraw cash if you want and label what its for.
It doesn't bother me who tracks my spending habits and where i spend my money. I'm happy for them to do that in return for a convenience and free bank accounts/services. Just like i don't mind Google using my location data to create a very good Sat Nav App which can accurately show traffic and the fastest route and i don't have to pay to use it.
You said:
So you saying more people use cash now than ever before?. So 100 years ago when there was no debit cards or electronic payments system less people used cash than they do now?. How exactly did these people pay for things if they didn't use cash in 1918?.
What you said is obviously not true so you need to specify exactly what you mean by that statement and what data you are basing that on.
1) Yes you can. I do. If I wanted, I could set an alert to tell me every time my card is used for purchases of more than £1 and I get instant SMS and email alerts saying when, how much for and where. I'm really not interested in Monzo, but mobile banking apps work in the same way. What you are saying isn't true.
2) No you don't have to note down or go back through receipts. I don't. I just know. Again, I really don't care about Monzo or what it does. I don't need or want something like to do this for me.
3) I can't be bothered with setting up stand orders on a weekly or monthly basis to control what I spend, because I control what I spend with my hands. Why you'd want to set all of that up and manage that is beyond me. Would take up more time if anything. If my wallet is empty I know I have hit my budget. That's it. Not waiting or relying on the next standing order payment.
4) Doesn't sound that convenient to me, and all personal banking is free unless you choose a premium account, that way the people who are employed and paid to do those jobs actually have a job.
5) Nobody had money in 1918 (Hello, the time of revolutions due to starvation...) People lived off of their lands for centuries. Of course there is more money and more cash now.0 -
Senseicads wrote: »I don't really care if I am being tracked. I use my amazon rewards credit card to get all my purchases during the month and then pay it off at the end. Makes things so much easier. The only thing I have to use cash for is the canteen at work, which is incredibly annoying as it is supposed to be a cashless system...but you can only add money on to it the lunch card using cash! I have also used apple pay on my phone, tied into the amazon card. It's really convenient at the pub on a Friday night!
Sounds terrible. And your canteen is cashless, as you can't buy food with cash.0 -
1) Yes you can. I do. If I wanted, I could set an alert to tell me every time my card is used for purchases of more than £1 and I get instant SMS and email alerts saying when, how much for and where. I'm really not interested in Monzo, but mobile banking apps work in the same way. What you are saying isn't true.
You are completely wrong with what you are saying. If you purchase something on a debit card with a traditional bank it will show up in your pending transactions at best (if its an offline transaction then it won't show up at all for a while).
If you use contactless or go somewhere like Mcdonalds (which don't seem to take payments for a few days) then usually it will take several days for low value transactions to show up so you won't get a notification until several days after.2) No you don't have to note down or go back through receipts. I don't. I just know. Again, I really don't care about Monzo or what it does. I don't need or want something like to do this for me.
So you know how much you spent on eating out every month for the last year?, i seriously doubt that you do unless you spend time writing it down.
So if you don't know how much your spending then you won't be able to come up with an effective budget.3) I can't be bothered with setting up stand orders on a weekly or monthly basis to control what I spend, because I control what I spend with my hands. Why you'd want to set all of that up and manage that is beyond me. Would take up more time if anything. If my wallet is empty I know I have hit my budget. That's it. Not waiting or relying on the next standing order payment.
4) Doesn't sound that convenient to me, and all personal banking is free unless you choose a premium account, that way the people who are employed and paid to do those jobs actually have a job.
It takes me a few minutes to setup a standing order. Now you just add up all the time you have to queue up and use a cash machine. My method you do it once and that's it, your method you need to visit a cash machine at least every month to withdraw cash.
Also you have security issues. If i loose my wallet i loose no money and just order more cards for free. If you loose your wallet you have lost your entire weekly/monthly budget.5) Nobody had money in 1918 (Hello, the time of revolutions due to starvation...) People lived off of their lands for centuries. Of course there is more money and more cash now.
I don't agree with that but i will give a different example; So you think in 1970 (which was before Debit Cards) people used less money than they do now. In 1970 the majority of transactions would have been cash and now at least 50% of transactions are cash. If you want to argue this point then you need to provide some facts because it simply can't be true what your saying that we use more cash now than ever before when you take into account of inflation.
But i know you will never agree because you are very set in your ways and obviously have a very different lifestyle to me.
I very rarely go to any town centre to do shopping and try and avoid going into physical shops as much as i can as i find it a waste of time. I much prefer to spend my time with my family doing enjoyable things, doing hobbies or socialising.
You obviously like to spend your time visiting shops, banks and cash machines and buying things in physical shops.0 -
I would have defined myself as cashless, or nearly so, until I moved to a small rural village. So many of the social events, clubs and the local pub revolve around cash that I get through on average £30.00 a week. Before that would have lasted me two months. One problem for villagers is getting that cash - we have a mobile post office once a week, but when breakdowns or snow strikes, you`re stuffed!Debt September 2020 BIG FAT ZERO!
Now mortgage free, sort of retired, reducing and reusing and putting money away for grandchildren...0
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