9 Reasons You Should Always Carry $200 in Cash

9 Reasons You Should Always Carry $200 in Cash

We always need money to purchase what we need and desire. As

consumers, we pay using old fashioned cash, or the more

sophisticated credit or debit cards. Cards became popular sixty

years ago and today they are used more frequently than cash.

Yet, when you are in a pinch and can’t use either card, keeping

$200 in cash on you is the next best alternative for nine

reasons.

1. Electric grid shutdown: This is truly a nightmare that can

destabilize the entire country, causing all electricity in the

country to shut down. This scenario will turn off your credit

and debit cards so you can’t use them at all. Not only is it

good to carry money, but buying $200 worth of supplies before

it occurs is essential to surviving the ordeal.

2. Frozen debit or credit card accounts: Both types of cards can

freeze due to fraud. Banks freeze debit cards due to lack of

funds in an account. Credit cards can be frozen due to missing

payments when they are due. If you only use one of these types

of cards and you can’t use it, then use cash to buy only what

you need.

3. Car Battery: Sometimes your car battery breaks down after a

couple of years of use. You could be at home or on the road

when that engine won’t start. If you have a handy “Triple A”

account, call them and ask to send out a service vehicle that

carries car batteries. Several months ago, while my wife and I

went shopping, we got back to the car and it wouldn’t start.

She called Triple A and they sent out a service vehicle. Our car

needed a new battery. The battery cost about $150 cash

immediately. We could have used a credit or debit card, but we

would have paid about $15 more.

4. Towing: If your car breaks down and you don’t have Triple

A, calling a reliable towing service is a must. The person towing

your vehicle will ask for payment in cash if he has his own towing

business. According to the Angieslist website, the average 40-mile

tow costs between $75 to $125. But a tow to another city

might cost $200.

5. Locked out of your car: You come back to your car after

shopping or working all day, you get to your car, look for the

keys, but they are not there. You remember you don’t have a

spare key, so you may need to call a mobile locksmith to come

to you and make a new key. According to the Homeadviser

website, the latest average charge for a locksmith is $150.

6. Buying gas with cash: If you use the credit/debit card scanner

at small markets to buy gas, you are more likely to be ripped

off by crooks who install card readers, which steals all of your

private card information. I always go to the cashier and say, “I

need $20 on pump number 3 and a receipt, please.” Of course,

you must make a general calculation of how many gallons your

car needs and multiply that by the price for one gallon. I ask

for a receipt in case I need less gas, so I can get a refund for

the difference. You will use cash repeatedly to pay for gas when

you’re on a trip.

7. Flea markets, pawn shops, arts and craft fairs: When you’re

on vacation or at home, you might enjoy visiting out-of-the-way

tiny shops. Many of their items are surprisingly cheap. So, take a

few $1, $5, and $10 bills if you choose to buy some goodies.

8. Restaurants and snack machines: So many restaurants accept

cash only, especially off the beaten path “dives.” Also, “drive-

through” fast food restaurants always take cash, because paying

with credit and debit cards takes up more time and are less

convenient. Snack machines are available in many locations, such

as the workplace, community colleges, and universities. If you

work or study at these places all day, snack machines are good

places to get some nourishment. Most only accept cash.

9. Tipping: Waiters and waitresses always appreciate being tipped in

cash (use $1’s, $5’s, and maybe $10’s). You will need about

$200 for repeated tipping when you go on vacation because you

are bound to eat at many restaurants.

Paying with credit and debit cards are convenient ways to

purchase what you need and want. Sometimes, you can’t always

pay with either card, so squirreling away $200 in cash with you

when leaving your house can be a lifesaver. In emergencies, credit

and debit cards can be of little use like: national electric grid

shutdowns, frozen cards, road emergency assistance. Other times,

you will need the same amount of cash for items when you go

out of town: gas, flea markets, restaurants, snack areas, and

tipping. If you do not carry either a debit or credit card, or

forget to bring them with you, then remember the old business

motto: Cash is king.