How much cash should you carry?

Some economists predict the end of cash in the next 100 years, and with the rise of digital currency over the past 10 years (from credit cards, Apple Pay, Gcash, to Crypto), we are seeing people carry less and less cash on a daily basis.

There are a number of benefits to carrying less cash. It's safer, and means you carry less items on your person in your day to day, reducing the clutter. Contactless payments also reduce passing physical cash from person to person, thus minimising contact between people. And with Covid 19, this has certainly speed up the transition to a cashless society.

Nonetheless, cash is still the most widely accepted currency, and is the foundation our economic system is currently built on, but with the speed at which technology changes, it is a good time to question how much cash you carry on you day-to day.

 

WHAT TO CONSIDER

There is no 'one-size-fits-all answer as we all have different daily needs. Here we list out some common questions to ask yourself and think about how you carry cash in the future.  

DO YOU NEED CASH AT WORK?

Most people won't need cash for work purposes, but take into consideration whether it is for paying for a company meal, covering the taxi commute to work, or tipping car valets form part of your job role. 

HOUSEHOLD GROCERIES & DAILY NECESSITIES?

Are you planning on going to the mall to shop for groceries, or picking up some new clothing items at the mall. Yes, credit cards can do this too,  but consider if you are going to street markets to pick up fresh produce for weekly shop.

SMALL BUSINESSES ALWAYS APPRECIATE CASH

A lot of businesses here in the Philippines - particularly your local sari sari store, or your market stalls - are purely cash based. Help support those businesses when you can.

HOW MUCH ARE YOU WILLING TO LOSE?

 

If your wallet gets stole, you run the risk of losing all the cash you have in your wallet. With credit cards, you can quickly call your bank and freeze your cards to avoid any illegal usage of your funds.

So take this into consideration when going out of the house as theft is ripe, particularly in busy areas within the city, on public transport, and in malls.

With tech advancements, wireless theft is on the rise through credit card skimming. Protect yourself with an RFID Blocking wallet

BEST CASH-CARRYING PRACTICES

Now that you might have a general figure in your head for how much cash you would like to carry every day, it is time for some tips and tricks for carrying your cash. These are just suggestions, but they keep the few hassles of cash to a minimum to increase your EDC’s security, ease, and effectiveness when it pertains to cash.

BILL DISTRIBUTION

If we take P5,000 as a suggestion for your daily carry, at best, this is minimum of 5 bills. Given the denominations of the Peso currency, you will want to carry smaller bills to cover taxi fairs, tips etc.

This could mean you end up with 20-30+ bills to carry in your pocket on a day to day basis.

For most, this is just too bulky, unless you are carrying a large purse or handbag. Having large and visible valuables on you can attract unwanted attention - therefore another reason to consider slimming down your daily carry to a more discreet wallet.

THE COIN PROBLEM

 

Coins are probably the most annoying to carry, as they weigh a lot more than cash, and don't fit in most wallets. Consider carrying a separate coin pouch  to store your coins separately. This has the benefit of reducing the clutter in your wallet, while also protecting your valuables (phones etc) from gather scratches in your pocket.

 

CASH IS NOT DEAD

Cash may still be King, and will be around for a long-long time, but we recommend thinking about your needs, risk, and lifestyle when it comes to carrying cash. Finding the right wallet and right balance of bills takes a bit of time, but we at Cullen Wayne can offer a options to satisfy most needs.

 


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