Top 10 Preparedness Reasons to Carry Cash

Top 10 Preparedness Reasons to Carry Cash

Our world is so digitized and automated that a lot of folks have stopped carrying cash.  Think about it…when you’re checking out at the grocery or hardware store…how many people in front of you whip out a piece of plastic to pay for their purchases.  Some days it seems like the era of the good old American greenback is over (we’ll leave the discussion of real money versus fiat currency for another day).  You can now even make some payments at the checkout counter with your cellphone.    As attractive as the idea of going cash free is to me…after all my wife knows where I keep my wallet…I refuse to stop carrying cash for the following reasons:

  1. Purchasing Privacy:  I’m just old fashioned enough that I want to keep my business to myself.  I know it’s becoming an outdated notion in this overly digitized world full of instant electronic over-sharing, but that’s how I feel.  Read my article The Top 10 Reasons to Be a Stealth Prepper for more information on why privacy is so important.
  2. Service Interruptions:  There have been a number of credit/debit system service interruptions over the last few years including at least one that lasted several weeks.  When traveling I make it a point to carry enough cash to get home without any help from plastic.  Make sure that you can get yourself home if a computer glitch or cyber attack shuts down your plastic
  3. Cash is King!  Cash Discounts… by offering cash you can often strike a better deal when making purchases.  I use this technique all the time when dealing with tradesmen and contractors.
  4. Cash Only Establishments:  There are also places where cash is the only option like garage sales (good for purchasing inexpensive preps and may not take checks) and restaurants in smaller towns (I still see the ‘no out of town checks’ signs as I travel the back roads).
  5. Rise of the Underground Economy:  Increasing taxes and regulations are driving more and more commerce underground (a variation of what Arthur Laffer discussed with his Laffer Curve…to be discussed in a future article).  I can foresee the possibility that in order to purchase certain good or services in the future you can only do so with cash as whole segments of the economy potentially go underground.
  6. Bank Runs:  The Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Association (NCUA) have largely put a stop to individual bank runs, but as I learned the hard way if the regulators take over your bank (happens after hours on a Friday) then you might not have physical or digital access to your money for a couple of days.  The whole government insurance of individual deposits is starting to look like the fox guarding the hen house as our elected official spend us into the poor house…if a bank run happens it’ll be big…and you’ll need more cash than you are carrying in your wallet. What will a bank run look like in the 21st Century… I think it will look like long lines at the ATM and even longer lines at the stores trying to stock up before the credit/debit system gets shut down.
  7. Reduce Temptation:  If you have issues exercising discipline in your use of credit than transitioning to cash only transactions may help you reduce the temptation to overspend…to make sure that you have money left over for your preps and prep education (prepucation).
  8. Change is Good:  Coins that is… some vending machines and the good old fashioned payphone (if you can still find one) might only take change.  I remember many times when I was thankful the I had the coins to get a drink from the vending machine at a highway rest area because there was nothing else open that late…the same could hold true if there’s a cell phone service interruption following a computer glitch, cyber attack or natural disaster.
  9. You’re not getting any interest on it now anyway.  Depending on how much cash you decide to carry this may or may not be an issue…but it’s not like you’re earning any interest on that money anyway.
  10. I might get robbed!  Bear with me a minute on this one.  If I’m robbed I would rather hand over a few hundred dollars in cash than my wallet.  If I lose my wallet I must cancel all my debit and credit cards, I must contact the state to report a stolen driver’s license and concealed carry license and I must worry about my military identification getting into the hands someone who has demonstrated that he/she doesn’t honor the compact that we’ve made to become a civilized society.  Additionally, with my wallet the thief has my address which would make it easier for him to victimize me again.  If the thief doesn’t have a firearm the money will be flying up into the air so that he can focus on it as I run the other way.  Last thing…before the comments start…yes I am armed but if I have the choice between losing a few hundred dollars or spending the next three years of my life in courtrooms defending myself for shooting someone who society would be better off without anyway…I’m glad to lose the money and make a police report.

How much cash to carry is a personal decision based on your financial resources, your spending habits, your responsibilities and your travel habits…just remember to do so and keep that emergency cash in a separate part of your wallet if you’re tempted to spend it on everyday items.

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One Response to “Top 10 Preparedness Reasons to Carry Cash”

  1. It is a strange world we live in as preppers, always trying to get away from a fiat currency (buying gold and silver) yet still realizing why we need oodles of cash for emergency situations as well.

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