Business Management Skills

For some people, the dawn of the debit card era has arrived and they believe soon we will never use cash to buy things with again. others do not see the disappearance of cash until way in the future when robots and flying cars are the norm. However even if cash is always available, it is possible not to use it in our day to day lives.

Think about it. At petrol stations you can now pay at the pump using your card. Most shops, restaurants and supermarkets now have a retail cash register that can take all kinds of cards. Fast food and drive through windows are even accepting debit or credit cards, now! So, if a person truly wanted to stop carrying cash all together, it would just about be possible by using debit cards, prepaid credit cards or regular credit cards to handle all of your financial transactions.

There are both advantages and disadvantages to cash and cards. To use cash, you need to be at the retail cash register terminal for the transaction to go through. cash is stolen very easily and you cannot use it to buy things on the phone or over the internet. However, by using cash you can remain anonymous whereas cards mean that some of your personal details are passed to the seller. With cards, there is a risk of fraud and identity theft.

one major problem with cards is over-spend. It’s very easy to spend more than what your budget allows when you aren’t counting out the actual cash and seeing the hard earned money leave your hands.

Whilst we can still use cash ad cards in most places, you can make a personal decision over whether you want to carry cash or use your card all the time. No one knows whether we will ever become a truly cashless society but credit card companies will be looking forward to this. Until then, become familiar with the advantages and disadvantages of each option, and decide which will work for your personal financial habits and discipline.