Comments on: Dealing with Cash

By: leslie

leslie — Fri, 15 Jan 2010 20:27:07 +0000

@Varun: How quickly are checks sent through the mail to USAA deposited into your account? Since I have roomates, I deposit checks quite frequently and need access to the money no more than two days later. This is my only hesitation about switching to USAA. (I have no affiliation so I could not use the handy iphone app).

@Secondhand Shopaholic @Red: Congrats and good luck with your new cash-handling methods!

By: Red

Red — Fri, 15 Jan 2010 16:50:02 +0000

I was totally like you about my cash – before I decided to go cash only. That doesn’t seem to make sense, but knowing that I was not allowed to use an ATM except for my one withdrawal on Sundays, I turned into a Scrooge about my money! When I use a debit card, I often think, “Oh, I’ve got money to cover this!” I don’t track just how much those small purchases add up until I look at my bank statement online. You are right that it’s easier to let the bank tell me how much I’ve spent. Now, I like seeing how much I have to spend for a week in my hand. It makes me more accountable, surprisingly!

By: Secondhand Shopaholic

Secondhand Shopaholic — Wed, 13 Jan 2010 17:01:39 +0000

I am the same way with cash BUT – so far this year, I am giving it one more try…..this is an attempt to control my shopping:
Every Saturday I go grocery shopping, then I take out how much cash I think I’ll need for Miscellaneous stuff. Then I commit to only spending that amount.

It has worked for two whole weeks, and believe it or not, I feel slightly empowered!

Yes, it’s harder to keep track of….but this is something that I always thought I’d be “that kind of person” (i.e. someone who can’t keep cash on hand), but so far in 2010, I’m changing that!

By: eemusings

eemusings — Wed, 13 Jan 2010 04:23:20 +0000

I feel the same about cash and do exactly the same with it as you do! It’s a pain if you sometimes do cash-paid jobs and have to make a trip to the bank.

Plus, you don’t get rewards back on cash.

By: Varun

Varun — Thu, 07 Jan 2010 15:57:28 +0000

I’m like you with cash… it has to be deposited immediately or I’ll spend it more liberally than I’d use a card. I’ve come to realize that Bank of America is good at one thing and one thing only: having a lot of brick-and-mortar branches nearby in NJ/NY/PA (and probably the rest of the US). So I have a free checking account with them that I use solely for cash deposits, and as an easy way for my roommate to transfer me rent/bills from his own BofA account.

Then I use USAA for the majority of my banking needs… good yields for checking and savings, great credit cards (for emergencies and boosting credit score only), great insurance plans, great customer service, and they refund other banks’ ATM fees. And they do ACH transfers to and from other accounts, so I can then pull the cash over from my BofA account and it’s available immediately.

Finding USAA was good for my financial health and awareness because I started using all the great services they provide, and really maximizing my benefits from it all. They even offer a relatively cheap ($5.50/month) credit monitoring service. The kicker is their Deposit@Home service where you can scan your check and deposit it right from home, and it’s instantly available. Since they have few branches outside of Texas, it’s been necessary to use this unless you want to mail the check in and wait a few days. They’ve been doing that for a few years, and now their iPhone app’s Deposit@Mobile literally lets you take a picture of the check, and it’s deposited. Works flawlessly. And I swear I’m not connected to USAA in any way. In fact, I’ll stop advertising for them now :) Other local banks/credit unions have great benefits too… I know Somerset Savings Bank refunds external ATM fees as well, and most credit unions have great interest/loan rates.

The opaque coin jar is an interesting idea, but I’d never be able to keep bills in there; I’m a bit obsessive-compulsive about this and I like to see numbers in my account(s), on paper. Or on a screen, I guess.

Love the blog btw… stumbled across it while on your facebook. Are you on fatwallet and creditboards and similar sites?