Courtesy of families (Camden and Kaitlyn); Illustration by Cole Roberts; Shutterstock.com (debit card)

Should You Still Use Cash?

Whether they’re buying snacks or movie tickets, fewer people are using cash these days. In a survey by Forbes magazine last year, only 22 percent of people said they usually pay with cash. Debit cards and digital payment options like Google Pay and Apple Pay seem to get more popular each day—including with kids. 

Many parents like the ease of using debit cards and payment apps. They can instantly transfer money into their kids’ accounts, which can be a big help in an emergency. Plus, some people point out that a lot of businesses no longer accept cash. 

“These days, the reality is that most of our transactions are going to be done digitally,” says John Lanza, an expert on helping kids manage their money. “So it’s important to build good habits now that will help you be smart about money in the future.” 

But many people argue that paying with debit cards or apps makes it much easier to overspend. The Forbes survey found that people are likely to spend more money when they’re using cashless payment methods. 

Here’s what two of our readers think.

Paying with cash helps you be more careful with your money and makes it easier to stay on budget. When you pay with a card or an app, the money is just a number, so you might not think about how much you’re really spending. Also, some food trucks, farmers markets, and small businesses still accept only cash. So it’s good to have some on hand.

After paying with cash, I always count the change to make sure it’s correct. Adding and subtracting in real life helps improve my math skills in school.

I have a hard time keeping track of loose dollars. But with a debit card, I can access all my money easily in one place. I use an app to track how much I spend and save. I can’t use my savings without my parents’ approval, which prevents me from being reckless. Plus, when I’m done with chores, my parents can easily transfer my allowance into my account. 

Besides, counting out dollars and coins at a store takes too long. I can just swipe or tap my card, and I’m on my way.

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