How much cash should I carry in the United States?

By Samuel Gonzalez

Aug 16, 2024, 6:53 PM EDT

We are in an increasingly technological and digital age. The large or small amounts of money that a person may have are mostly in bank accounts. In everyday life in the United States, It is becoming more common for people to no longer carry cash in their wallets.. Is that really a good thing? How much money should you carry? Not everything can be loaded onto credit cards, debit cards or digital accounts, so we’ll tell you how many dollars you should carry every time you go out.

47.8% of American adults no longer make cash purchases in a typical week, according to a Capital One analysis. And in the United States, it is estimated that 87.4% of all transactions are cashlessThis gives us a broad perspective of how we have changed from physical dollars to digital ones.

It is also true that the evolution to digital depends, to a large extent, on the age of the consumer. While Older people are more likely to make most of their payments in cashThe younger people are, the more likely they are to stop carrying dollars and make all their transactions with a card or an app.

Cash is still king and clinging to its crown. Even though most large establishments offer payment options such as credit cards, debit cards, transfers or digital payments, Many small businesses prefer cashThey may even offer nominal discounts on their merchandise when paying in cash, since they save the fees associated with credit card transactions.

According to experts, it is common that Most Americans carry between $20 and $30 in cash in their walletsIt’s not a rule, nor is there a specific amount. The amount of money you have on hand will depend on your particular financial situation and the way you cover your daily needs.

So how can you determine how much cash you should carry with you in the United States? The best way to know is by taking into account the amount of cash you usually use on a daily basis and what you pay with it.For example, you may travel in traditional taxis, where the vast majority do not accept any form of payment other than cash; on the other hand, if you use travel platforms such as Uber, you may not require as much physical money.

In the case of travel, you may want to carry a little more cash.depending on the destination and the availability of ATMs or card acceptance. For example, if you are traveling to a country in Latin America, small establishments, such as souvenir and food markets, are not accustomed to accepting any form of payment other than cash.

Another point to consider is that you minimize the amount of cash you carry, since makes you vulnerable to loss and theftA credit or debit card, on the other hand, allows you to freeze your account, block future unrecognized or fraudulent transactions, and is insured against loss.

As you see, You can carry as much cash as you want into the United States.It will depend on how you cover your daily expenses. You just have to be aware of the risks involved in carrying dollars in your pocket, whether you are in this or any other country.

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