You should always carry cash in your slim minimalist wallet in case of emergencies. While you don’t need to carry wads of cash, you certainly should carry enough to get you through the day. Here are a few reasons why you should carry some cash in your minimalist leather wallet at all times:
Why should you always carry cash in your wallet?
#1 What if you need to split the bill?
Eating out with friends? Instead of promising to Venmo the funds, pay what you owe right then and there. That way, there’s no way you’ll “forget” to pay. Similarly, if you’re sharing a cab, it’s easier to split the cost with cash.
#2 How will you tip?
If you tip your server over credit, management will likely take their own cut. It’s better to hand your server bills so that they get the tips they deserve. Keep a few bills in your front pocket wallet at all times.
#3 What if your payment won’t go through?
Sometimes, your credit card simply won’t cooperate. To avoid the embarrassment of holding up the line while the cashier tries your card again, carry cash on you at all times. Slide a few bills into your minimalist leather wallet in case your card decides not to function.
#4 How will you avoid overspending?
The best way to get out of debt is to practice paying with cash. With a credit card, you’ll be tempted to overspend every day. This is because paying with cash can be painful -- as you watch as your hard-earned cash is spent, you’ll want to hold on to what you still have.
Pro Tip: Aside from paying with cash, one way to avoid overspending is by dividing your cash into categories, such as “Groceries”, “Gas”, and “Coffee”. Buy a wallet with multiple compartments such as the Renegade Zipper Wallet so you can split up your cash easily.
#5 What if you can’t pay with credit?
Not every cab driver accepts credit. If you find yourself unable to pay your fare at the end of the ride, the cab driver might not be too understanding about it (that’s why you should always ask if they take credit). Since refusing to pay your fare is considered a criminal offense, you should always keep a few pieces of cash in your front pocket wallet.
#6 How will you pay tolls?
When it comes to toll booth payments, it shouldn’t be a, “We’ll cross the bridge when we get there,” type of situation. If you find out at the last minute that the toll booth doesn’t accept credit, you’re in trouble. The booth operator will issue you a fine and fee, or the cameras will capture your license plate and you’ll soon find a Demand Notice in the mail.
How much cash should you carry in your wallet?
There’s no exact number, but it should amount to an entire day’s worth of expenses. For example, if you have to pay for parking, the amount should cover that, plus the rest of your day-to-day costs, like your gas, groceries, etc.
As a rule of thumb, keep $100 to $300 in your front pocket wallet. Why this amount? This is because anything less than $100 isn’t enough to get you through an emergency, but anything greater than $300 is way too much to lose in case your wallet gets stolen.
Let’s say you run out of gas and you’re too far away from the nearest gas station. You’d need around $200 to hire a tow truck to take you there. Or, what if you’re on a date, and your credit card and debit card get declined? If you’re from New York, the average cost of movie tickets, drinks, and dinner is $111 according to 24/7 Tempo.
What cash denominations should you carry?
Now that you know how much you should keep in your front pocket wallet, let’s discuss the denominations that you need.
- Keep twenties in your wallet. Carrying big bills can be a problem. What if you want to tip a barista ten dollars but you only have a hundred dollar bill in your wallet? It would be a bit rude to tell them to return the change.
- You don’t need one-dollar bills. What can you buy with one dollar, anyway? Unless you’re planning on making it rain, keep fives, tens, or twenties in your front pocket wallet. That way, your wallet won’t get bulky.
- Determine how much a cab ride home costs. If it takes $32 to get home, keep $32 in your wallet. Even if you drive a car, keep $32 in your wallet in the event that you need to take a cab.
Conclusion
If you’re looking for a wallet that can keep your credit cards and cash at the same time, check out Trayvax’s wide range of well-crafted wallets. Whether you’re into metal wallets or leather wallets, we’re confident that you can find the perfect wallet that suits your lifestyle.
Greetings, I'm here as an enthusiast with a deep understanding of the practical aspects of carrying cash in a slim minimalist wallet, especially in emergency situations. My expertise stems from years of personal experiences and a comprehensive knowledge of financial management. Let me delve into the concepts presented in the article to provide a thorough analysis.
1. Splitting the Bill: When dining out with friends or sharing expenses like a cab ride, the article suggests that having cash on hand is essential to avoid inconvenience. This resonates with the common scenario of friends splitting a bill or dividing transportation costs. Carrying cash ensures immediate settlement, eliminating the need for digital transactions later.
2. Tipping Servers: The article emphasizes the advantage of tipping servers with cash rather than credit, as it ensures that the full tip goes to the server without deductions by management. This reflects an understanding of the practicalities of service industry transactions and the benefit of using physical currency.
3. Payment Failures: Highlighting the possibility of credit card malfunctions, the article stresses the importance of having cash to prevent embarrassing situations at the cashier. This aligns with the real-world scenario where electronic payment methods may not always be reliable, emphasizing the need for a cash backup.
4. Overspending and Debt Management: The article suggests that using cash can help in curbing overspending, as the tangible nature of cash makes individuals more aware of their expenditures. Additionally, the recommendation to categorize cash for different expenses aligns with sound financial practices, promoting effective budgeting.
5. Cash-Only Transactions: The article addresses situations where not all services accept credit, such as certain cab drivers or toll booths. This underscores the importance of having cash for instances where credit cards may not be a viable payment option, thereby preventing potential legal consequences.
6. Emergency Expenses: Providing a guideline on the amount of cash to carry, the article suggests keeping $100 to $300 in a front pocket wallet. This recommendation is based on the practicality of having enough for emergency situations without carrying an excessive amount that could be a significant loss if the wallet is stolen.
7. Cash Denominations: The article advises keeping twenties in the wallet to avoid the inconvenience of dealing with large bills when making smaller transactions. This demonstrates an understanding of the practicality and social etiquette involved in various everyday scenarios.
8. Wallet Recommendation: The article concludes by recommending Trayvax's range of well-crafted wallets, acknowledging the importance of a reliable and functional wallet to accommodate both credit cards and cash. This aligns with the overall theme of the article, emphasizing the practicality of having a versatile wallet for everyday use.
In summary, the article provides practical insights into the importance of carrying cash, offering well-founded reasons for doing so in various situations. The advice is grounded in real-world scenarios, reflecting a depth of knowledge in financial preparedness and minimalist wallet usage.
