Think of how life will be miserable without cash. Groucho Marx reminds us ‘While money can’t buy happiness, it certainly lets you choose your own form of misery.’ Contemplating on it, you can never underestimate the possibility that you can lose your cash. You definitely cannot afford to lose them especially if you already have loads of cash you earned from sweat and blood.
But what is cash to you? How do you define it?
As a person, this is the ready money you use to pay the things you buy. It can also be its equivalent – a check, or some assets that you can convert to cash. Cash is usually in the form of a currency, meaning the medium of exchange (coins or bills) in a country’s economy.
What we are going to focus on here is the cash that you have as a person, not the huge amounts of money corporations have in their bank accounts and market funds, or any of those cash equivalents they own.
As stated above, you are very wrong in thinking you cannot lose the cash that you have. Consider the following scenarios:
● Putting lots of cash in your wallet.
It surely makes you feel confident to have lots of cash in your wallet. However, it will be easy for you to spend, buy something on impulse, or give money to anybody who asks when you have ready cash. Even with a debit card, you can easily cash in money. If you are not careful, you will soon find out you have shelled out more money than you had expected.
If worse comes to worst, pickpockets will enjoy every cash that you have in your wallet. Why put a wad of cash in your wallet anyway?
Therefore, put cash in your wallet that is just the right amount for your daily needs. Add a little extra for emergencies. Believe me; your spending will be according to what you have in your wallet.
● Losing track of your cash.
Several people I know shrug off suggestions of keeping track of their spending. Doubt them if they tell you to control your money by just spending on the basics not by keeping track of your cash. Realize that the small amounts of cash you spend from time to time can add up to the big expenses.
Have you experienced wondering where your cash went after checking your wallet? If you start losing track of your cash, you have a potential problem you need to address. How are you going to do it? It’s up to you but some people preferred to use MS Excel and some write them down. There are no hard and fast rules.
● Keeping your cash at home.
Some people prefer to keep their cash at home – in secret pouches, in a closet shelf, between the pages of a book, underneath the mattress, in a box on top of a very high cabinet, etc. but not in the bank (with a savings account for example).
It is very certain that you get tempted to get that cash in a jiffy the moment you felt you wanted to buy something. You tell yourself – “I’ll just return the cash later.” Most of the time, you are not able to do so. The cycle repeats until you deplete your cash at home.
Opening a savings account will not take you a day. Instead of losing your cash because of impulses and temptations to spend it, why not allot a part of your earnings and save them? That’s real cash in the future that you can spend on vacations or for emergencies.
● Relying on your wits when handling cash.
As mentioned earlier, think of how life can be miserable without cash. Who does not use cash these days? Even with the arrival of credit cards, you cannot avoid using your available cash. Without planning on how to use them properly, you will surely lose your unsupervised cash.
It’s been said over and over to save up money. Do not take this for granted. Instead of just relying on your wits when handling cash, plan on saving some of your cash. If you can spend cash readily, why can you not save cash willingly?
● Being ignorant about the latest banking technologies.
Technology makes things easier for everybody. You have to educate yourself with the latest technologies especially about online banking. You have to learn about the latest updates and the precautions to check when you transact online. You cannot stay ignorant and lose cash.
Transact online in the bank’s official website. Make sure that the website is secure (look for the ‘s’ in https://) and the Wi-Fi network is secure. Keep your password secure by not sharing it with anybody and not saving it when you log in. If possible, change your password as often as you can, or choose one that will be difficult to decipher.
It pays being literate and today, you can even get free education online.
● Trusting too much or just being naïve?
In these times, you cannot be both. You cannot just trust anybody other than your immediate family. Your log-in details are yours and so is your bank account number and details. You do not share them intently or accidentally. Be very careful also talking about your cash and your bank account details when you are in public.
Be wise not to entertain emails that ask you for your log in details, or those that use only your first name or surname. Be wary of these emails with poor grammar and spelling or those that offer you links to click. Your cash will be as good as gone if you are reckless with these things.
Keep your hard-earned cash safe. Do not pretend that they cannot disappear because you have lots of cash. Without being careful, you may lose your cash. The worst part is not getting it back as fast as you expect or not getting back any of it at all.
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