Carefree Seniors Pay Cash
In so many ways, life is simpler when you retire. You no longer have to worry about professional networking; you can stay in contact with people because you care about them and enjoy their company, not because getting to know them better will be financially rewarding. You can spend your time doing what you choose. Large portions of your budget no longer go toward commuting; if you and your spouse are both retired, one vehicle is plenty, even in Florida. You have time to research grocery discounts and drive to the stores with the best prices instead of going shopping when and where it best fits your work schedule. If you truly want to simplify your finances, you should adopt a cash diet for most of your expenses, excluding the bills that only accept electronic payments or require you to keep a credit card on file. For more advice about simplifying your finances as you prepare for retirement, contact a Tampa estate planning lawyer.
Cash Is Less Vulnerable to Scams
An endless variety of scams out there target seniors. Sometimes scammers claim to be your new soulmate, while others claim that your house is at risk of foreclosure and the scammer is the only one that can save you from foreclosure. They all seem to want electronic payments, though. Few scammers are bold enough to lie to your face, and even the loneliest and most naïve seniors are willing to hand over large sums of cash to someone they only met recently. In other words, even though scam technology is always evolving, good, old-fashioned cash may be your best defense against them.
Cash Is Also Less Vulnerable to False Alarms of Scams
Banks are careful to protect account holders from scams. Sometimes they are too careful, and out of an abundance of caution, they flag a transaction that seems out of character for you, such as if you used your debit card to make a purchase at a store far from your home, and they might even block access to your account until you confirm that the transaction was genuine. Your bank will never stop you from spending the cash in your wallet, though.
Some Small Businesses Reward You for Paying Cash
When you use a credit card to make a purchase at a store, the vendor must pay the credit card company a percentage of the purchase amount. This is convenient for customers, but it is financially burdensome for small businesses. Therefore, some stores offer a cash discount to encourage customers to make purchases in cash. You can save a considerable amount of money if you withdraw money from a bank teller, avoiding ATM fees, and then pay cash at stores to get a cash discount.
Contact David Toback About Having a Delightfully Simple Retirement
A Central Florida estate planning lawyer can help you enjoy the little things, including little discounts, in retirement. Contact David Toback in Tampa, Florida to set up a consultation.
Source:
cnbc.com/2024/05/26/when-paying-with-cash-can-be-better-than-credit-card.html
