Wednesday, July 31, 2013

Low-to-No Cash Withdrawal and Deposit

I've noticed I'll do everything I can not to spend the cash I've squirreled away for my 'rainy' day or for 'mad' money. Something about seeing that cold hard cash -- 20s, 50s, the occasional 100 dollar bill -- keeps it 'hands off.' When I do rifle through the stash, the low bills are the first to go.

Whereas I make the occasional dip into checking and even savings when things come up -- I had the pleasure of replacing the clothes dryer and the vacuum cleaner just the other week, for instance -- my cash box remains largely untouched. (Should you be looking for it, it's a small wooden box with the brass engraving 'I Love You Amy' that came from Excy with long-ago eaten chocolates inside).

Perhaps I should consign myself to become one of those 'ole Pioneer types who preferred to stash their cash in the mattress rather than in banks and investments. (I'd save money that way, apparently. In the bed-frame, I mean).

After I began to write about this, I read of this very phenomenon a  few weeks ago in Real Simple. There was an '09 study prefaced where people in an experiment tended to hang onto larger bills than the 5s, 10s and 20s.

When people receive a substantial note they subconsciously realize that once they start using it, it will go away quickly. Spending smaller amounts on impulse items like candy or a Starbucks beverage, was much easier. Since I don't have the money to invest in gold or bitcoms (which sounded pretty useless from the get-go), I guess I'll stick to my system and hope for the best.

6 comments:

Ms. A said...

I do the same thing. Plus, the money I do have invested hasn't done that well since the first 3 years. I thought for sure I was going to be a millionaire, until the bottom fell out. Those statements sure did look nice for a while though.

e said...

I do the same thing...but lately the food bills are driving me up a wall...olaribu

Chris said...

I find that mayonnaise jars buried randomly around the back yard are more secure than the mattress, and don't interfere with sleep patterns. Of course, you have those raccoons.

ReformingGeek said...

I agree. It is painful to break a large bill.....on the rare occasions where I actually have one.

Did someone say running shoes?

Retired English Teacher said...

I seldom do this. I am afraid of forgetting where I stashed a large bill. I also fear that it will be stolen if my house is broken into. Not that my house has been broken into, but you know, that fear is there. I do have a large bill stashed right now. I don't want to break it. I wonder if this means I will begin to stash some cash.

injaynesworld said...

Cash runs through my hands like water. It's that nasty need-to-eat business mostly. To save money I have to stash it it an online account that takes 3 - 5 business days to transfer to me. So kudos to you for discipline!