I just finished reading an article in the July 23rd issue of Fortune Magazine on The Death of Cash. It basically discusses all the new technology that allows you to use your phone to pay for things…..and how soon it will be possible to pay for something with never taking out your credit card, never taking out your phone and never taking out a dime to pay for it. Correction: This is already possible. The point of this article is that it will become an everyday occurrence, almost everywhere you go.
In this current credit and debit card age, I am one of the few people who rarely use my cards. I have them, but I rarely use them. The only time I do use my card is to a) buy something online b) make a huge purchase c) withdraw my spending money to last me until I receive my next paycheck. Otherwise, I am a cash girl.
I have chosen to live this way purely for budgeting purposes. When you use your credit/debit card, it's so easy to miscalculate and overspend. When you use cash, what you have is what you have. It's always in front of your face and within arm's length to spend and count what you have left over. If I know I only want to spend $100 over the weekend. I take the $100 and put it in the main compartment of my wallet and keep the remaining amount in a small, hidden pocket in my wallet (for emergency purposes, of course).
As long as I'm alive, I can't ever see cash being dead in my book. I don't care how convenient they make the new technology processes. Unless…….
…..someone comes up with a tool that merges the convenience of not having/using cash with personal budgeting. What if all of my money sits in one bank account and I can set up the max I want to spend at any given time period. What if I can obtain the balance of my set amounts with a touch of a button on my cellphone & then get an update on how much I have left, every time I make a purchase……..and at the same time be able to make that purchase using that same cellphone…….which can, but doesn't have to leave my pocket to even make the purchase. The technology to make the purchase exists. Now, can someone add the budgeting element in?
Note: I dedicate this blog to my brother Oye, who is working hard to complete his degree in Mechanical Engineering. If you can figure out how to make this, I'll help with the marketing and we can be part owners……Otherwise, I'll just put it out to the universe…..or maybe I'll find a way to contact Jack Dorsey (look him up) and give him the idea.