March 10th is Paper Money Day, which celebrates the anniversary of the day the first United States Notes were issued in 1862. In honor of this historic day, banking app Monifi is sharing how cash can help you save.
According to this survey, Americans’ most preferred payment method is debit or credit card. As only 20% of consumers favor cash. Although credit and debit cards can be more convenient, they are often a leading debt contributor to many.
Monifi shares some of the benefits of using cash, which can help:
>> Keep your debt in check.
Oftentimes, it is easy to swipe a card for everyday purchases, however many do not grasp the feeling of money leaving their account when doing so. Seeing and feeling the weight of cash leave your pocket allows many to avoid overspending.
>> Offer versatility of purchases in everyday life.
Having cash allows people to buy a range of products, goods and services that credit or debit sometimes does not. Cash is universally accepted everywhere therefore this stretches wide with purchases from street vendors, local shops, large merchandise stores, services, etc.
>> Overall cost savings for expenses.
When making payments on bills or taxes, you may notice a fee for the use of a credit or debit card. In many cases, this fee can be avoided when using cash, check or an electronic fund transfer.
Using Monifi, Americans can retrieve cash at any one of their 55,000 nationwide ATMs and easily check their current balance on the app. By setting alerts and spend limits, users will never go over budget again!
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