5 reasons why cash helps to manage expenses for the younger generation:
More or less considered as the more digitally programmed generation because they’ve grown up with touchscreen technology and advanced social media apps. Millennials adapt very easy to changes in technology and are up-to-date with everything new and improved.
Millennial (Noun): a person reaching young adulthood in the early 21st century.
So why is it so shocking that when it comes to purchasing products, they prefer to pay in cash?
It’s an awkward generation to be in because although you’re not a child, you’re also not completely an adult… so somewhere in-between… but where? It’s an age where they’re still growing in life and figuring out what the next step is, whether it’s learning to drive, going to university or moving out.
Cash is vastly used by students and adolescences because it is the most reliable course when it comes to budgeting expenses. Their only other option is a credit card but even that is dangerous… is it wise as a student to rack up more debt via credit card? Not really, this is why cash is so essential… cash helps to manage expenses through budgeting!
It’s very difficult to study and earn money at the same time. Many students get themselves a part time retail job which doesn’t pay a lot… this is why it’s so important to have control over your expenses.
Cash gives you the control they need! If you set yourself a budget on how much you’re going to spend on groceries in one week, withdrawal that amount of money and you won’t go over your budget, leaving you money for other necessities. It honestly works! And you’ll find that a tonne of students take cash on a night out so that they aren’t tempted to spend more than needed.
With everyday uses such as buses to uni or taxis on a night out, it’s much easier to pay in cash because the sum is so low. Think about when you’re paying for parking, yes, now a-days you can use your phone to pay for it, but how long does that take? It saves time just putting in a couple pounds that you have in your pocket. A lot of convenience stores don’t allow card spend under a certain amount (usually £5) and sometimes a student just simply wants an orange juice or a coffee, so it’s more convenient to carry cash.
You know how grandparents are, always giving you loose change because it’s easier in cash than bank transfer. Cash just can’t be avoided, even with the little things!
The Local Shop Report 2017 states that 76% of shoppers still pay in cash! Do you still carry cash with you? Let us know!
If you’re a student and you want to know a few tips on how to save… check out this blog.