Paying with cash: Advantages/Disadvantages
- Learning for Life and Work
- May 4, 2020
- 1 min read
Updated: May 15
The advantages of buying things with cash
Buying with cash can make budgeting easier as you know how much you have to spend and you cannot spend any more if you have no more money.
Buying with cash means there is less likelihood of being affected by identity fraud as your details are not being passed on with the transaction - only cash.
Buying with cash can lead to less spending as you are more conscious of your spending and how much things cost to buy.
The disadvantages of buying with cash
People are using cash less often so when they do want to buy something with cash they need to spend time looking for an ATM to get the cash.
If the money/cash was in your wallet/purse and you lost this or it was stolen, any money in your wallet/purse may never be returned.
Carrying a large amount of money can make you a target for criminals who may try and take the money off you/steal it.
QUESTIONS YOU COULD BE ASKED:
Write down one advantage of using cash to buy goods. (1mark)
You can see what you are spending
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