Paying with cash: The advantages and disadvantages

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.

Check out the CCEA GCSE Learning for Life and Work Second Edition Textbook to find out more or check out: My Revision Notes: CCEA GCSE Learning for Life and Work: Second Edition

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