Do I need to carry cash in today’s world?

According to Mark Sanchioni, chief banking officer at Ridgewood Savings Bank in New York, I see the need for cash eroding beyond personal decision.
According to Erin Wood, senior vice president of financial planning and advanced solutions for the financial institution Carson Group in Omaha, Nebraska, a preference for using cash may be generational. Young adults might not feel the need to carry cash in their wallets given the availability of apps like Venmo and PayPal for money transfers, while older people might wish to do so. For them, that is cash on hand,u201d she says Despite all the digital payment options that are currently available, there may still be situations where having some cash on hand would make you happy. For all the information you need on how much cash you should have on hand, keep reading.The necessity of carrying cash every day is a topic of debate. Sanchioni, for instance, claims that he hardly ever runs across circumstances when cash is needed. Others think it’s wise to always have some cash on hand.However, Lamar Brabham, CEO and founder of North Myrtle Beach, South Carolina-based Noel Taylor Agency, a financial services company, says, I think it’s prudent. The key is having access in case of an opportunity or an emergency.For instance, some small businesses may give discounts to customers who pay with cash, but you won’t be able to take advantage of that chance without having some cash on hand. Cash could also be useful in difficult circumstances.Wood cites the case of a nearby gas station in her community that previously experienced a technical issue when processing card payments. While those without cash had to try to get any from the ATM, those with an empty tank and some cash could fill up enough to drive to the next gas station.While there is debate about whether cash is necessary for daily spending, it is generally agreed that travelers should always carry cash in their destination country’s currency. Wood advises packing enough, especially when traveling abroad, to last you for a full day. You might not be aware of where you’ll have access to money next, she warns.