The United States is trying dollar coins again: Presidential $1 Coin. Personally, I think it’s a good idea as one dollar bills get so worn out. However, I’d rather just use my credit card everywhere. I think it’s easier (one swipe, never worry about running out of cash) and everything I spend is tracked for me so I can easily analyze my spending.
I do recognize that credit cards are not the best solution for everyone. I have several friends that have a very hard time controlling their spending with them. I’ve also read studies that say we spend more when we use credit cards. I don’t think I do. I’ve tried spending only cash for a week or two and I think I eat, drink and shop just the same, but I could be wrong … When I spend cash I always have this feeling that I’ve lost some or given too much to someone. After reading Suze Orman’s 9 Steps to Financial Freedom, I decided that my fear of losing cash might all have started with the time I was 11 and left $40 in a small purse on a table in McDonalds. The whole ride back to McDonalds, I remember being terrified the money was gone. It was still there, but I still don’t like having lots of cash that I could lose. I know with a credit card I can just call and cancel it if it’s lost and I’ve lost nothing!