I was given a piece of advice when I was in college… “Always keep a $100 bill in your wallet because you never know when you might need it.” I took the recommendation to heart and decided I would give it a shot.
Let’s just say that bill turned in to ice cream, a hoodie, and dinner out real quick. I didn’t then, and still don’t think, I have the discipline to keep a benjamin on me without being tempted to spend it.
I understand the principal behind having a mini emergency fund on ya at all times, but honestly how often do you find yourself in an emergency that 10,000 pennies is gonna solve (that’s $100 for those that aren’t quick with math)? I am sitting here thinking “When have I been somewhere and there either a) not been an ATM machine within a mile of where I was or b) not been able to use my ATM or credit card?” I can honestly sit here and say I can’t think of one time that either “a” or “b” was not an option. I guess one could wind up low on gas in the middle of Gay Head, MA (no really it’s a real city, check it out here) and find a gas station that doesn’t accept any type of plastic (if cash only gas stations still exist?), but I’m of the mindset “You shouldn’t drive in Gay Head, Mass without cash on you anyways.”
It’s logical to keep cash on you if you plan on visiting a small town that hasn’t caught up with the 21st century, but is it really necessary to keep it in there at all times? I mean it’s not even earning interest in there…RIGHT?…haha. “Keep $100 in your wallet for an emergency” is advice this young lad is gonna have to pass up.