COMPANIES like ApplePay and Uber make going cashless easy, but sometimes there’s no substitute for the real thing.
Humphrey Yang, the personal finance guru on TikTok and YouTube, recommends carrying $50, and in a new video he explains why.
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The move away from cash has been steady since Big Tech came on the scene.
And the speed of growth has been incredible.
It wasn’t until 2007 that Apple launched the first iPhone.
Not long after, smartphones took off.
With smartphones came an app for almost anything.
If you carried cash for cabs, Uber solved that problem.
ApplePay did the same for folks who carried coffee money in the morning.
But, as Humphrey points out, being completely cashless can still set you back.
“Let’s put it this way,” he said.
“I’ve never had a situation where I regretted carrying cash, but there are situations where I regretted not carrying cash.”
Below is more advice from the influencer.
When should you carry cash?
According to Humphrey, you should carry cash for three situations:
- emergencies
- Tipping
- Splitting bills
How much should you carry?
In the video, Humphrey emptied his pockets to reveal about $130.
But, he thinks most people would benefit from carrying $50.
The comments section was full of different opinions.
“I haven’t carried cash in two years,” one user said.
Others said even longer.
One user said they would never carry more than $20, but for others, that amount was $100.
Who is Humphrey Yang?
On TikTok, he goes by @HumphreyTalks and has over 3.3million followers.
Within his profile, he links to his Substack, which he describes as a free business newsletter.
Humphrey’s team covers topics from all around the web, including current events, business, finance and tech.
For more on savings, The Sun has covered appliances that can cost you even when powered off.
Plus, low-income Americans could see $240 payments to help curb gas prices.
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