this post was submitted on 01 Jul 2024
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Speaking as someone from the West Island, I've found that tap to pay has made it a lot harder to have a budget for all the little things.
In the Before Times, I'd have $20 or $50 in my wallet. I could see the cash on hand drop off as I bought bits and pieces, and when that ran out it would be a natural pause to think about it while I went and got some more.
Now it's just "Boop Boop Boop" and oh crap I've just spent $95 dollars on sandwiches and iced coffees this week.
It's interesting that some people find that to be the case. Personally I download transactions from my back account at the end of each month and track what money was spent on. Cash is untraced and free to spend!
Also, after some bank greed we now have 2% surcharges at most places for tap to pay (we call it paywave), and credit card transactions in general. Knowing this goes straight to the bank, it's basically "would you like to make a donation to the bank?". No thanks, I'll insert my card and pay that way.
In the US I was most exclusive debit card for gas and daily expenses, cash for anything else (esp. saving to buy gifts) but moving to EU changed that. Mostly cash, but there has been a change in our business where it used to be about 50/50 and skewed more to cash, after 2 years dealing with covid its about 75/25.
Also wanted to note my name is not Dave.
I guess non-Dave's are acceptable. I'm actually curious that you moved from the US to the EU and are now using more cash. I always think of the EU as being more digital on the finance side, not sure why, I've never been there.
It's true we have more options digitally than in the US, but for day to day around town cash is best. Most services (repairs and such) offer the choice: cash, or with invoice and pay 20% tax. Unless you are using the service for your business and can deduct it, your best option is cash because.
Sincerely, Not Dave
Haha oh it's a tax evasion thing, of course it is 😆
Nonono not tax evasion...thats illegal This is pure and simple tax avoidance
It's literally expected and accounted for.
Haha it's a weird structure to incentivise cash. Why tax those transactions at all if people can choose not to be taxed?
It is strange, there are some operations that have 2 cash registers even. You get awaybwith it until you dont, and if you get caught its a heavy, heavy fine, penalties and interest.
Our accountant actually told us our first year we were reporting too much... but we have to play it as close to legit as possible because we are the ones who are still guests in this country.
Yeah here people get caught because most people are legit and the tax department knows what is a normal amount of cash for specific types of businesses. They can access electronic records, and see the final amount declared, so if it's too different you get audited. Normally it's not enough cash declared, but too much cash might look like money laundering 😆
Depends largely on where you are, but in Germany it’s fairly common to carry and pay by cash, something I’m going to have to get used to since moving from AU.