These are your excuses for still using cash to pay for things

For years I tossed coins in my pocket into a change jar every day. Once or twice a year I rolled the coins, deposited them at the bank and put the proceeds away for our next vacation.

The pandemic has ended that routine, and it looks like many others are going to distance themselves from cash too. Payments Canada reports that 58 percent of Canadians used less cash during the pandemic, and 40 percent are even uncomfortable using it. The volume and value of cash transactions fell 16 percent last year compared to 2019.

More than a third of Canadians say they don’t expect to pick up where they left off with cash before the pandemic, Payments Canada said in its Methods and Trends Report 2021. About 37 percent said they avoid shopping in stores that do not accept contactless payments by card or smartphone app.

Last summer, I collected all the coins I had accumulated up to the lockdown in March 2020 and redeemed them at the bank. I’m done with coins and maybe bills too. I have had a 10 euro note in my wallet for some time.

As I mentioned in a recent column, my currently preferred payment method is Google Pay, which I use for contactless debit and credit transactions on my smartphone. My backup is made of plastic. If a seller only accepts cash, I go out politely.

Payments Canada says the consumption of coins and bills is one of the main reasons people use cash to make purchases. Tip: Bundle up your existing cash, deposit it with the bank and never look back.

Another reason to use cash is speed and convenience. In fact, contactless payment rules apply in both cases. People also seem to enjoy using cash for small transactions, but you can knock your way through tiny transactions with no problem.

I’m not 100 percent done with cash. Before going on vacation to Newfoundland this summer, I added some cash to my wallet just in case. After our plane landed at the Deer Lake airport late at night, the rushed taxi service couldn’t make a charge and I paid with a $ 20 bill.

We are now on the brink of October and I haven’t touched any cash since then. Let’s see how far I can lead my cashless life.

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Rob’s personal finance reading list

The New Parents Guide to Personal Finances

The co-founders of Willful, an online will creation service, have teamed up Financial to-do list for the new parent on the basis of their own preparations for upcoming parenthood. Receiving or updating a will is on the list as it absolutely should be.

Buy now, pay later

An investing blogger writes about how he chose to do it Buy now and pay later when purchasing a Peloton exercise bike recently. Since then, he’s worried about this increasingly common payment option. Instead of paying upfront, you make a series of monthly payments. The concern is that people who are not good at budgeting can get over their heads. Try this old state of personal finance: buy now, pay now.

The right credit card for your sideline

Side hustle is a term used to describe a gig alongside your main job that helps you earn extra income. It’s one thing with Millennials and Generation Y – my theory is that they don’t get the workforce they need from a workforce that too often ranks them in temporary work. Anyway, here are some thoughts on using credit cards for yourself Expenses in connection with a part-time job.

Points for alcohol

If you’re an Ontario resident and enjoy a drink at home, that’s what you want Read this summary the rewards program change from LCBO branches to Aeroplan from Air Miles. The LCBO is the provincial liquor retailer.

Ask Rob

Q: My friend gave $ 500 to each of her five teenage grandchildren. To encourage her to save, she thinks about using GICs and adding more money every year. Instead of buying bank stocks with dividends that are well above the low interest rate of guaranteed investment certificates. Would you please give your opinion on this?

A: I like the idea of ​​bank stocks, but these grandchildren would have to be of legal age to have their own investment account. Otherwise, your friend would have to use escrow accounts with a brokerage firm. That’s a bit of work for five grandchildren. The GIC idea is fine too, but best at one alternative bank or credit union rather than a big bank to maximize interest.

Do you have a question for me? Send it my way. Unfortunately, I cannot answer everyone personally. Questions and answers are edited for length and clarity.

Today’s financial instrument

this Mortgage affordability calculator shows you how much mortgage debt you can bear based on factors such as your credit rating and existing debt.

The money-free zone

One of my long-time favorites – Sandy Denny and Fairport Convention sing I will keep it with me by Bob Dylan. And to keep that melancholy mood going, give it a try Who knows where the time is going.

Who I follow on Twitter

The food professor, aka Sylvain Charlebois, Director of the Agricultural and Food Analysis Laboratory at Dalhousie University. Keeps me updated on what’s happening with food trends, prices, and more.

In case you missed these personal finance stories from Globe and Mail

• The Death of Profit: Why Investments Feel Broken and Markets No Longer Make Sense
• Canada’s Inflation Explains: How It Affects You And What To Do About Price Changes
• I don’t want marriage, children, or a house. Then why do I have all this FOMO when friends reach these milestones?

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