“CASH IS DEAD! CASH IS DEAD! Read All About it.” In my head, I picture a newsboy from the beginning of the 20th century shouting as I read the article title. The sad reality is that it is true. Cash is dying. No, it isn’t at the hands of cryptocurrencies or apps (Venmo, Facebook, etc.). Cash is dying because the cash in your bank account is LOSING value rather than gaining value. In this article, I will explain this sad phenomenon and provide you with alternative ways to increase the value of your cash.
A couple of months ago, I wrote about my desire to simplify my finances and make our lives a little easier. Method #1 was to consolidate the number of banks had accounts with and just make our banking situation easier. Despite the fact I wrote about this back in April, I saw my upcoming wedding as the golden opportunity to hit the reset button and start over in terms of banking when we would eventually consolidate our finances. Before the weeding, we banked at four branches. We made our decision and after we were married and reduced that number to one. What’s even crazier is that we dropped the idea of using a local bank with “roots,” or branches, in our community. I’ll let you in our decision to ditch a bank with a physical branch all together and take the first step towards simplifying our finances!