Here’s Why You Should Take $50-$250 Cash on a Night Out
Written by
Cindy Lamothe
Edited by
Rebekah Evans
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When you’re going out for the night, the last thing you want to do is worry about overspending. If you bring just a card, you’ll have to worry about ATM fees and places that have a card minimum, but you also have to worry about overspending, which can happen easily if you don’t have a cash limit.
If you’re having a night out, you may get so swept up in the fun that you don’t want to stop spending your money. Financial regret is common after having a good time.
According to experts, paying with cash can make everything a little less stressful. It will help you control impulses to make more financial decisions. For example, if you just carry $100 in cash, you limit yourself to $100. No more than that can be spent.
“Nowadays, numerous options exist for completing purchases electronically or digitally,” said Dan Kroyter, CEO of Tailored Pay. “From the traditional credit card to Apple Pay, flexibility has become a staple for purchasing anything.”
“As a result, there seems to be less incentive than ever to carry cash when on a night out,” he said. “However, if you are planning a night out yourself, there are three strong reasons to bring cash.”
“Chiefly, to have cash available should the occasion demand it,” Kroyter said. “Additionally, completing purchases in cash will eliminate potential mistakes related to your electronic payment methods. Overcharges are an example of this.”
Below are more reasons why you should take out a minimum of $100 on a night out.
Also see the six riskiest places to walk around with $100 bills.
Avoid Pesky ATMs and Fees
Carrying cash on a night out is a practical decision for several reasons, according to Dennis Shirshikov, finance expert and head of growth at GoSummer.
“Firstly, it helps avoid the inconvenience and extra cost of ATM fees, which can quickly add up, especially in locations where ATMs charge higher fees due to high demand.”
“For instance, in busy nightlife districts, you might find that ATM fees can range from $3 to $5 per transaction, which can be a significant amount over time.”
Melanie Musson, finance expert with Clearsurance, agreed. “If you have a debit card, you can get cash at an ATM, but that’s annoying.”
“For example, if you’re picking up some food from a vendor and discover you need cash for the best deal,” she said, “you have to make the vendor wait, go find an ATM, hope it doesn’t have fees and withdraw the money you need. Then, you have to return to the vendor to get your food. It’s inconvenient.”
To streamline things, Musson said it’s best to go out with cash.
“If you’re going out with your partner, you should plan to carry about $200 to $250 in cash. If you’re going out alone, $100 should be enough,” she said.
Some Places Don’t Accept Credit Cards
“When you go out, especially somewhere new, you don’t know what to expect,” Musson said.
“Some places won’t accept credit cards or they may only accept a specific card that you don’t have. Other places tack a surcharge on credit card payments, forcing you to spend more than you have to.”
Shirshikov agreed. “Some establishments operate on a cash-only basis or impose a minimum spend requirement for card transactions.”
He said this can be particularly frustrating if you’re only making a small purchase. “Imagine stopping at a local bar that has a $20 card minimum, but you only want to buy a $10 drink. Having cash on hand eliminates this hassle and ensures smooth transactions.”
“As for the recommended amount, it depends on the planned activities for the night,” Shirshikov said. “A good rule of thumb is to carry enough to cover your estimated expenses plus a little extra for emergencies.”
“For a typical night out, carrying around $50 to $100 should suffice,” he said. “This amount is generally enough to cover drinks, tips and small purchases, while also providing a buffer for unexpected costs.”
Cash Is Safer
Cash reduces the likelihood of fraud and scams, in addition to limiting your overspending. If your card included vital information about you, you would rather have your cash stolen.
Even with the strong security measures that our banks have put in place to protect our funds and personal data, there are still many situations in which con artists are able to obtain the information they require — enough information to get whatever they can get from you, but with cash, they cannot do anything about it.
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