My mother always talked about Gum Money…. You should have some money in your pocket to buy gum! So the question to debate is how much gum money should you have in your pocket at any given time? This morning we talked about the fact that a tank of gas is $50 or more, and groceries might be $150. People don’t use cash the same way they used to. Instead, the card is swiped and off you go. The younger generation uses the card more like the check book might have been used. But what about the gum money part? Turns out there’s a perfect amount of cash to have in your pocket at all times. It’s $200! The website Bestlifeonline.com has done an overview on why the $200 works best. But not everybody is in that camp. A survey from Money magazine found that 42 percent of people carry no more than $40 in cash, 30 percent carry between $41 and $99, 17 percent carry $100 to $199, and just 11 percent carry $200 or more.
What about the thought that “cash is king” way of life might even be better? One of our listeners said this morning that he carries about $600 at all times. That way he doesn’t have to rely on a card at all! Have we moved too far from the world of currency?