Many of us pay by phone and end up with no more cash in our pockets. However, it may happen that the bank is currently experiencing problems (cyber attack) or a malfunction, and you cannot pay electronically.

Suppose you want to go on vacation in the country or abroad. It is good to have cash with you in case there are problems with your card. Maybe to buy a train ticket or water in a place where there is no POS.

HotNews.ro asked two wealth management experts and you can read the answers below.

How much money is good to have in your pocket? What a financial education coach recommends

HotNews.ro asked Adrian Asoltani, a financial education trainer, who says there is no specific rule about how much cash you should carry.

“It depends on your financial personality (spender, saver, avoider or monk) and the resources you have. It also depends on your age and personal situation (single, married, children…),” he explains.

He is more spendthrift and constantly keeps cash from 50 to 100 lei.

“I take 400-500 lei only when I go to the supermarket, once a week and always in cash. I have a DEBIT card as a backup, but I don’t keep the money directly, but in a separate savings account,” says Asoltani.

He stated that only in case of extreme necessity he transfers and pays by card.

“When I go out for other purchases (clothes, entertainment, movies, restaurants…), I also prefer to carry cash with me so that I can be more aware of how I spend my money. I never use the credit card I gave up 17 years ago,” says the financial education expert.

RECOMMENDATION Asoltanie: “For those who feel the need to have more money with them, “in case of need,” I recommend putting a 50 or 100 euro banknote in a case or wallet. Thus, they will have money with them, but it will be very difficult to touch them. I recommend leaving your credit card at home.”

Adrian Căruceru: It’s good to have a few tens or hundreds of lei with you

Adrian Căruceru, a money management coach, says that it is easier to make a decision about whether or not it is good to have money in your pocket, based on the answers to the following questions:

1. Why do we need cash in our wallet?

2. Do we really need money in our pockets nowadays, when we can pay almost everywhere with tools that eliminate cash (card, phone, watch)?

3. Where do we get money to store in our wallet? Do we withdraw them at an ATM? If so, will I have to pay a fee depending on the terms of the contract with the bank for storing and using the card?

“The list of questions above can be continued. In any case, in a world where widespread use of cashless payment instruments is an everyday reality, having money in your pocket may seem like a thing of the past,” he says.

Probably, as always, the middle solution is the most acceptable, states Keruseru.

“That is, give preference to modern means of payment, but do not forget, however, about your pocket money (perhaps a few tens or hundreds of lei), in any case, as much as you consider sufficient to provide you with the necessary comfort and, last but not least, equally important, the freedom to be able to use either of the two options: cash or card,” praised the wealth management trainer.