According to the expert, digital payments are beneficial to consumers not only for convenience but also for clearer financial management. In the bank’s app, you can track expenses, plan a budget, or set limits. Therefore, today a card is not only a means of payment but also a way to better understand your financial habits.
“Cards and other digital payment methods facilitate daily financial management. By seeing our expenses, we can more easily assess whether they match our capabilities and priorities, quickly notice unplanned purchases, and make more thoughtful decisions. However, convenience should not mean that we completely forget about a backup plan,” says A. Mincienė.
Cash – a backup plan
According to her, cash is increasingly less needed in everyday life today, but its importance becomes apparent when the ability to use usual digital payment methods is temporarily disrupted.
“When traveling, there may be cases where cards are not accepted, payment terminals malfunction, or there is no stable internet connection. Similar situations can also occur in extreme circumstances – for example, during a power outage or when some electronic services are temporarily unavailable. In such cases, having cash allows you to calmly take care of essential needs,” notes the expert.
She emphasizes that this is not about large sums or returning to cash as the primary payment method. Rather, it is a reserve for essential expenses – food, water, medicine, fuel, public transport, or other first-necessity goods and services.
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When traveling, it’s important not to rely on a single method
When planning a trip, the expert recommends finding out in advance how payments are usually made in a specific country or region – whether cards are widely accepted, whether local currency is needed, and what cash withdrawal fees might apply. Even in countries where digital payments are very common, cash may be needed for small expenses, tips, markets, public transport, or smaller local shops.
According to A. Mincienė, it is useful to have several payment methods when traveling: physical and digital cards, and a small amount of cash. This is especially relevant when traveling with family or to a less familiar country.
The most important thing is not cash or card, but preparation
While digital solutions are often more convenient for daily payments and help better control expenses, in unforeseen circumstances, cash can protect against additional stress.
“One should not pit cash against cards. Today, cards are a convenient and secure daily choice, while cash is a backup measure for certain situations. Financial security often starts with simple things: having several payment methods, knowing where you keep your reserve, and regularly checking if it still meets your needs,” concludes A. Mincienė.
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