Has "electronic money" made us lose sight of value?

subbytna · 3 Jun 2014 at 17:35

I went to get some holiday cash changed and had 2.5k GBP cash in my hand and I thought to myself, that's a Titan Z wad of money there, but actually having that amount of physical paper money in my hand somehow made the amount seem to be "more" that it was actually worth...in my head anyway.

Yes we all know £100 is £100 but when it's on a screen, or £2500 on a screen, but does it really register properly just how much cash that is?...unless you have a thick wad of notes worth that amount, in your hand.

Transferring the 2.5k via online banking I didn't really think too much about it but then having the same 2.5k wad of notes in my hand made me think that perhaps, with electronic money use, are we losing sight of just how much money is worth in your head comparing electronic cash values with actual paper wads of cash.

Might be a bit of a mish mash of a post and perhaps I'm not getting my point across properly but for me anyway, it boils down to having the actual paper amount of the money made it seem "more valuable" to me than when I did the cash transfer electronically....even though it was the same amount of money.

Are we now blasé with money due to using electronics to control it?

£15 · 3 Jun 2014 at 17:40

Is it something to do with security? Moving money around electronically is assumed to be safe and you can't lose it or have it (readily) stolen. (Although it is possible.) However, having £2500 in your hand would feel less secure to me. I'd be open to losing it, or having it stolen, e.g. mugged. It's more fragile, more precarious, carrying money in hand than online. Consequently, it has more 'value'.

Raymond Lin · 3 Jun 2014 at 17:40

I think it has to a degree.

So easy to say, yeah, here's my card, swipe, pin, done.

Or with online shopping, with your card details stored, a moment of weakness can lead to some major purchase that I bet you never thought of the day before!

Derek W · 3 Jun 2014 at 17:46

subbytna said:
that's a Titan Z wad of money there

I would start with saying what the **** does that even mean :confused:

RedvGreen · 3 Jun 2014 at 17:48

I've had a few epiphany moments like the one in the OP.

Mainly, when I have a few pounds in my pocket and see what little I can get for it. Or when you buy a scratchcard (lottery) in person £1 or £2 feels like a lot, yet you can easily and effortless rack up £10-20 spending on National Lottery's website on 'Instant Win' 'cards'.

Derek W said:
I would start with saying what the **** does that even mean

Titan Z is NVidia's latest graphic card - It is a modest £2,400-£2,500 in cash.

Mynight · 3 Jun 2014 at 17:50

Derek W said:
I would start with saying what the **** does that even mean

http://www.overclockers.co.uk/productlist.php?groupid=701&catid=1914&subid=1966

That I would assume.

No I know exactly what op means. To actually hold cash in your hand makes me feel more concerned about spending it. I only ever go shopping with cash if I took my card I'd spend more than I'd originally planned to.

Clipsey · 3 Jun 2014 at 18:05

I have a cash-stash if you will in my drawer at home, feels awesome having a couple grand play money to use here and there, worry free etc. Feels like a lot.
Have a much more significant amount in our various savings accounts, doesn't feel real and don't get excited about it one bit.
Exactly know what the op is referring to.

Luke_Bowman · 3 Jun 2014 at 18:24

10250271_10203838043651881_6498928961735991022_n_zps8c0fa7f6.jpg

Pic of £2500 cash which I saw today.

It's A LOT of money to hold in your hand IMO, but to spend that much online on, say, a Titan Z; makes it feel like much, much less

antijoke · 3 Jun 2014 at 18:40

Worst I'm going on holiday thread. EVER!

[TW]Fox · 3 Jun 2014 at 18:58

subbytna said:
I went to get some holiday cash changed and had 2.5k GBP cash in my hand

Why oh why do people do this

Obviously 'how much cash it is' still didn't register enough to not get yourself conned by exchanging £2.5k in physical cash for going on holiday

novaenough · 3 Jun 2014 at 20:04

Totally agree.
Handing over cash makes me think much more about the actual cost.
Tapping in a pin number or typing a password makes it feel much less 'real'

subbytna · 3 Jun 2014 at 20:16

Derek W said:
I would start with saying what the **** does that even mean

The cost of the Nvidia Titan Z card....

Glad I'm not the only one thinking that. I'm going to use cash more often now, even if it's less convenient. That way I won't just, as was stated before, swipe away 20-30 quid on sites without thinking about it, I'll be more mindfull. I've taken out 25 quid from the cash machine and changed it to £5s so I'll bring £5 a day to work and leave my cards and stuff at home. If I spend the £5 then that's it for the day. If I don't spend it, whatever is left will be thrown into the piggy bank and at the end of the month I'll put the piggy bank change into the credit union.

mame · 3 Jun 2014 at 20:16

I'd say I'd be more inclined to blow cash as I've already withdrew it and accounted for it for than swipe my card.

And buying a 2.5k graphics card, you just know that in 12-18 months, there will be a £300 card just as good

Camalot · 3 Jun 2014 at 20:17

Its more real when its in your hand rather like a number on a screen!

subbytna · 3 Jun 2014 at 20:18

[TW]Fox;26398039 said:
Why oh why do people do this Obviously 'how much cash it is' still didn't register enough to not get yourself conned by exchanging £2.5k in physical cash for going on holiday

It's almost a month long holiday across USA and Canada. I need that sort of money to buy food and travel costs while I'm away. I don't like using cards while I'm away as I can lose track of what I'm spending and the exchange fees would be a double whammy. If I spend what I have, I know there won't be any nasty surprises waiting from my credit card company when I get back. I get your point though...

subbytna · 3 Jun 2014 at 20:18

Camalot said:
Its more real when its in your hand rather like a number on a screen!

aye....that's what I was trying to say lol

[TW]Fox · 3 Jun 2014 at 20:20

subbytna said:
It's almost a month long holiday across USA and Canada. I need that sort of money to buy food and travel costs while I'm away. O don't like using cards while I'm away as I can lost track of what I'm spending and the exchange fees would be a double whammy. If I spend what I have I know there won't be any nasty surprises waiting from my credit card company when I get back. I get your point though...

I travel around the USA/Canada every year for my holiday. I never board a US bound plane with more than $10 in currency. Instead, by using the right credit card, you can buy things on card (The USA is a massive card culture, even 79c soda can be paid for by card) with zero loading, zero fees and a perfect Mastercard base rate for the exchange rate - better than any rate you'd get exchanging physical cash.

And if you need actual cash, you can use it in the ATM anywhere in the USA or Canada - again, zero fee, zero loading, best possible exchange rate with only a 1% per month interest charge.

It is more convenient, it is easier, it is cheaper and it is safer and more secure.

I have no idea why you'd want to take £2500 in actual cash to the USA.

Madness. You'll even find it quite difficult to do some things over there without a card - good luck renting a car without a credit card, for example. Most places simply won't serve you unless you leave a hugely impractical deposit. Those places that do are unlikely to have competitive rates.

meandu229 · 3 Jun 2014 at 20:23

Im the same,, Im totally tight when it comes to actual money, but buying online especially steam £1, £2 £10 seems to just mean nothing, but if someone tried to sell me a game of monopoly I will never play for £4 Id tell em to do one.

Gangster · 3 Jun 2014 at 20:54

[TW]Fox;26398460 said:
I travel around the USA/Canada every year for my holiday. I never board a US bound plane with more than $10 in currency. Instead, by using the right credit card, you can buy things on card (The USA is a massive card culture, even 79c soda can be paid for by card) with zero loading, zero fees and a perfect Mastercard base rate for the exchange rate - better than any rate you'd get exchanging physical cash.

And if you need actual cash, you can use it in the ATM anywhere in the USA or Canada - again, zero fee, zero loading, best possible exchange rate with only a 1% per month interest charge.

It is more convenient, it is easier, it is cheaper and it is safer and more secure.

I have no idea why you'd want to take £2500 in actual cash to the USA.

Madness. You'll even find it quite difficult to do some things over there without a card - good luck renting a car without a credit card, for example. Most places simply won't serve you unless you leave a hugely impractical deposit. Those places that do are unlikely to have competitive rates.

What card do you use?

I'm sure the last time I looked there is a minimum charge, plus their own exchange rate plus a % of the total as an additional fee??

[TW]Fox · 3 Jun 2014 at 20:59

Gangster said:
What card do you use?

Halifax Clarity. There are a few other cards offering a similar product, too.

I'm sure the last time I looked there is a minimum charge, plus their own exchange rate plus a % of the total as an additional fee??

On most cards, yes - which is why you take a card that doesn't