Welcome to today’s YourLifeChoices podcast with financial guru and longtime friend of YourLifeChoices, Noel Whittaker.
A personal investment expert, columnist and author with more than three million readers weekly, Noel has somehow found time to write 20 bestselling books.
Back from an overseas adventure, Noel returns with all the latest from the world of finance, including a look at how older Australians can manage the transition to a cashless.
It is high time that so called financial experts and the banks all read The Australian Constitution In the Constitution CASH is the legal currency of Australia.
The IMF and banks are looking for ways to have total control of our money, I am sure they will put limits on how, where and what we spend our money on.
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You obviously did not read the constitution, it does not say cash is the legal currency, it may say cash is legal tender.
Now what does that mean, it means the Cash in Australian Dollars is the legal tender in Australia, so you can’t use US Dollars to purchase something here.
HOWEVER, the constitution does not say cash must be accepted, as long as a business has a sign advising no cash accepted it is perfectly legal not to take cash.
If you don’t like it shop elsewhere.
I remember going to Singapore about 20 years ago our taxi driver told us that Singapore was going cashless, we went back just recently talked to another taxi driver and asked him how come they hadn’t gone cashless, he said tourist didn’t want it and since their economy is largely tourist based that was the deciding factor, not sure that will apply for much longer. When you go to the shops now many people pay using their phones, parking in the Wollongong area has got phone payment, not sure how that works or if you can still put coins in, I have decided it’s too hard for me, Warrawong is closer, parking is free, if I need more than Warrawong Shellharbour is not that much further. I live in the Unanderra area and bank with CUA ( Greater Southern Bank ) the closest branch is at Figtree about 6 Klms away, just heard that branch is closing, seems to be a shortage of ATMs that are free to use and an increase in ATMs that charge $2:50 to use. The government needs to look at these practises, shortly there will be no shopfront banks, how many people is that going make unemployed.
I bank with a subsidiary of one of the Big 4, as I like the colour of their cards, and at present, they have a Retirement Access Plus account that pays interest. Soon they’re going to not have this account available, and want to transfer me off to a concession account that doesn’t pay interest, but I’ve opted out of the auto roll-over.
I use internet banking to pay my bills, and withdraw cash out for my general spending and food, as I don’t want my monthly 4 page statement to become 8 pages! And what I spend my cash on, is none of anyone’s business.
As for ATM use, I can use any of the ‘Big 4’ banks, St George, Bank of Melbourne, and BankSA ATMs & ATMx machines for FREE.
As far as I’m concerned, Cash Is King, and no one is going to tell me any different.
I refuse to pay for parking by phone (none of it where I am). I wouldn’t know the first thing about it.
I use my card a lot. However, still use cash for 3 things.1, grandkids birthdays. 2, I give small amount to homeless man who doesn’t beg, just waits patiently, trying to gather enough to pay for a safe haven at night. 3, when my card had to be cancelled because of fraud, three times it’s happened. I have relied on cash until new card arrives, between 7-10 days. I’ve now opened small account in other bank for this eventuality, but cash covers any shortfall.
I read during the week that the grey community was having trouble getting used to credit cards. Good heavens we’ve had them for fifty (50) years to get used to (since 1974) and Australia was a laggard with Barclaycard in Europe since 1966 and various cards in the USA since 1958.
I occasionally use coins and notes for small purchases but I believe if properly managed, the credit card has been one of the best personal budgeting tools available. It provides more than a month of credit if you need it, it allows making one bulk payment each month rather than scores of small payments and it’s simple at any time to look at all purchases over the past few days, month or years. The points I convert to Bunnings cards more than pay for the card and I rarely need to pay at that store.
With fewer banks and ATMs to collect cash, a credit card reduces the need to ever search for one. Once a month an automatic payment is made from our bank account without need for intervention. If a product fails or needs to be returned, there is no need to search for a faded docket, proof of purchase is easily available.
I must admit that I like to have some ‘real money’ in my wallet, especially when overseas but I would equally miss the sometimes much maligned and very convenient card too.
I refuse to have a credit card as most banks won’t let me have one, as I rely solely on the Age Pension.
I remember when credit cards first came into being, as I was working in my first job at a bank 1973-74.