Question 

My 80-year-old mother has a habit of carrying a large amount of cash in her purse at all times. By large amount, I mean about $700 to $1,000. She carries this big purse, and the cash is always present. 

Mom goes to the bank weekly to replenish the cash, because she pays for everything this way. At the grocery store, restaurants, even major purchases, she uses cash and there is no reason for this. When I suggest that she use a debit or credit card she tells me that the way she handles her money is her business. 

I understand that mom is entitled to use money as she wishes. With her flashing a roll of money everyplace she goes and carrying a large purse, she is asking for a theft. 

How do I talk some sense into my mother?  

Answer 

It sounds like your mother wants to be prepared for any situation that presents to her, and with that amount of cash she can likely manage most of her purchases throughout the week. It probably feels very good to always have what you need right there in your purse. 

Whether or not your mother is carrying too much cash is situational. If she is wealthy, the amount of cash she is carrying around may be minimal in her mind. If she is of average or modest means, she may be carrying more cash than she should. The rule of thumb in a situation like this is, this never carry more cash than you can afford to lose. In other words, if your mother is robbed and the loss will impact her ability to pay bills comfortably or eat, she is carrying too much cash in her purse. 

I am going to assume for discussion that she is not a wealthy person that can afford to lose $1,000 without considerable angst. She should be carrying far less cash and finding another way to pay her daily expenses. A debit card works just as well as cash and acts the same way. While it can be stolen, it is not that easy to use. She can report it immediately and have the card shut down. 

An even greater concern is that she is placing her health at risk. She could be seriously injured in a purse snatching, as most 80-year-old women are no match for a younger person. When you are flashing a roll of bills in every location that you go, you are signaling that you are capable of paying your bills, which is likely very important to her and possibly the reason she does it. Though she is also letting everyone know that she has a load of cash on her. If you want some quick cash, she is your woman. 

My answer, therefore, is that yes, your mother is carrying around too much cash and allowing others to see the cash is even more dangerous. Her safety is the most important thing here. One should take reasonable precautions to protect yourself, and except that being knocked over in a purse snatching could be a serious injury at her age. 

It would be ideal if she would switch to a credit or debit card, but since it is difficult to change a habit, maybe you can talk your mother into carrying her excess cash on her body and not in her purse. Hunt for some discrete body storage options. I have seen wrist and ankle storage devices that seem to be viable options. They look like great travel options, that are not bulky waist pouches. Also, I suggest that when she accesses her cash, she should do it in private and not in front of strangers. No need to signal her stash. 

We can all find better ways to manage and protect our hard-earned money. A few small tweaks could considerably increase her safety and decrease her odds of being robbed. 

Mom may not have appreciated your input, but she did hear you. Hopefully, she will consider a little revision.