‘Boomer’: 29yo reveals cash discovery

A young Aussie has revealed the big money change he has made, even though it makes him sound like a “Boomer”.

Australian comedian Matt Hey has just made a recent discovery that has changed his savings habits. Nope, not Bitcoin; he has discovered cash.

The 29-year-old took to social media to share that, although he knows it makes him sound like a Boomer, he can’t talk highly enough about cold, hard cash.

“I want to encourage everyone to go back to using cash because my savings have gone through the roof compared to what they usually are because I switched back to cash in January,” he said.

His rent, phone bill, and streaming services are still directly debited from his bank account but otherwise, he is in a cash withdrawal era.

“Anything recreational or anything where I can purchase in person. I will always use cash,” he said.

Matt shared why he is now using cash. Picture: Instagram/AlrightHey

The comedian is saving so much money. Picture: Instagram/AlrightHey

The Sydney local said using cash has been a game changer because it makes him more “conscious” about what he is buying.

When he used to set himself a budget of, for example, $100 to spend on whatever he wanted within a week, he constantly found that he went over that budget without thinking about it. Since changing to cash, the result has been drastically different.

“When you actually pull out $100 from an ATM, you only use that $100 for the week. I have found that at the end of the week I’ll have $40 dollars over,” he said.

When he carries cash around, he asks himself, “Do I want to spend money on that?” and the answer is often no.

“There’s something very psychological about handing over a $50 note and only getting back $15 in change. The physical transaction tells my brain I’ve just spent money. When you tap your card, it’s easy to forget how much you’re actually spending,” he told news.com.au.

At the end of the week, he pockets whatever he has left over into savings. He is averaging an extra $40 a week.

He said originally he felt like a ‘grandma’ using cash but now he is all for it. Picture: Instagram/AlrightHey

He said you don’t realise how much you spend when you don’t use cash. Picture: iStock

The 29-year-old is happy not be paying card fees anymore.

“When you’re tapping all day, you rack up a bunch of card fees, and it’s just a few cents, here, there and everywhere,” he said.

Those cents add up, though, and Matt estimates he is saving around $30 a month just by not using his card so much.

So far, he hasn’t encountered a business that wouldn’t accept cash or a social problem with switching to physical money, and he can only see an upside in the change.

“Your financial literacy just improves so much because you’re consciously purchasing things. It is awkward, to begin with, and you feel like such a grandma handing cash over, but now if someone says something, I stand there and explain why using cash is so better,” he said.

Sure, sometimes people are surprised see a young person with cash but that isn’t something Matt worries about.

“Sometimes, the person serving me is shocked to see a Millennial using cash, and I like that I can let them know how much I’ve saved since making the switch. A lot of people have told me they are willing to try it out,” he said.

The comedian said he encourages others to use cash. Picture: Instagram/AlrightHey

He now withdraws money from ATMS. Picture: iStock

The comedian understands why people his age and younger aren’t used to using cash because it just isn’t how young people have been “programmed to spend” their money, but he thinks that is a mistake.

“It’s easy to tap our card or our phone and get what we want instantly, we hardly even think about the transaction. We are used to not using cash, so it definitely made sense and was easier to not use it,” he said.

Online, there was a diverse range of opinions on Matt’s cash is king philosophy. Some were firmly in agreement, while others weren’t so sold on the idea.

“I agree! $45 on eftpos feels like nothing, but when I’m using a $50 note for a $45 purchase, I’m like, this is so expensive,” one wrote.

“I use cash for coffee and treats. It makes me more aware,” another shared.

“I agree! I also find it easier to save money by pulling it out and putting it away. Out of sight, out of mind,” someone said.

“Nope. I see cash as not real money. It doesn’t make my bank number go down. Therefore, I’m not spending money,” one wrote.

“My brain sees it as free money,” another admitted.

“I don’t like carrying anything extra so having notes and then coins just annoys me,” someone else wrote.