So I have more five dollar bills in my wallet these days.

Why? The genesis for this was not having smaller bills on me and as a result costing me more than I hoped when tipping on a recent trip to Chicago. I was staying at a nicer hotel and at almost every turn there was someone to tip. As most ATMs today just give $20 dollar bills, that was all I had. Needless to say it made me look like a really generous guy.

Inflation Hits Gratuity

With the prices of everything going up over the last several years, restaurants have not been immune from this. It is evident in not only the menu prices being higher, but the suggestions for what to tip the wait staff are right up there too. You know those “tipping tables” you see at the bottom of your bill, the ones that list percentages and the dollar amounts to make it “easier” for you to tip? In the past they would likely offer 15% and 20%, and maybe sometimes 25%. These days I am seeing them starting at 18% and sometimes going as high as 30%! That, and more restaurants are automatically adding a tip on parties larger than 4 plus that tipping table too. Clearly restaurant staff are being hit by inflation like the rest of this, and with the overall check being higher, many diners are likely not tipping as they used to.

Thus I started carrying fives on me. Doing so was made easier by my new bank’s ATMs offering $5 bills along with $20 and even $1 bills – it also offers $100 bills as well and, though a popular thing to carry on you in Wisconsin I pass on those, but I digress. It allows me to tip appropriately, as well as not look too cheap by handing someone simply a one-dollar bill.

Making It Real

Carrying more cash on me has been something I have actually been doing for a while. From every expense you make being tracked to ginormous bank statements listing those very transactions to having had a few attempts of hacking of my bank accounts in recent years, by using cash more reduces all of this. Not to mention some merchants are passing along to their customers their credit card fees. Several local gas stations are offering cash prices up to 5 cents off a gallon. With filling up 2 cars every week, this adds up quickly, and I’ll take the reduced cost of anything anywhere I can. Even though the stands at the farmers market take cards and accept payments from mobile apps like Venmo, they are always appreciative to take old-fashioned fiat currency.

Deconstructing Carrying Fives

When it comes to inflation we often feel powerless to merely succumbing to it. By carrying five dollar bills on me it is attempt to counter this wave. Seeing cash actually leaving your wallet makes you think about what you are doing with that money, more than a piece of plastic or QR code ever will. By placing a bill in a tip jar or someone’s hand makes the acknowledgement of gratuity more real. One $5 is easier than fishing a couple of ones from your wallet and makes a little more generous statement without going over the top.

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This is from The Hot Iron, a journal on business and technology by Mike Maddaloni.

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