Home » How much currency (cash) do you have in your wallet, on average? How much money do you keep in your bank account, on average?

How much currency (cash) do you have in your wallet, on average? How much money do you keep in your bank account, on average?

How much currency (cash) do you have in your wallet, on average? How much money do you keep in your bank account, on average? Why don’t you hold a larger average bank balance by paying off a smaller part of your credit card balance than you can afford to pay? Wouldn’t it be better to keep a bit more money in the bank? Almost certainly, that would not be a smart idea. Why? Because the opportunity cost of holding that money would be too high. If you have an outstanding credit card balance, the interest rate on that balance is the opportunity cost of holding money. By paying off as much of your credit card balance as you can afford, you avoid a high interest rate on the outstanding balance. Your demand for money is sensitive to this opportunity cost. Do you watch the Fed? Probably not, but you can learn to become an effective Fed watcher. In the process, you will become much better informed about the state of the U.S. economy and the state of the economy in your region. To become a Fed watcher, try to get into the habit of visiting the Fed’s Web site at www.federalreserve.gov. Type “Beige Book” in the Search tool and look at the latest Beige Book to see what is happening in your region. Also, keep an eye on the FOMC calendar for the dates of interest rate announcements. On these dates, check the media for opinions on what the Fed’s interest rate decision will be. After the decision is made and announced, check the Fed’s explanation as to why it made its decision.


Access the U.S. Federal Reserve Website (The Fed), at www.federalreserve.gov. At the Fed’s website, TYPE “Beige Book” in the Search Tool. At this page, scroll-down to the search results, select FRB: Beige Book, and review the most current “pdf” format report. 

Discuss and identity the Fed’s region where you reside, and briefly summarize the economic conditions and trends within your area; such as it relates to, 1) economic activity, 2) consumer spending, 3) construction and real estate activity, 4) manufacturing and transportation, 5) banking and finance, or 6) employment, wages, and prices.

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