I love a close wet shave, and as I shave both ways and do my head as well, a styptic pencil is a must have. To be honest, if you shave regularly it is inevitable that at some stage you are going to have a minor cut or too, especially with a new blade, or when a dreaded spot appears.
If you are buying one of these for the first time and have never used a styptic pencil before, here are a few tips. Push hard against the cut for 30-60 seconds, this should dry up the area. It will sting, but at least you won't be bleeding everywhere. After it has dried you will have a small white ring on the area, so gently wipe away with a damp face cloth or finger. An important thing to remember is that if you think it was a spot that you caught (and that happens most times for me), then place a bit of Savlon, Germoline, or whatever you have on the place. There is a chance that if you don't you could get an infection. Also remember to dry the pencil after use, or leave it uncovered to dry, otherwise it will over time weaken at the base, and snap off.
Don't be one of those people who walk around with paper stuck on their face where they have forgot to remove it, use a styptic pencil and be one of the smart set.