Three Misconceptions About Living A Cash-Only Lifestyle Explained

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Three Misconceptions About Living A Cash-Only Lifestyle Explained


With credit card debt becoming an increasingly serious problem around the world, the average consumer is in more debt than ever but continues to possess more buying power than they should. People spend beyond their means and end up losing money they can’t pay back. As a result, more budget-conscious consumers have moved to a credit card-free lifestyle and the benefits have paid off.

Not only do you end up with way more spare change in your bank account due to a lack of interest fees, you also become more conscious of where your money goes and how you can save it. This way, you refrain from wasting it as you no longer have the option to simply give into temptation and pay the consequences later (which usually becomes never.)

Unfortunately, many people end up sticking to credit cards due to worries or a belief in one of the following misconceptions. Here’s why they aren’t true and how you can work around these issues.

Losing Your Cash To Thieves

Unless you’re walking around with money clips where your cufflinks are supposed to be, chances are that you won’t be the first target for robbery. It’s worth noting that your credit card can be stolen just as easily as your cash. It’s no less difficult to take from your person. Sure, there’s usually a minimum withdrawal limit or some sort of security measure in place, but the same applies to your cash in one way or another.

Make a habit of not taking all of your cash with you in one go; simply take what you need and a little more. Be sure that your insurance also covers allows you to claim theft, which is usually the case.

Travel Expenses

This namely applies to renting a hotel, car, or purchasing airline tickets. Many people believe they can only pay for these types of services with a credit card, which is completely false. The only gripe here is that the company you’re renting or making a purchase from may put a security hold for a small amount on your debit card, which is still better than wasting money you don’t have, so don’t stress it.


The last and perhaps most common misconception is that managing your cash is more difficult and tedious than simply swiping your card. However, this isn’t true as you have to remember that with a credit card, you constantly have to ensure that you aren’t overspending, that your statements are in check, and that you know all your details.

With cash, all you need to do is organize and allocate every so often, which in the end will prove to be a lot easier and acts as a great opportunity for you to look at your finances.


Once you start using cash on a regular basis, you’ll likely end up paying off what you owe with your newfound money and scrapping your credit card for good. A cash-only lifestyle will prove to be much easier on the wallet and can provide an inheritance for your children as opposed to straight debt.

About the Author

Michele is a Preschool teacher by day and blogger by night. She is passionate about saving money and sharing with others who like to save, too. Her motto is "Saving today so you can spend on what you need tomorrow."

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