Using Cash [It's the Only Way to Go]

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More and more people are giving up on credit cards. Sick and tired of the endless bills, late fees, interest rate hikes and annoying spending requirements, there is a growing movement of “cash only” consumers. Some are going a step further and getting rid of their bank accounts in addition to their credit cards. No interest is a small price to pay compared with the cost of high fees. Cash only living has the advantage of protecting cash from digital thieves, who are becoming much more sophisticated. Another advantage is eliminating the time it takes to manage a checkbook every month.

People who live on a cash-only basis do not have to wait for checks to clear or for credit card balances to be charged. Paying for everything in cash eliminates all of the time spent waiting for the financial system to move money from one account to another. Living a cash only life has many advantages, especially for recovering spendthrifts or compulsive buyers. Cash only offers several advantages to the newly or established frugal consumer. Aside from the loss of both convenience and hassle, cash only living can help people gain control over their financial lives. Here are four big advantages that convince many people to go cash only and bank-free.

Using cash makes budgeting easier

With a cash only budget, it is easy to keep track of every expense and how much money goes to that expense each month. Running a budget is much simpler when credit cards and bank accounts are eliminated. Every single expense can be tracked, and the various small expenses that can sneak up on even the most careful budgeter are eliminated. A budgeter on a cash only financial diet is often surprised by the savings that can result. Going cash only provides an incentive to minimize expenses, which can itself lead to a more fruitful experience.

Using cash reduces debt and stress

Living a life without any debt or even the prospect of debt is liberating. The legal apparatus associated with debt can be intimidating, such as debt collectors, bankruptcy courts, debt management agencies and credit counselors. Avoiding debt altogether by going cash only can be a great stress reliever. Paying for everything in cash gets the budgeter control of his money instead of having his money control him. Being at the mercy of credit card companies is a very unpleasant experience. Cash only eliminates the many pernicious forms of debt and makes financial affairs less of a burden.

Using cash can lead to happiness?

In this modern world of one thousand and one entertainments, it is easy to lose track of the important things in life. An extravagant spending lifestyle is often financed by debt, and getting rid of the debt and the credit can reveal how hollow this lifestyle is. A family that cuts back on spending has to improvise and find ways to spend more time together. This can improve the relationships between family members. By making the choice willingly, everyone approaches their common situation with a sense of being in it together.

Using cash promotes personal growth

Debt allows someone to live beyond his means. When this is embraced as a way of life, personal behavior tends to deteriorate. Getting rid of the debt, in addition to increasing personal and familial happiness, can result in self-improvement and personal growth. Debt is a tremendous temptation that can ruin inner self-respect and self-esteem. Society still remembers the days when debt was looked upon as practically sinful. Attitudes have moderated since then, but a remnant of the old stigma remains. Going cash only can have emotional, even moral benefits, if done appropriately and for the right reasons.



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