I Switched To Only Using Cash, & Here's What Happened To My Finances

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In this episode of The TFD Test Lab, host Jazmine attempts a cash-only spending challenge to stay under budget and save money. Here's what she learns!

In The TFD Test Lab, we're sharing real-life experiences challenging ourselves to live better, more budget-friendly lives. Whether through attempting a no-spend challenge, switching up a budget system, or tracking progress on a new healthy routine, we'll be highlighting all the risks *and* rewards of frugal living.

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[enzikay]

I've done this before, but I learned I actually spend less with a card because I tend to view cash as "free money" where as I have a pretty strict budget with my cards.

[ask_why]

If a company doesn't want my cash - they don't need my business.

[aerodash]

I used to use cash envelopes for budgeting. So cash for gas, food and having fun money. It was pretty great because if I was ever under I'd roll it over. However, since the pandemic a lot of places I usually go aren't accepting cash or needs exact change. It's a great strategy if you can do it, but I've had to just to keep a closer eye on my account until things improve.

[momacdonald]

It's so hard to use cash by me, but I've starting writing down each day what I have spent. I've found it helps make me think a bit more about spending when I know I'll be writing it down. Writing it feels a bit like a report card or something. ;-)

[katesage]

What about the points and rewards one gets by paying with their credit cards? 🤔

[rosemary]

when i used mostly cash i actually was stressed out a lot, accidentally spending the money i needed for something else. now that i only use card, and only have some cash on me just in case, i always know how much money i have. i also just write down my expenses in an excel spreadsheet, so that i know how much i spent on what

[wohooky]

paying with cash is one of those things that feels illegal but isn't

[historylass]

Here in Colorado in the last several months I've seen lots of signs at stores and restaurants saying that there's a coin shortage and they will only take cash if it is exact change.

[bushcrafty]

Digital cash looses its value very quickly

[juchuva]

I always use debit card but i moved to canada and seems like theres things you cant do without a credit card herw 😮

[fiqzkbr]

Personally i use card over cash and I’m trying to change that, I noticed i tend to spend more when I’m using credit card which ruins the budget i made for the month, not to mention that it feels much easier to spend more on useless stuff and Want’s instead of need’s when not using cash, however I’m struggling to find the perfect way to manage my saving accounts, I’m still a college student trying to reach financial freedom before graduating hope i make it😅

[michaelrobinson]

the first two minutes of this is a commercial, so you lost my interest!!!

[ML-zbgq]

I like the idea, but the $20 on groceries is unrealistic, at least for my preferences. I know some people can eat pasta and marinara sauce everyday. But if you want to have a more balanced diet, you need your protein, your veggies and your fruit. I would rather spend a little more on a “home dinner date” with my hubby then on entertainment. But hey, that’s the beauty of it, I totally get that many need to go out and have a different activity to disconnect. Not judging anyone. For the record, we live in Florida and as a couple we spend around $80 per week on groceries (that would be $40 each)

[MrsTeawithmilkplease]

I pay everything I can in cash. I find it more convenient and I don't like the idea of all my purchases being recorded. I am from Austria and paying cash is very common. I have never heard of a store not accepting cash but often of someone not accepting cards.

[mahoganyhart]

I've been trying this out lately after having a period of problematic spending, and it definitely works for me! Having cash just makes me wayyy more aware of how much money I actually have to spend and how often I mindlessly swipe/charge my card for unnecessary purchases. It also forces me to think about making online purchases because I actually have to go to the atm and deposit money to buy something that isn't necessary lol. Of course there are some drawbacks but it truly works to control spending

[danidani]

I want to buy an envelope wallet it helps to divide your cash money for, lunch, gas, parking etc

[gorgeous]

In the Netherlands nobody is using cash??? who told you that??? 🤣😂🤣😂🤣off course people use here cash everywhere! 😁

[erineccentric]

While I appreciate that cash helps limit spending, many financial services do not lend themselves to paying cash. For example, I am paid via direct deposit, and all my bills are auto-pulled from my account. I don't even know how I would pay my mortgage or bills in cash. Cards also protect you from theft. If your cash is stolen, it's gone. If you card is skimmed or stolen, you can get that money back. I think you should carry at least $20 just for emergencies. Cash really is only convenient for groceries, eating out, and in person shopping. Still, i wouldn't want to be carrying around $100s of cash. This is my biggest criticism of the Dave Ramsey cash method. It's just not practical.

[cissyfox]

I've been doing this for a while. It really keeps you within your budget. But you got to stick to it. It takes a while to get it perfected. What sucks the most is buying gas. Also, don't keep all your cash on you all the time. If you are going to work, you don't need your grocery money on you unless you plan to go after work.

[andreamartineau]

I worry what a mostly cashless society means for homeless people trying to purchase things they need 😔