Some people say “cash is king”, but one of the biggest changes I’ve made in recent years is that I don’t carry cash anymore.
That’s partly because I used to have a bit of a drinking problem, until I got sober in 2019. I’d go out drinking most nights, often making several ATM withdrawals, as most of the pubs I drank in at the time were cash-only.
There were mornings (or afternoons) when I’d wake up with £100 still in my wallet. Other times, my wallet would be completely empty, only to check my bank and find I’d withdrawn £100 the night before.
One day, I decided that enough was enough, and I needed to quit drinking. It wasn’t easy, but one of the changes that helped me to stay on track was my refusal to use cash at all.
If I didn’t have cash on me in the first place, it’d be a lot harder for me to get drunk at the pub, and that was the first step towards me getting sober.
I’ve been cash-free ever since, but there are even more reasons why I don’t carry cash.
1. It’s Harder to Track Spending With Cash
When I use my card, all my transactions are on display in my online banking app. I can scroll through my bank statements and see exactly where my money went.
Cash leaves no trace unless you manually log everything you spend. I’ve tried that before and it’s not fun. If you don’t write down every little thing you spend at the time you spend it, you’ll surely forget to include something.
Keeping things digital makes me more aware of each transaction I make, as I can just look at my online statements and see everything in front of me. I have a clear picture, which helps me to budget better and make better decisions.
2. Holding Cash Makes It Easier To Impulse Spend
I don’t know about anyone else, but I always felt like if I had cash in my wallet then it needed to be spent.
Whenever I withdrew cash from an ATM, it was with the intention of spending it.
When I went to Amsterdam in 2024, most of my spending money was in my Monzo account. What I like about Monzo is that they don’t charge any fees for using your card abroad.
Sign up for a Monzo account here and get £5 free.
This meant I didn’t need to exchange much of my cash into Euros, but I still got some, just in case of emergencies. You never know what could happen in an unfamiliar place.
However, my cash soon disappeared, as I found myself spending just for the sake of it. If that money was on my card instead, I would have been far less likely to spend impulsively.
3. If You Lose Cash, It’s Gone Forever
This might sound obvious, but if I lose a £20 note, I’m not getting it back.
That’s a big downside with cash, it’s completely untraceable. And while some people may prefer it that way, it’s a main reason I don’t carry cash. If I lose it, then it’s gone. There’s no way to recover it, and no proof I ever had it in the first place.
However, with a debit or credit card, if it’s lost or stolen, I can freeze it instantly. Most banks will refund you for any fraudulent transactions (up to a certain amount), and your money is protected. There’s a safety net, and that peace of mind makes a huge difference.
I Get Why Some People Prefer Cash
Even though I personally don’t carry cash, I do understand why some people still prefer to.
For starters, there’s the privacy aspect. When you pay with cash, there’s no digital trail. Some people just don’t like the idea of every transaction being tracked or recorded, whether that’s by the bank, the government, or just another app collecting data. I get that, there’s something reassuring about knowing that your spending isn’t being watched.
Then there’s the control factor. If all your money is digital, you’re basically relying on your bank to function properly. If your card stops working or your account is frozen for any reason, you’re stuck. With cash, you’re not dependent on technology or the banking system.
Also, for some people, spending cash feels more real. With cash, you can see it and feel it, and it’s a lot more tangible than simply having money in the bank.
While I understand these points, I’ve still found that going cashless has worked better for me. Everyone handles their money differently, you’ve just got to find the way that suits you the most.
Final Thoughts
I know there are people who prefer using cash, and I understand why. Some people don’t trust banks and would rather have their cash on them at all times. Cash feels more real and tangible than money in the bank.
But for me, everything is easier to track by not carrying cash and using my card instead. I’m less likely to spend on impulse, and if I lose my wallet, I can simply freeze my cards and move forward.
It’s not for everyone, but it works for me.