Many young people are bucking cashless forms of payment as a way to control spending and boost savings
If you know anything about the food scene in midtown Toronto, you know about Albert’s Real Jamaican Foods. Their fall-off-the-bone chicken roti and oxtail curry are a thing of local lore around St. Clair Ave. and Bathurst.
Cash-only budgets have been touted as a saving grace against impulse spending for decades. But they’ve lost much of their zeal in a digitally-driven world. In fact, a recent report from Dalhousie University predicts that 26 per cent of Canadian grocery stores won’t accept cash in the next five years. And yet, many young people are going against the grain for the sake of savings.
As someone who doesn’t remember life without Apple Pay, a cash-only budget in 2023 seemed to me both intriguing and impossible. So, I decided to try it out for myself. On Day 1, I left my credit card at home and began my foray into a cash-only world. Almost immediately I met my first obstacle when refilling my subway pass. The machine had no interest in my creased $20 bill and the card terminal had activated my Apple Pay.
By Day 4, I felt acutely aware of how quickly the money was disappearing. Counterintuitively, my wallet got heavier as coins replaced larger bills. I had roughly $60 left. “Cash-only budgeting may be useful for decisions about important expenses, but there are many inconveniences involved: It’s time-consuming, risky and cash may not be accepted everywhere,” says Nikola Gradojevic, professor of finance at the University of Guelph.
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