My Week of only Using Cash: Could a Return to Notes and Coins Change My Life?

Why It Matters

The story highlights the accelerating shift to cash‑free payments and its impact on consumer discipline, prompting merchants and policymakers to reassess the role of physical currency in a digital economy.

Key Takeaways

• Cash use fell below 10% of UK transactions in 2024.
• Physical wallets now carried by fewer than half of Britons.
• Week's cash spending totaled £183, far below typical spend.
• Cash‑only purchases forced avoidance of many digital‑only services.
• Tactile payment increased price awareness, reducing impulse buys.

Pulse Analysis

The author’s week‑long cash‑only challenge arrives at a tipping point for physical money in Britain. In 2024, cash accounted for just 9% of all transactions, a historic low that follows a steady decline from 34% in 2017. Industry forecasts from UK Finance predict notes and coins will represent only 4% of payments by 2034, reflecting the rapid adoption of contactless cards, mobile wallets, and online checkout solutions. Gecsoyler’s experiment provides a micro‑lens on this macro trend, showing how the removal of digital convenience reshapes daily budgeting.

Behavioral economics explains why the tactile experience of handing over notes curbed spending. The physical act of parting with cash triggers loss aversion and makes price pain more immediate, a phenomenon scholars like Shankha Basu link to reduced impulse purchases. Without the frictionless “tap‑and‑go” flow, the author consciously evaluated each expense, from grocery items to transport, and avoided high‑priced impulse items such as a discounted fragrance. This mental accounting reinforces the idea that cash can serve as a self‑regulation tool in an era of frictionless spending.

For merchants and fintech firms, the decline of cash presents both challenges and opportunities. Businesses that have already migrated to card‑only or app‑based payments risk alienating cash‑dependent customers, especially in sectors like small‑scale eateries or local markets. Conversely, the data‑rich environment of digital payments enables personalized offers and streamlined operations, driving efficiency gains. Policymakers must balance financial inclusion—ensuring vulnerable groups retain access to cash—with the push toward a cash‑light economy, potentially through hybrid payment infrastructures that retain a modest cash footprint while leveraging digital benefits.

My week of only using cash: could a return to notes and coins change my life?

By Sammy Gecsoyler

I’m lucky enough to squeeze a £20 note into the back of my phone case, the device I reflexively tap to pay for almost everything. But this week was different. After a reckless coffee‑and‑clothing spending spree made a mighty dent in my bank account, I decided I needed to take action. Self‑control was one option, but another, more drastic route was blunt‑force restriction: I would ditch contactless payments, along with debit and credit cards, and spend a week relying solely on cash.

After subtracting the lavish lattes and ASOS deliveries that had massively inflated my average weekly spend, I allowed myself £180 for the basics, including food and travel, and added an extra £20 for safety. The first task was to take out £200 in cash from the ATM. But what was my PIN? Thanks to contactless capabilities, I hadn’t used the combination in more than a year. Googling how to find it, I discovered I’d have to wait three to five working days for a reminder letter – that wouldn’t do. I headed to my local bank to explain my predicament.

“Have you got ID?” said the cashier.

“You can take out cash now,” he continued.

Perfect. I left the bank with a wad of £20 notes, feeling optimistic about my cash‑dependent week ahead.

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Day 1 – Starting balance: £200

A fairly strong gust of wind hit me as I clutched the notes, and I realised I needed something to keep the cash safe. I bought a flat, translucent pencil case at Tesco for just £1. While shopping I also picked up:

• 1 kg chicken – £7.90

• Three packs of Tilda microwaveable basmati rice – £1.05 each

• 200 g bag of tenderstem broccoli – £1.35

• 1 kg bag of porridge oats – £1.35

At the self‑checkout a staff member shouted “Card only!” so I queued at the staffed till. The cashier asked “Cash or card?” and I handed over my first £20 note.

Total spend: £14.75

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Day 2 – Starting balance: £185.25

I usually ride a Lime bike to work, but Lime only accepts digital payments. With 20 minutes before my first meeting, I realised I couldn’t use the bike. Buses in London have been cash‑free since 2014, so I rushed to a corner shop to buy an Oyster card. The card cost £10, which I paid with a £20 note, giving me £10 credit. The tube ride cost £2.80.

For lunch I wanted Nando’s, but the app only accepts card payments. I bought a quarter chicken with spicy rice and tenderstem broccoli for £12, ate it on the go, and later tapped in again on the tube (£2.80).

Total spend: £32

Image: Handing over cash over a pile of newspapers to buy an Oyster card (photo by David Levene/The Guardian).

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Day 3 – Starting balance: £153.25

I tried to buy a decaf caramel latte with oat milk (£4.60) at an upmarket café, but the barista displayed a “Card only” sign.

Shankha Basu, associate professor of marketing at the University of Leeds, explains that many businesses shun cash to reduce theft risk and handling costs. “You need to keep a till, and you need to make sure that at the end of the day, or the week, you physically go to the bank and deposit the cash,” he says. Card payments feel “much less of a hassle”. He adds that cash‑free payment makes consumers “think less about whether they need the product” and more willing to spend beyond their original intention.

I left the café empty‑handed and went to a greasy‑spoon where cash was still king. I ordered a black coffee with a splash of milk for £1.50. Later I bought a Tesco Finest meal deal for £5.

Total spend: £6.50

Image: Card‑only sign at the upmarket café (photo by David Levene/The Guardian).

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Day 4 – Starting balance: £146.75

I wanted a takeaway but most chain restaurants (Wagamama, KFC, Dishoom) only accept card payments via third‑party apps. I called a local takeaway that accepts cash and ordered chicken shish with chips and a drink for £11. The food arrived after about 40 minutes, with no delivery or service fees.

Total spend: £11

Image: Ordering a takeaway on the phone (photo by David Levene/The Guardian).

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Day 5 – Starting balance: £135.75

I went shopping in central London with a friend. After tapping my Oyster (£2.80) I spotted a fragrance on clearance, reduced from £180 to £90. Buying it would have left me with only £45.75, so I put it back, noting how physically handling cash makes the loss feel painful—a point Basu also makes.

Later I had dinner: a burger (£15) and three cocktails (£12 each). I tapped in on the tube, but the barrier wouldn’t open because my Oyster balance was low. I topped it up with a tenner just in time to catch the last train.

Total spend: £61

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Day 6 – Starting balance: £74.75

My sisters and I took a day trip to Rye, East Sussex. I bought a train ticket in person for £39.50 (a £1.99 saving compared with the Trainline price). We had ice‑cream (£3) and bought three books (£1 each) at a charity shop, paying with coins. Dinner was a pad thai for £10, paid entirely in cash.

Total spend: £58

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Day 7 – Starting balance: £16.75

I spent the day at home, eating the last of my Tesco shop. With a little over a tenner left in my makeshift pencil‑wallet, I consider the week a success: I spent far less than usual and thought about every purchase.

Cash accounted for only 9 % of all UK transactions in 2024—the first time it fell below 10 %—down from 34 % in 2017. A recent study found fewer than half of people in the UK now carry a physical wallet. UK Finance predicts notes and coins will make up just 4 % of all payments by 2034.

After my cash‑only week I feel a bit nostalgic for the tactile experience of paying with notes, even though my cards will soon return to the wallet.

Total spend: £0 (week’s end balance)