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Family Saves Money by Going Cash-Only For One Month

The Farhat family relied on nine credit cards, until Good Morning America challenged them to go credit card-free for one month in a test to find out if cash-only spending means spending less overall. They snipped eight of their nine cards to pieces and kept one card in their freezer in case of emergencies.

The family's 30-day challenge has come to an end, and the 24 percent savings they achieved compared to the month before is enough for them to consider permanently switching to cash. Because cash purchases require the forethought of visiting an ATM, the families' habits inevitably changed.

Marissa Farhat explained, "I don't have enough money in my purse to go buy this new dress or this new shirt that I want, so you don't even step foot in the store, because you don't have the money. You don't make all those extra purchases that you really don't need."


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