X
Why You Can Trust CNET Money

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners. Review CNET's ethics statement.

  • Money

This Money-Saving Hack Starts With an ATM on a Friday. Here's What to Do

A cash-only weekend strategy can help you tackle your credit card balance, one expert says.

Headshot of Dashia Milden
Headshot of Dashia Milden
Dashia Milden Editor
Dashia is the consumer insights editor for CNET. She specializes in data-driven analysis and news at the intersection of tech, personal finance and consumer sentiment. Dashia investigates economic shifts and everyday challenges to help readers make well-informed decisions, and she covers a range of topics, including technology, security, energy and money. Dashia graduated from the University of South Carolina with a bachelor's degree in journalism. She loves baking, teaching spinning and spending time with her family.
Dashia Milden
3 min read
dollar bills in a stack blown into the air.
Viva Tung, CNET/Getty Images

Weekend spending can add up quickly. 

We've all been there. On our days off, we tend to make more expensive and frequent credit card purchases.

That's where a cash-only weekend challenge can help. Because paying with cash helps us see money in a tangible way, it's a common method to curb overspending. During a cash-only weekend, you'll withdraw a predetermined amount in advance, and that's the only money you'll spend for 48 hours. 

According to Jen Smith, co-author of Buy What You Love Without Going Broke and CNET Money expert, these types of money challenges reduce decision fatigue because you're limiting your options ahead of time. "They improve awareness of the total cost of your spending and create natural boundaries without needing willpower or complex rules," Smith said. 

TikTok and Instagram are full of financial challenges, from no-spend months to revenge savings. A cash-only weekend is just one money-saving hack worth trying. Here's how. 

How a cash-only weekend works 

We often turn to challenges to help us reach our personal goals. Committing to walking 30 minutes a day or avoiding social media in the evenings can lead to healthy habits over time. The same is true when you put your credit card away for a set amount of time. 

If you're new to the concept, start small. Smith recommends picking one weekend on your calendar when you know you'll be able to follow through. Calculate for necessities like food and groceries, and then withdraw the additional cash you plan to spend on entertainment or recreation.

In an increasingly digital world where you can only pay by credit card or mobile wallet, tangible cash can feel like an ancient artifact. To adapt to this challenge in a cashless environment, consider putting spending limits on a debit card or opting for a prepaid spending card. 

However you do it, the challenge is likely to help you spend with more awareness, reduce impulse buys and 'feel' your money more, said Smith. 

Cash-only weekends could help with debt

Committing to a cash-only weekend will not only keep your spending in check but also help you tackle debt payoff.

Bernadette Joy, founder of Crush Your Money Goals and CNET Money expert, said that a cash-only weekend can keep your credit card balance at bay rather than letting it creep up. "I encourage clients to get into the habit of paying off their credit cards weekly, typically on Fridays, so that you're going into the weekend with a fresh slate," Joy said.

If you pay off your credit card balance before the weekend starts and don't make any new purchases, you can start chipping away at other debt instead of accruing new debt. 

How to know if cash-only weekends are working

Will a cash-only weekend transform your finances immediately? No. But instead of looking for short-term gain, think about how the challenge can have a long-term effect. 

"The savings you experience in a weekend are minuscule," Smith said. "The impact that consistent, sustainable habits long term is what truly makes a difference."

To know if you've been making progress with a financial challenge like a cash-only weekend, Joy says to look out for a couple of key signs. 

  • Your debt balances aren't going up
  • Your savings are increasing
  • You're making fewer impulse purchases over time
  • You don't feel drained financially after the weekend from everything you spent

"The best way to know if a cash-only system is working for you is if you stayed within the cash you budgeted: no cards, no extra cash withdrawals," said Alaina Fingal, a certified financial coach and CNET Money expert. "This will prove that you're building financial discipline and honoring your financial boundaries." 

About the Author

Headshot of Dashia Milden
Editor
Editor

Dashia is the consumer insights editor for CNET. She specializes in data-driven analysis and news at the intersection of tech, personal finance and consumer sentiment. Dashia investigates economic shifts and everyday challenges to help readers make well-informed decisions, and she covers a range of topics, including technology, security, energy and money. Dashia graduated from the University of South Carolina with a bachelor's degree in journalism. She loves baking, teaching spinning and spending time with her family.