Living on cash alone.
I would like to know if anyone lives on cash alone, and if it is possible in this ever-increasing "plastic" world.
My wife and I, and our very young children, are pulling up stakes and moving to a city where her family is, and which is a lot closer to my family. We are going from $300,000/yearly income to $30,000-$40,000 yearly income. Money is nice, but family is nicer.
Right now, everything is paid for, no mortgage, no credit card debt, no loans of any kind. Currently, we spend on average $6200/month on everything from the telephone bill to European vacations. My limit on my Mastercard is $20,000 and on my unsecured line of credit is $70,000, which are paid off monthly in full and never carry a balance over to the next month.
When we move, our house will be paid for, and my retirement nest egg will be taken care of. I am 38 and my wife is 28 years old.
I hope this is enough background information, but not too much.
After being debt free for a while now, and living a relatively affluent lifestyle, we are very afraid of ringing up any kind of debt because of our low income. We want to live within our means.
Is it possible to live on "cash" only. We want to cancel our credit cards, cancel our LOC. We could get one of those Mastercards where you have to pre-load it to use it, for reserving hotel rooms, etc. Living on cash alone would ensure that we live within our means. Is there anything we should be considering?