Sounds great but there is a problem with that strategy, if you never borrow you will never establish a "credit history". If you really need money (health emergency, car falling apart, fire damage to the kitchen, &c, &c) you'll find it hard to find lenders who will trust you to pay it back on time.
A better strategy is to limit yourself to one or two credit cards. Use them regularly for everyday things (gas for the car, groceries, things that you need and can afford). When the statement arrives, pay the entire balance before the 'due date' and you will not have to pay any interest.
If you are able, double up on your mortgage payments, the first payment includes interest, the second all goes toward reducing the principle. (cuts a 30 year mortgage to way less than 15 years)
If you follow through with this strategy you will establish a credit history with a "triple score" in the 800 range and you will have preferential treatment from financial people (bankers, loan officers, &c) who will now look at you as a favored customer.
Regards,
GtG
PS I have followed this plan since I was 18 and now I can borrow at 1% under prime rate if I want to buy a new car.
As I said, Dad didn't believe in credit — paid for everything by cash or maybe a cashiers check or money order. However, when I had my bathroom remodeled last year and wanted to just pay the bill with my savings, I couldn't do it. The remodeler kept trying to get me to finance and I refused. They thought I was nuts. Finally, we agreed that I would get this no interest VISA card through the company's lender. The job was charged to the credit card and when the bill came in (after the job was done to my satisfaction), I paid it. Companies like that can't comprehend anyone not financing a big ticket purchase.
By the way, I've since cut up that VISA card and just use the one I have.