SUE’S GUIDE TO Saving Money By Carrying Cash
Iwas asked the other day whether you can save more sticking with cash instead of cards – and yes, if you’re watching your spending then I reckon cash is the way to go.
Debit cards have overtaken cash as the most popular way to pay, according to research from UK Finance, which represents banks and financial companies.
But when it comes to paying in cash, we tend to consider more carefully before handing over the folding stuff rather than flashing a piece of plastic.
With contactless it’s all too easy to spend £30 in an instant, and it can be tricky to keep a record of all those small spends… unless you keep the receipts. You know what I mean – that impulse buy in Boots or a couple of coffees…
Checking your bank balance on a daily basis – which is super easy if you bank online – may sound like the easy answer, but contactless payments may not show up there for up to four days with some banks, which can play havoc with budgeting.
Are you serious about saving? Work out how much you can afford to spend each week after bills, and take out that amount in cash at the start of the week.
And of course once the money’s gone, that’s it – you have to wait until the next week, so you’ll be slower to part with it.
If you want to be super savvy, anything left at the end of the week can go straight into your savings account!