July 16, 2024

Athens News

News in English from Greece

Why Consumers Should Use Cash: It's the Best Way to Save Money

Using cash not only helps with the anonymity of the buyer, who doesn't want everyone at the Treasury to know what he's buying, but also helps him save money.

Two UK mothers are saving £166 a week (€193) just by changing their habits. Instead of paying by bank transfer, they use cash. As they told the Sun, this trick helps them significantlysave your budget.

Experts say the practice of handing over cash makes us more “cautious” when making purchases and helps us keep track of our spending. “This is a great trick to save money.”

Cassie Cooper saved £106 in a week by avoiding unnecessary spending. Her new budget was now £155.50. If she kept a budget like this for a year, meaning she cut back on card spending, the mother-of-two would save more than £5,512 over the course of a year.

“I budget now because I only have a certain amount I can spend, and when I use a card I tend to be pretty free with my budget.” She added: “I avoid two-for-one deals in supermarkets and buying unnecessary things like chocolate on the way home from work.” She also said: “I didn't buy anything I saw online because I would have had to use my card.”

Another mum, Laura Myers, saved £60 in a week by putting £120 in cash into envelopes to buy essentials such as food and petrol. The 44-year-old mother of two said: “I use my card so often that I’ve gotten used to it. It's like it's not real money. I definitely spent less in a week. Usually, if I go to the store to buy bread, I come out with a few extra things that I probably don't need. I only had £2.50 left this week and only bought bread. In a week I usually spend £80 on food and sundries, but I only spent £60.”

Laura saved money by avoiding what she considered unnecessary spending on small luxuries such as clothes and drinks: “I was much less tempted to spend money on unnecessary things, but I still had enough money left over to buy my daughter a chocolate bar or a treat after school if I wanted.”

Clinical psychologist Dr Marianne Trent told the Sun on Sunday: “When you pay with coins and bills, you feel like you're spending money. Whereas when using a card, you do not realize exactly how much money has been debited from your account.”

“Using cash allows you to be more careful and slows down the process. Are you with You're more likely to buy only what you need rather than everything you want.” he adds.

Many companies have noticed an increase in the number of people paying in cash, which is helping them better manage their budgets, reports a British newspaper.

“This is not surprising given that costs have increased. According to the data I read, some food prices have increased by 200%, but our wages have not increased that much. Many of us live with constant worry about whether we will have enough money to pay our bills.” adds the psychologist.

Worrying about money can cause a lot of stress and lead to all sorts of health problems, so any way you can take better control of your finances is good for your mental health.” she concludes.

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