Cash or cashless to help control spending (2 Viewers)

[Evo1883]

I'm looking at ways to save money , and one of the ways I think I will spend less is to take some cash out and spend that only until its gone rather than mindlessly pay for everything contactless which I feel gives you a false sense of your wealth ( buy anything without thinking )

Anybody do anything like this or is everybody literally cashless at all times

 

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[wingy]

I'm looking at ways to save money , and one of the ways I think I will spend less is to take some cash out and spend that only until its gone rather than mindlessly pay for everything contactless which I feel gives you a false sense of your wealth ( buy anything without thinking )

Anybody do anything like this or is everybody literally cashless at all times

While you can get cash!!

 

[Evo1883]

While you can get cash!!

I understand at the arena etc I can't spend cash , but I feel like I'd spend LESS in general if I had cash to use

 

[Nick]

I just use my card, barely carry cash now but it is dangerous if on the beer and just happily whacking your card off the machine not even knowing what is getting spent.

Issue I have with cash is that if I want to buy something for a fiver, I need to get a tenner out so the other fiver will just get wasted anyway.

 

[wingy]

I understand at the arena etc I can't spend cash , but I feel like I'd spend LESS in general if I had cash to use

Do you think it's inflationary? Seems so for me?

Not questioning the transaction.

 

[ccfcno9]

I use cash probably because I'm over 60 and most of my working life I've taken a fixed amount out once a week(pocket money), the rest of my money went to the household and cost of raising 3 kids.
I've never been a prolific saver but always managed to pay the bills doing this and had a little for unplanned events.
I still start with the same amount every Saturday, use the larger notes with every drink I buy then use whats left throughout the week, It could buy me lunch at work or a take out one evening, occasionally I've got some left so take out less for oncoming week.
Each to their own though.

 

[Sick Boy]

I mostly pay for stuff day to day in cash and only tend to use a card online. I think you’re more aware of how much you’re actually spending when using cash.

 

[shepardo01]

I'm looking at ways to save money , and one of the ways I think I will spend less is to take some cash out and spend that only until its gone rather than mindlessly pay for everything contactless which I feel gives you a false sense of your wealth ( buy anything without thinking )

Anybody do anything like this or is everybody literally cashless at all times

Used to do this when I was a lot younger, like you said, to control what I was spending.
Didn't do it all the time, but if I was running short during a month - I'd take cash out relevant to what I had left in my account and spend accordingly - these were the days of ridiculous overdraft charges!

 

[skybluecam]

At one point I opened a secondary account with Monzo for a similar purpose - transferred money in from my main account and once it was empty transactions would bounce. Good way of limiting your spend while retaining the convenience of card/contactless.

 

[fernandopartridge]

At one point I opened a secondary account with Monzo for a similar purpose - transferred money in from my main account and once it was empty transactions would bounce. Good way of limiting your spend while retaining the convenience of card/contactless.

Yeah, i do something similar with Revolut to manage the shopping budget as it makes it easier to track and control spending.

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[100 miles from Cov.]

It is also possible to use both in shops. If I go food shopping and the total bill is £30 when I only have £20 cash in my wallet I will use that and put the rest on the card. Keep using cash every time you can as once it is gone it is gone forever.

 

[JAM See]

I'm looking at ways to save money , and one of the ways I think I will spend less is to take some cash out and spend that only until its gone rather than mindlessly pay for everything contactless which I feel gives you a false sense of your wealth ( buy anything without thinking )

Anybody do anything like this or is everybody literally cashless at all times

I used to try stuff like this and eventually realised I was looking down the wrong end of the telescope.

As soon as you get paid, bank 15% (or whatever you can afford) of your wages, preferably into an account with a decent interest rate.

It'll hurt initially, but you'll get used to it.

You can then spunk your current account, safe in the knowledge that you're saving some money.

 

[Seaside-Skyblue]

There are some great banks with good apps now which makes you more aware of your spend. In previous times, you would spend on card and then wait for your statement but now you can see what's in your account in real time, the apps alert you when you've spent, you can get limits set on what you send, you can assign your money to different buckets, you can see what you have instsntly. I don't know what bank you are with or if you make use of the mobile banking apps but with all the features of today, they could that help you become more aware of what you're spending rather than reverting to cash.

There's no perfect way and obviously different methods suit different people so the method you've suggested might work...no harm in trying

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[PVA]

My wife set up an account for us that automatically takes money out of your main account every week. You can set it up how you want, whether it's a tenner or 50 quid or whatever. And it self adjusts depending on how much you've got in your main account.

You don't really notice it going out the account at that low level, but before you know it you've got a big chunk set aside. I think we've got like 3 grand in the savings account now.

 

[Skybluefaz]

I've just started following this 50/30/20 method.

What's the 50 30 20 budget rule? | Equifax UK

The 50 30 20 rule is a budgeting technique designed to simplify your spending. We cover everything you need to know and how to use it.

www.equifax.co.uk

 

[hill83]

Moneybox. Think there’s another thread about it. Rounds up purchases to the nearest pound and put the difference in the savings account. It also automatically invests in stock and shares. You can setup a weekly payment and a payday payment in as well. Been doing it for a couple of years and barely notice it and have saved a decent amount.

 

[SBAndy]

Moneybox. Think there’s another thread about it. Rounds up purchases to the nearest pound and put the difference in the savings account. It also automatically invests in stock and shares. You can setup a weekly payment and a payday payment in as well. Been doing it for a couple of years and barely notice it and have saved a decent amount.

My only gripe when I tried that was that it didn’t take the rounded up amounts until a week or so later. Is it realtime now?

 

[Nick]

I use Monzo, when I get paid it will automatically split wages into bills, shopping, fuel, savings etc etc and then whatever is left I have for the month to spend. You can use virtual cards as well so have a "spending" pot and have the card for it on your phone.

As what Hill said, also rounds up to the pound and without realising save a fair bit of money.

 

[fernandopartridge]

My wife set up an account for us that automatically takes money out of your main account every week. You can set it up how you want, whether it's a tenner or 50 quid or whatever. And it self adjusts depending on how much you've got in your main account.

You don't really notice it going out the account at that low level, but before you know it you've got a big chunk set aside. I think we've got like 3 grand in the savings account now.

Yeah the Chip app is good for that

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[PVA]

Yeah the Chip app is good for that

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Chip, that's the one!

Couldn't remember the name of it.

 

[pitts head]

I have found the best way to save cash is to do online grocery shopping.
Plan out your meals for the week and only buy what you need.
No impulse buys while you are strolling around the supermarket.
There are always loads of offers on as well to encourage online shopping.
Free delivery passes, get money off if you spend a certain amount (eg £10 off if you spend £70).
Don't favour one supermarket. Sign up for all the supermarkets and use all of the offers.

 

[hill83]

My only gripe when I tried that was that it didn’t take the rounded up amounts until a week or so later. Is it realtime now?

Still a week later I think

 

[Nick]

I have found the best way to save cash is to do online grocery shopping.
Plan out your meals for the week and only buy what you need.
No impulse buys while you are strolling around the supermarket.
There are always loads of offers on as well to encourage online shopping.
Free delivery passes, get money off if you spend a certain amount (eg £10 off if you spend £70).
Don't favour one supermarket. Sign up for all the supermarkets and use all of the offers.

Yep that always helps too, click and collect if not delivered. Just rock up and get what you need.

 

[Sick Boy]

Looking forward to the year 2040 when Italy finally gets some of these apps.

 

[wingy]

Looking forward to the year 2040 when Italy finally gets some of these apps.

Is it delayed or something.
Mafia only deal in cash?

 

[Sick Boy]

Is it delayed or something.
Mafia only deal in cash?

I suspect there’s lobbying from the banks going on to keep it out - most people pay just to have a basic bank account and even to transfer money.

Most of the time if you’re paying cash in independent shops you don’t get a receipt and the card machine is usually ‘broken’ anyway, unless you’re a regular making a one off card payment. If you’re a regular and paying cash, you’ll get a small ‘discount’ for the ‘inconvenience’ though.

 

[Sky_Blue_Dreamer]

Is it delayed or something.
Mafia only deal in cash?

Yeah but they do offer you a deal you can't refuse.

 

[skybluejelly]

I was in Costa then other day ..and 3 lads came in , they all ordered flavoured lattes, a sausage sandwich each and a pastry, the lad at the back offered to pay and put it straight on his card ..it was over £40 ..all I could think of was if you had paid that in 8 £5 notes surely you would have seen how bad a value it was ..by just tapping your card in my eyes you don't realise how much your spending

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