The 39-year-old is now mortgage and debt free because she stopped paying for things by card and started using cash instead. It follows a Which? Study which found that Britons are turning towards using cash over cards to help them easily manage their finances and reduce their spending.
When it comes to saving money it’s often the old fashioned methods which are the most effective.
That is certainly true for The Lifestyle Blogger Becky Derbyshire who paid off £8,000 worth of debt and her mortgage in 10 years by adopting this choice.
She told Express.co.uk: “I’ve been doing this for years – annoys my husband a lot as I’m always loading my pockets with various change and notes that end up going through the wash.
“Yes so I take out £400 at the start of every month and allow myself £100 per week maximum, although I often don’t even need that much.”
READ MORE: Santander ups interest rates on mortgages and savings
Now that the cost of living crisis is crippling people’s pockets, experts including Becky are recommending others try swapping cards for cash.
Ed Fleming, managing director at voucher code website Savoo told Express.co.uk: “Switching to a cash-only budget can seem daunting at first, but it is a great method for helping us to stay on track with our spending.
“It’s easy to scan our credit and debit cards, and even our mobile phones, at a check out, but using physical cash makes us realise how much things really cost and if we actually need it.”
The good news is Britons don’t have to ditch online payments completely to benefit from this money saving tip.
Ed added: “Not everything we need to budget for can be paid in cash, for example online bills, rent and mortgage payments.
“The first step to switching to a cash-only budget is determining what we can actually pay for with physical money, for example groceries, entertainment, eating out and clothes.
“You can then use the envelope technique to set yourself a certain amount aside each month for these expenses.
“Another tip is to set aside a dedicated time to take money out of your bank account.”
He continued: “Whether you prefer to start the week with a fresh budget or prefer to have everything laid out on the first of each month, sticking to a routine will help you to avoid overspending and taking out more than you really need.
“Budgeting with cash is also a great way to save in the long run, especially if you’re a user of buy now pay later schemes and credit cards.
“With shoppers having to pay interest if payments are made late, these methods can really hinder our saving efforts and even damage credit scores.
“Making sure to use cash in these instances is the best way to avoid overspending and spending money we don’t have spare at the exact time of purchase.”
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