‘I’ve saved so much money!’ Mum’s money saving tip could save you £250 a month

Bristol mum gives tip on how to save money

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The 52-year-old business owner is curbing her spending and making savings by only paying for things she needs with cash. She said it could help others who are struggling to find the extra money needed through the cost of living crisis.

When it comes to saving money, it’s often the old-fashioned methods which are the most effective.

A Which? study recently found people are choosing to use cash over cards to help them easily manage their finances and reduce their spending.

One of the main benefits of using cash is that it reduces your risk of overspending and falling into debt.

It helps people become more aware of their spending habits and stop spending once the money’s gone.

Sharon Lowick, 52, who runs vintage shop Frankie Loves Ava in Bristol, said it has certainly worked for her and she is saving around £250 per month – money which she needs to pay for rising food prices and soaring energy bills.

She told Express.co.uk: “My best money saving tip at the moment, and forever I reckon, is to stop taking my card out and start using good old-fashioned cash.

“I find it saves me so much money as I’m a little bit of a shopaholic I tend to not even go in some of the shops because I know I don’t need it.

“I only buy what I need so it’s really helping me – I’ve saved so much money and I’d definitely recommend it.”

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It’s working for lots of other people too – lifestyle blogger Becky Derbyshire previously told Express.co.uk how she paid off £8,000 worth of debt in ten years by adopting this method.

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.

“I love that it’s money I can see I’m spending, making it more real than paying for things by card.

“We managed to pay off our mortgage early by doing this – along with using a colour coded spreadsheet – to monitor spending.”

The good news is Britons don’t have to ditch online payments completely to benefit from this money saving tip.

Money experts like Ed Fleming, managing director at voucher code website Savoo said it can seem daunting but it does work.

He told Express.co.uk: ”“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.”

It’s a good idea to set aside a dedicated time and day once a week to take money out of one’s bank account.

He added: “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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