How to Shop Without Using Notes and Coins

‘Cash is King’ is a phrase often used by financial coaches as using cash is proven to reduce the amount of money we spend on a day to day basis. However, in these challenging times where we are being advised to reduce physical contact to limit our exposure to the pandemic here are 3 alternatives which will keep you in control of your finances and keep you safe in the shops.

1. Pre-paid debit cards, these do exactly what they say on the tin!

You load cash onto a card which can then be used in shops. The crucial point to remember is if you have not loaded money onto it you cannot use it, which is great when keeping a tight grasp on your spending. Another bonus is they are not subject to a credit check when you apply making it a straightforward process, also making them a great option for those with impaired credit.

Some of these cards are subject to fees for cash withdrawals or admin fees and so make sure to research which is the right one for you.

2. Separate Bank Accounts.

If you currently only have one bank account for all aspects of your life now may be a good time to split your day to day spending from the monthly bills. Having a living account which is separate from your bills account will allow you to have a clear view of how much money you have available to live on. Using a debit card attached to this account will allow you to keep on budget and still not use cash.

3. Use a credit card (not something you often hear me say!)

If you have a credit card with a zero balance and have a modicum of self-control, then you could use this whilst you want to be cash free. Using your credit card of course comes with a word of caution as you are likely to incur interest if you do not clear the balance in full each month. At this time I would recommend paying the credit card bill weekly to ensure you don’t incur any fees , in fact I have client who hops online and clears the balance as soon as she leaves the shop …… now that’s one way to make sure you never pay any interest whilst remaining safe and not touching cash at present.

Time to take action?

If you need someone who knows what to do, won’t judge you, and will ask those difficult questions and help you fix the problem – then please email me and let’s chat – email me now! chat@rachelrowley.co.uk

Let me help you Master Your Money and Live the Life you Deserve!