A mother focused on saving money successfully accumulated £1,370 by adopting a simple, consistent practice — she exclusively uses cash transactions.
Nicola Richardson, a teacher and mother of two from North Yorkshire, has adhered to this principle for the past ten years, transitioning to card payments only during the Covid pandemic when contactless options were favored.
“I stick to a weekly budget, withdrawing £130 to cover expenses ranging from groceries to fuel, household essentials, and everything required for my two children and cat,” she explains. “Avoiding card usage helps me resist impulsive purchases.”
At 39 years old, Richardson believes that cash transactions make money more tangible, contrasting it with the ease of tapping a card, which can lead to overspending.
“When I have only £50 in my wallet, I refrain from unnecessary purchases. I am not enticed by random items at Lidl because I lack the funds,” she shares.
“It’s a straightforward rule that has proven effective in curbing my expenses. It has become second nature to me over time, requiring minimal thought.”
As a mother of two boys aged eight and ten, Richardson emphasizes the importance of prudent budgeting. She manages to complete a week’s worth of grocery shopping for under £50.
Additionally, Richardson sets personal challenges for herself, such as committing to several “no buy” days each month. She has also introduced initiatives like “tenner Tuesday” and “fiver Friday,” where she saves notes in a binder.
Through last year’s penny challenge, which involved saving incrementally each day, she amassed £667.95 in loose change. In total, she saved £1,370, earmarked for household expenses and upkeep.
“I came across the fiver Fridays concept on TikTok and found it appealing because it involves small, consistent savings that accumulate over time,” Richardson remarks.
“By using cash, I always end the week with spare change. These challenges ensure that the money is put to good use rather than sitting idle. Consistency is key to successful saving.”
Richardson’s YouTube channel, NicolaatTheFrugalCottage, offers money-saving advice. Her tips include tracking every expense, setting tangible savings goals like a vacation fund, critically evaluating purchases, and engaging in popular saving challenges.
By adhering to these strategies, Richardson utilizes leftover cash for small indulgences like coffee or treats, steering clear of fleeting trends like Stanley Cups and Labubus.
“Social media often encourages unnecessary spending,” she notes. “Open conversations about money are crucial. We need to normalize discussions around financial matters.”
For Richardson, experiences hold greater value than material possessions. “Life is fleeting, and it’s essential to spend money on what truly matters to you, rather than on unnecessary items,” she concludes.
