Nicola Richardson, who is a teacher and mother-of-two from North Yorkshire, has followed the same rule for the past decade — only carrying cash. She also takes part in money saving challenges and doesn’t splurge on trends.
Nicola Richardson saved over £1,000 last year by only carrying cash – a habit she formed over 10 years ago.(Image: Cover Images)
A mum on a money-saving mission managed to save £1,370 with one simple, consistent habit — she only carries cash.
Nicola Richardson, who is a teacher and mother-of-two from North Yorkshire, has followed the same rule for the past decade, only adjusting to using her card during the Covid pandemic when contactless payments were preferred.
“I work to a weekly budget, withdrawing £130 to cover everything from food to petrol and household items plus everything I need for my two boys and my one cat,” she says. “Not using a card prevents me from making impulse buys.”
Richardson, 39, says using cash makes money “feel more real” whereas tapping a card is too easy and allows people to get “carried away” with their spending.
She said: “When I know I only have £50 in my purse, I don’t buy random things that I don’t need. I can’t be tempted by the Middle of Lidl because I don’t have the money on me.
“It’s such a simple rule that really works and it definitely stops me from spending so much. I’ve done it for so long that it’s the norm now. I don’t have to think about it anymore.”
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As a mum of two boys aged eight and ten, Richardson has to be smart about budgeting. She manages to do an entire week’s food shop for under £50.
Richardson also sets herself challenges. She tries to commit to “no buy” days as often as possible. For January, she’s aiming for 25. She also implements tenner Tuesday and fiver Friday where she removes notes from her purse and puts them in a binder.
By taking part in the penny challenge last year — saving 1p on January 1, 2p on January 2, and so on — she saved up £667.95 in loose change. Overall, she set aside £1,370 which she can use for household bills and maintenance.
“I saw the fiver Fridays on TikTok and really liked the idea because it’s not a big amount, but it is consistent and by the end of the year you have £260 saved which you probably wouldn’t even miss otherwise,” Richardson says.
“And because I use cash, there is always change at the end of the week. The challenges make sure it doesn’t just sit there, rather it goes into something positive. It’s that consistency over time that makes it work and helps you to save.
“They are quite simple but you end up with a significant amount of money by the end, which you could use for a holiday or some other treat.”
Richardson has a YouTube channel, called NicolaatTheFrugalCottage, where she shares her money saving advice. Some of her top tips include making note of every purchase and expense, have a goal you want to reach such as a holiday you’re saving for, to think hard about everything you want to buy, and try out some of the popular saving challenges.
Following these steps means Richardson can use leftover cash for little luxuries for coffee or treats. But she stays away from trends like Stanley Cups and Labubus.
“Social media plays a big part in people getting carried away with buying things they don’t need,” she says. “Being honest about money is really important. I think we don’t talk about it enough.
“People need to know that it’s okay not to live in a mansion and have all these things, because that’s not the reality for most people.”
Richardson says memories are more important to her than buying stuff. “Because we only get one life,” she says. “And it goes quick enough as it is. Using your money for what you actually want, whatever that is, rather than buying things, will make your life better in the end.”
