Responsible cash management starts with how you pay for transactions. This article provides some interesting examples of reasons to carry some cash, some credit cards but not too many of each. I would add that if over-spending is an issue for you, a higher amount of cash and less reliance on credit cards or digital point-of-sale options would be preferable. The article supports this strategy perfectly; quoting from Boston University marketing professor, Nina Mazar, “the emotional impact of spending bills is greater than paying with a phone or credit card”. It will be interesting to see what impact of digital options such as the Apple Wallet will have on household discretionary spending.

As wallets get thinner, here’s what you shouldn’t leave home without.