Cheques and cash best for keeping track of spending

Wed, 25 Feb 2009

Using cheques and cash is the best way for people to keep track of their finances, according to one expert.

David Kuo, head of personal finance at Fool.co.uk, states that the increased use of electronic spending has made it difficult for people to rein in their spending.

"I think the cheque and cash are two of the best ways for people to control their finances, because it isn't just a wave of the hand or the press of a button that will allow you to spend money," he adds.

Mr Kuo says that new wave-and-pay credit cards could end up costing people a lot in the long run as up to £10 at a time can be spent on them.

He suggests that such payment methods take away people's ability to decide whether or not they want to make a purchase as taking cash out of their pocket and waving a card in front of a machine are very different.

According to statistics from Apacs, the UK payment association, there were just over 4.4 million cheques issued each day in 2007.
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