Paper over plastic, using cash could help you save money

WILMINGTON, NC (WWAY)– Entering the new year, everyone wants to be financially smart. UNCW Economist Professor has a great way to get the start at financial success, paper over plastic.

Spending money is probably the easiest thing anyone can do, as currency can be inside a card or a phone.

Anybody can use credit cards to buy dinner, drinks at vending machines, or online shopping.

It’s a spending habit that many people don’t think about, says Dr. Mouhcine Guettabi, economist professor at UNCW.

Guettabi says using cash in the new year is a good psychological way to save money.

“When you have cash, it is a physical connection, and you may become more attached to that money.  It may make you think twice when ordering that fancy dessert, or whatever it is. Experiment with taking out a certain amount of cash on a monthly basis and using it as fund money”, said Guettabi.

Guettabi also says if you want to buy something, wait three days to see if you really need it.