Why you need to break up with cash

Why you need to break up with cash

Working adults with busy lifestyles are always on the go and often lose track of the little things which matter.

Perhaps you have already forgotten what happened to those three fifty-dollar bills you had at the start of the week. Or perhaps you like to free your wallet of all the heavy coins it contained, only to forget about the spare change you left behind. 

If you are relying exclusively on cash for everyday spending, you could be making a larger dent in your finances than you think.

In a recent study, it was found that people lose an average of US$365 (S$457) a year in loose change.

The Visa Payment Attitudes Study also found that the same amount of money lost or forgotten is equivalent to 6.5 grammes of gold. The same amount can be used to support a family of four in Bangladesh for a year.

Singapore topped the list of 11 countirs surveyed, with a total of US$656 (S$821) lost in forgotten cash each year.

So how do you get out of the cash trap? Here are four key points you should keep in mind.

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