We’re now living in a cashless society which is great for most purposes. You don’t have wads of cash or loose change bulking up your wallet.
Not carrying cash around has reduced the risk of losing it, leaving it behind when you need it or being physically robbed for it.
Removing this element means we’ve gone semi digital and now have debit cards, credit cards and contactless payment devices.
“This all sounds great but with anything new comes a set of new challenges.”
In this case the challenge is the risk of detachment from your money and an increase of bad spending habits.
Without the physical element of giving away cash to receive a good or service we don’t feel we’ve exchanged anything in order to gain.
You can easily get carried away with spending. By tapping away your contactless card while shopping, Apple Pay away your Costa Coffee and one click purchasing on Amazon.
Mix all that with monthly direct debits, credit card charges, subscriptions and other monthly expenses and you might lose track of what’s truly in your digital wallet.
“The solution is to go back to basics.”
Ok maybe don’t always carry cash around but have a budget and a separate bank account with a separate debit card for every spending.
Having a clear division in what you expect to go out every month and what money you’ve got left should reduce or eliminate any bad spending habits.
