Are we spending more with digital payments compared to cash?
By Anish Asokan
@RevivedWarrior (3853)
India
August 16, 2024 12:06pm CST
Digital payments including credit cards have made our lives easier. Transactions are faster, easier and best of all we do not need to carry cash wherever we go. Digital payments make large purchases convenient and more easier to handle.
Few of my friends pointed out that there were lot more impulsive purchases due to digital payments and credit cards in last few years compared to earlier times, when we had cash. There is not a big physical limit on what we can spend for digital payments which is not the case with hard cash. Since there is finite cash earlier, the spending used to be less.However, now that is not the case.
Add to that the rewards and offers provided by digital payments lure us to more spending. What i realized is we are spending more with digital payments than with cash as the latter is more tangible. Perhaps, we need to curb our instincts when it comes to digital payments.
So, are you spending more with digital payments comapred to cash?
7 people like this
7 responses
@kaylachan (84757)
• Daytona Beach, Florida
16 Aug 24
Digital cash isn't limitless. You can only spend what is on your credit limit, or what is in your bank account. If you know how to spend your money well, then you won't over spend. And, I'll admit I'm guilty of over spending, myself. I think I'm not alone in this. But, I also know how to be aware and not spend more then I can pay off.
2 people like this
@RevivedWarrior (3853)
• India
17 Aug 24
Most of us are guilty of overspending due to our impulsive nature. Thanks for sharing your thoughts!
@kaylachan (84757)
• Daytona Beach, Florida
17 Aug 24
@RevivedWarrior I've never been that impulsive.
2 people like this
@porwest (112812)
• United States
20 Aug 24
@RevivedWarrior That is part of what separates the rich from the poor of course.
1 person likes this
@RevivedWarrior (3853)
• India
19 Aug 24
Not everyone is disciplined and respect money. Thanks for sharing!
@RevivedWarrior (3853)
• India
17 Aug 24
Yes, most of us overspend due to our impulsive nature and digital apps are easy on us when it comes to spending. Thanks for sharing!
@just4him (323168)
• Green Bay, Wisconsin
17 Aug 24
@RevivedWarrior You're welcome.
1 person likes this
@RevivedWarrior (3853)
• India
17 Aug 24
Thats a great strategy in curbing the expenses. Thanks for sharing that tip!
@Deepizzaguy (122122)
• Lake Charles, Louisiana
16 Aug 24
I spend buying items that I need by digital methods from either Ebay or Amazon than using cash to buy items from a store.
1 person likes this
@Deepizzaguy (122122)
• Lake Charles, Louisiana
17 Aug 24
@RevivedWarrior I do have a curb on spending since the money I earn goes to feed my relatives.
1 person likes this
@RevivedWarrior (3853)
• India
17 Aug 24
Hope, you have a curb on your unwanted expenses. Thanks for sharing!
@RevivedWarrior (3853)
• India
25 Oct 24
Well, you are definitely disciplined then. Thanks for sharing!
@ptrikha_2 (49753)
• India
16 Aug 24
In some ways, it is true.
Especially with increasing Credit & EMI utilities and options that are available.
Yet with the right discipline, we can keep things within control.
Problem is that the discipline needs to be consistent and with a strong mind.
That takes a lot to achieve.
1 person likes this
@RevivedWarrior (3853)
• India
17 Aug 24
Financial discipline is what we need and you have it spot it right! Thanks for sharing!
