Saving money is harder because sending money is easier now.

[Juse14]

A financial hack to spend less money, for say a week is for you to withdraw the amount of money you have to use that week and then avoid making any payment through your banking digital applications. There is a psychology behind this and why I think so is because if you withdraw cash that you need for the week and then have it at hand, you will not want to see that stack of cash go down very quickly so you will be cautious with transactions you make, but when making transfers using your mobile bank application, since you do not see a physical value of what you are spending, you can send out a huge amount of money and if feels like nothing because you did not see a physical representation. The ease of transferring money has made keeping money more difficult in bank applications, and also financial discipline harder to practice for some.

Have you observed this?

To be honest this comes back to yourself in assessing whether in the form of cash or paper money or just a count of the digits on the balance in your application, because if you count your money from every minute you use to work and make money, then you will have a different psychological to the number of money in your bank account.

A simple example that I can give, if you get an hourly salary of $10 and you work 8 hours a day which is accumulated in a 5-day week and the amount you will get is $400 in a week, then you think about shopping that is not your priority as much as $100, then the time you spend on it is 10 hours of your work, are you willing to use that $100 money to buy useless things or do financial activities that are not important?

I feel different when this concept of thinking is applied to myself.

[Mhizlove]

As days go by, technology advances, and we've moved past the era of stacking cash in hand, thinking we won't spend it all at once and that it will help us spend wisely. But saving is very difficult in the economy we're in now be it digital or physical money.For instance, earning a little amount of money or even bigger income, thinking you can spend it wisely, and you later end up spending the money even before you receive pay,the problem is not really what we earn but how disciplined we intend to be or how we control what goes out and comes in.

[Felicity_Tide]

The ease of transferring money has made keeping money more difficult in bank applications, and also financial discipline harder to practice for some.

Have you observed this?

Of course, I have to agree with this based on personal observations, but then again, I don't think having cash automatically fixes the problem either, based on those same personal observations. imo, humans are naturally wired to spend or change their habit of spending according to their income... It's almost like a natural form of adjustments. So, whether you decide to make use of cash or transfers, you're likely to spend according to what you have, except you've disciplined yourself enough to manage things. But there's no doubt that the ease that comes with mobile transfers also encourages excessive spending.

[YellowSwap]

A financial hack to spend less money, for say a week is for you to withdraw the amount of money you have to use that week and then avoid making any payment through your banking digital applications. There is a psychology behind this and why I think so is because if you withdraw cash that you need for the week and then have it at hand, you will not want to see that stack of cash go down very quickly so you will be cautious with transactions you make, but when making transfers using your mobile bank application, since you do not see a physical value of what you are spending, you can send out a huge amount of money and if feels like nothing because you did not see a physical representation. The ease of transferring money has made keeping money more difficult in bank applications, and also financial discipline harder to practice for some.

Have you observed this?

Maybe be it's you and some other people? I don't like having cash at hand because I will spend it easily, but if the money is in my bank account I have this mindset that I have nothing.

It's completely the opposite of what you've just said but I believe it has everything to do wihk personality, I don't feel like moving money or spending them because it's in my bank account, hell no.

I will surely spend if I have them at hand, and this is why I don't like withdaing some cash and keep holding them in my pocket or having them under my mattress, we are not the same and it's pretty understandable.

[Bright0515]

It has become extremely easy to run bank transfers, now we have online or micro finance banks that makes it convenient to send money, buy data and access other services easily, this has made saving money very difficult. This is the reason why I don't recommend anyone saving money in their bank account, it is better to either lock it up or put the resources that you have into an investment, if the money that you have isn't making more money for you there's no way you can multiply what you have because you are only going to keep on spending.

[GeorgeJohn]

but when making transfers using your mobile bank application, since you do not see a physical value of what you are spending, you can send out a huge amount of money and if feels like nothing because you did not see a physical representation. The ease of transferring money has made keeping money more difficult in bank applications, and also financial discipline harder to practice for some.

Have you observed this?

This actually happen when you dont have limit of what you want in a week....if you have a budget weekly you will not spend extravagantly, even though you have your funds on a mobile application or in physical...from my perspective, spending huge amount of money is depending on daily and weekly needs of individual...

I dont see money at hand as means of spending lesser than the one you transact or transfer with a mobile application, huge  money in physical is as same huge in your bank....but i can see that based on your narratives, you think it's safer to spend with physical money than digital transfer...

This is based on individual understanding in controlling and handling money...someone who is a spender can even spend more when it have it in physical than digital...

[Ummeettaa]

since you do not see a physical value of what you are spending, you can send out a huge amount of money and if feels like nothing because you did not see a physical representation.

But spending physical cash sometimes can be even more easier than the funds in the bank, although I don't know if it for me alone, I find it very easy to spend money when it's in cash than when it's in the bank.

Am sometimes even forgetful and confuse how my spending usually happens when am with physical cash,  to the extent of not knowing when the money finishes.

The ease of transferring money has made keeping money more difficult in bank applications, and also financial discipline harder to practice for some.

Even with transfer being easy and fast, it's even easier to me to save money in a bank than when it's in cash, because one can easily just transfer their money to a fixed account and won't have access to it till the due date.

With most people recently even using wallet account than commercial banks this days, funds can easily being locked in wallets, although there are fixed option that can be accessed, but there are also the one that can't be, so when one has made up their mind in what to use the saved funds for, they should be able to use the other option in the fixed account that can't be accessed till the due date rather than the other.

[Abdul Sami786]

Nowadays everything has become easier because digital methods are being used so much that instead of keeping paper money people spend money through digital methods and due to this people have become more aware that some people have money in their mobile phones and they borrow it from each other without asking.However when it comes to returning it people delay and their saving money system gets damaged.The same thing has happened to me. My acquaintances take money from me but when it is their turn to return it they refuse to give it.My personal opinion is that helping is a good thing but it is also not right to ruin their system.

[Taricoins]

A financial hack to spend less money, for say a week is for you to withdraw the amount of money you have to use that week and then avoid making any payment through your banking digital applications. There is a psychology behind this and why I think so is because if you withdraw cash that you need for the week and then have it at hand, you will not want to see that stack of cash go down very quickly so you will be cautious with transactions you make, but when making transfers using your mobile bank application, since you do not see a physical value of what you are spending, you can send out a huge amount of money and if feels like nothing because you did not see a physical representation. The ease of transferring money has made keeping money more difficult in bank applications, and also financial discipline harder to practice for some.

Have you observed this?

I tried this take and I was put into financial ruin, upfront it looks sustainable but cash always have the tendency to reduce faster than online transfer [just my take], I think to some extent it all has to do with mindset, if you feel you can save from yourself, you can do it but for me at this moment saving is becoming hard, harder than before because cost of living is now more expensive than income,

[Judith87403]

Let me shock you, I tried to withdraw some money in the bank and keep it in my room then manage it cautiously for a month, I kept it under my rug so each time I needed to buy something I will just put hand and pull out some cash, count the amount I want and then put back the balance in my hand but did you know that it didn't even get to a month and I have exhausted the money already. Whichever strategy you want to use to avoid spending money recklessly due to having easy access to it, it won't work if you don't apply financial discipline. You can't have a challenge that you want to sort out and you leave it unattended to when you already have the money. Make more money, you won't have to worry about your debits.

[trendcoin]

This is a great topic for discussing the field of behavioral economics. We often assume that we are logical and rational beings, but our behavior frequently suggests otherwise. Banks and financial institutions are well aware of this gap and exploit it to the fullest. In the real world, when making decisions, we cannot rely solely on logic; we are also influenced by emotional and social factors. That is why we encounter this and similar topics time and again.

[Rockstarguy]

A financial hack to spend less money, for say a week is for you to withdraw the amount of money you have to use that week and then avoid making any payment through your banking digital applications. There is a psychology behind this and why I think so is because if you withdraw cash that you need for the week and then have it at hand, you will not want to see that stack of cash go down very quickly so you will be cautious with transactions you make, but when making transfers using your mobile bank application, since you do not see a physical value of what you are spending, you can send out a huge amount of money and if feels like nothing because you did not see a physical representation. The ease of transferring money has made keeping money more difficult in bank applications, and also financial discipline harder to practice for some.

Have you observed this?

If this actually work for some people then then it is a good one but what  i know whether physical cash or money in the bank app if you already set a limit of money which you want to spend in a giving time with discipline you will definitely manage it well without trying to tamper with money kept aside. Spending of money is all about discipline because their are some people that hsve already planned to spend their physical cash that is meant for expenses but they still lack that patience and at the end of the day they end up spending the money in their bank app through transfer.

[Proty]

There are people who may not spend much money when they have cash with them than when the money is in their account. This is because Spending Money from their account  won't feel like they are spending much . However, for me I spend more when I have cash with me because there are times that I may want to buy something but won't do so because am not with cash . I prefer having money in my account than cash, that's the best way I can manage how I spend my money.  I don't run unnecessary transactions unless it is something important but, with cash I don't think twice before spending.

[Don Saga]

A financial hack to spend less money, for say a week is for you to withdraw the amount of money you have to use that week and then avoid making any payment through your banking digital applications. There is a psychology behind this and why I think so is because if you withdraw cash that you need for the week and then have it at hand, you will not want to see that stack of cash go down very quickly so you will be cautious with transactions you make, but when making transfers using your mobile bank application, since you do not see a physical value of what you are spending, you can send out a huge amount of money and if feels like nothing because you did not see a physical representation. The ease of transferring money has made keeping money more difficult in bank applications, and also financial discipline harder to practice for some.

Have you observed this?

How does keeping physical money stop or reduce spending? In my opinion, I would say that physical money is easily disposable over money kept in your account, though its not always readily available. I don't think it's about physical cash or money kept in the bank, a person without discipline will keep spending carelessly no matter how much restrictions.

Financial discipline comes with strict scrutiny that some people cannot accommodate, but practice is always the best way to start.

[nara1892]

A financial hack to spend less money, for say a week is for you to withdraw the amount of money you have to use that week and then avoid making any payment through your banking digital applications. There is a psychology behind this and why I think so is because if you withdraw cash that you need for the week and then have it at hand, you will not want to see that stack of cash go down very quickly so you will be cautious with transactions you make, but when making transfers using your mobile bank application, since you do not see a physical value of what you are spending, you can send out a huge amount of money and if feels like nothing because you did not see a physical representation. The ease of transferring money has made keeping money more difficult in bank applications, and also financial discipline harder to practice for some.

Have you observed this?

The reason is that there is a psychological difference between these two payment methods, when someone pays with cash, they see the money leaving their hands and feel their cash on hand decreasing the process is immediately visible and more tangible, but when a payment is made via bank transfer, the process takes only a few seconds it’s very easy and straightforward which indirectly makes it easier for us to forget about it because the loss of money isn’t felt as acutely. In conclusion, the more tangible and visible the process is, the stronger the awareness of the loss becomes.

[HyperCodexV]

A financial hack to spend less money, for say a week is for you to withdraw the amount of money you have to use that week and then avoid making any payment through your banking digital applications. There is a psychology behind this and why I think so is because if you withdraw cash that you need for the week and then have it at hand, you will not want to see that stack of cash go down very quickly so you will be cautious with transactions you make, but when making transfers using your mobile bank application, since you do not see a physical value of what you are spending, you can send out a huge amount of money and if feels like nothing because you did not see a physical representation. The ease of transferring money has made keeping money more difficult in bank applications, and also financial discipline harder to practice for some.

Have you observed this?

Mobile phones have made spending money feel painless. Back then, when you needed to spend some money, you had to walk out of your house and transport yourself to where you will get what you intended to buy with physical cash and you had room for pricing or bargaining, but now the money is in a digital device and with a click of few buttons or few swipes, it is always ready to go. You can send money even in the toilet and it makes it feel like money is not a scarce commodity. The mobile phone has removed the double-thought situation because it is that moment of thought that gives room for "Why do I need to spend this huge amount on something I don't really need right now, Let me just save the money for something more tangible".

[JunaidAzizi]

So, the technology is now a headache for us. 😄 Well, that approach is the best, but what I am looking into is that withdrawing the money for the whole month is a better decision. I know how much I need for everything, and I can grab all the necessary items at once. Then, I keep the rest of the money safe in the locker. If I have all my monthly items, then I think there will be less money spent for that month.

[Donk1]

​Well psychologically that wouldn't stop your expenses to be more than the estimated amount of money you withdraw. Personally I like to believe that money at hand is way more spent than money in bank, but that logic is too vague. So in a general perspective either you withdraw or you leave it in your bank account, you will still make use of the money. Though I am not saying you are wrong theoretically, you are right. That said when it comes down to it, psychologically everyone starts to reduce spending whenever their money has reached a specific amount, whereby you will now start to manage it. So yeah that's all ....

[PolarCrypto]

A financial hack to spend less money, for say a week is for you to withdraw the amount of money you have to use that week and then avoid making any payment through your banking digital applications. There is a psychology behind this and why I think so is because if you withdraw cash that you need for the week and then have it at hand, you will not want to see that stack of cash go down very quickly so you will be cautious with transactions you make, but when making transfers using your mobile bank application, since you do not see a physical value of what you are spending, you can send out a huge amount of money and if feels like nothing because you did not see a physical representation. The ease of transferring money has made keeping money more difficult in bank applications, and also financial discipline harder to practice for some.

Have you observed this?

I completely agree with you. In my country, kids rely entirely on cards now, which makes it harder for them to appreciate the true value of money. Because of this, many people , myself included , intentionally give children physical cash. Holding actual money and seeing it decrease teaches them a lesson that digital payments simply can't.

[Josefjix]

.
Have you observed this?

I have observed this several times but this method no longer work again because mobile transfer is the new new means of spending money nowadays, almost everywhere in the world, ever since the '19 corona virus outbreak. It causes the new way of doing things from inside and not going outdoor anymore, so making transfer of money for goods and services became a new thing.

What I figured out is that, knowing fully well to only spend certain amount is week is sure while locking away other money elsewhere, keeping and agreeing within oneself to spend $10 a week from mobile app, if such a strong decision is made, then the possibility of maintaining discipline life through mobile transfer spending is sure.