Saving money is harder because sending money is easier now.

[Queentoshi]

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?

[BIT-BENDER]

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 world has passed this stage, if you are at least an adult with basic responsibilities this won't work because you will probably be spending more than you think.
I say this because the world is very digital right now, there are places you go and they tell you that they don't accept cash or you might be in a situation where you are far away from and the only solution is sending money digitally now you out yourself through the stress of looking for how to do that and this problem can come anytime of the day.

The best solution is not holding cash because aside the points I mentioned cash can easily get stolen or misplaced, you can have a designated account like for emergency fund, monthly or weekly expenditures and one for saving(although saving in fiat is not wise better to invest in assets)

[Livingleged]

Have you observed this?

Yes I would say the development of technology that made it possible to move money from banks to several institutions platforms has made it easier to spend money and harder to save across bank. Not just that even introduction of instant deposits from our conventional bank or even crypto exchange to gambling platforms have made it easier to burn money and harder to save.

I think the simplest way to save money and not worry that you’ll be tempted to transfer and spend them right now should be to be having it on assets like gold. bitcoin could also be another option where you have them on cold storage and watch only wallet that you could not easily sign them for transactions.

[letteredhub]

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 same can't be apllicable to everybody, indeed there is a psychological part of it that tends to lure people into spending more as long as their mobile apps are available and in the comfort of their homes they could make as many transactions not minding whether it's important or not, but there are those people who have consciously developed some sort of financial discipline and could control any urge that may want to lead to unnecessary spendings, such people can't be controlled by the fintech or apps because they are very conscious no matter the funds available to them per time, they are always resolved and can't be drawn into spending outside their budget for the day, week or month as the case may be.

[7juju]

If you withdraw the money you will need for the week and keep it at hand, and an emergency you never expected for came along the way, you will go and withdraw another one. You can only spend less money when your expenditures are lower than what you are making. If you have a problem that is bigger or equivalent than your income, you will hardly save money.

The money you are spending electronically are for solving problems guess, it is not something you are throwing around for no reasons. Either you spend it in cash or electronically it is the same thing. Nobody like spending money just for spending sake.

[Antidote47k]

I completely agree! There is thing called the Pain of Paying! When you spend money physically, you experience a more visible and immediate Sense of losing the money contrary to Digital payments which makes the experience less noticeable due to how quick and frequent the payment is.

For someone that’s struggling with impulse buying, withdrawing weekly cash is not a bad idea, however like Bit-bender said, cash isn’t very practical these days so putting them in a separate account is a better option then you can take a step further and possibly set spending limits to help curb overspending.

[Cryptomultiplier]

You made quite an observation yourself OP and I must say it's a good thought until you live in a neighborhood or have family members that always know you have cash lying around and keep tasking you for money until you have no option than to give them most times and then go back to make another withdrawal because you suddenly have something very urgent to attend to or find yourself in a jam where only real money and not an apology can get you out of.

Am just saying though, because in the country where I reside and with its economic situation, people know how to sniff out the cash in your pocket and try as much to benefit from it or else you might find yourself in a dire situation that may put your life and family at risk at some point or at the immediate moment.

That's why I prefer always going cashless with more than at least two traditional banking accounts and same for fintech banks, so that you have the luxury of spreading your funds and knowing how to even show someone your exhausted bank balance just so they believe your claims of not having funds enough to spare and even pity you enough to try and help you out.

[Spaceman1000$]

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 psychology to an extent is correct because people transfer money using mobile apps without physically feeling that they are supposedly losing money, unlike when you have cash at hand. However it doesn't really change much of a thing for me, this is because you can actually structure your expenses in a particular order, you have the list of groceries to buy at every month, you have bills to pay every month, so hence you structure yourself in that manner, whether the money is in your account or you have it physical, it's won't really change much as you are living a budgeted and a planned financial life structure.

[Gentle_Soul]

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?

You're correct on this I think you're making sense and that's the truth I can remember some times with me where even when I have some cash with me I will still have to use digital applications to make payments, I feel like the cash is not supposed to be spent carelessly but then I really do not feel it when making payments with digital applications it doesn't make me feel like am spending so it makes me want to spend more.
It is really easy for me I simply do a transfer without even realizing that am actually spending money I just spend at ease.

[Tungbulu]

I’ve also noticed this too. When people make payments with cash, you literally see the money leaving your hands so you’ll likely think twice before spending, especially on things that are not that relevant. But with money transfers, it’s way more easier to send money, that you don’t even know how much you’ve actually spent, not until you go back to your account to check your balance, and sometimes when you even look at it, you don’t even believe you’re the one who actually spent all that money, not until you calculate everything bit by bit.

[Emeraldo]

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?

This same thing happens to almost all of us that can relate to that kind of lifestyle. It is very easy to sent out money without any pressure to retain some of the money or spend less money for people or to buy something online. Having a stake of cash in the house will limit you to over spend especially when you are outside and you know that you don't have sufficient money in your account.
Anybody that have find themselves in this case should better change their money to physical cash to reduce how they will be spending money when they are outside for shopping or for flexing with friends and family.

[Faisal2202]

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 can't agree more with you. The physical appearance of what we are buying and giving makes a lot of sense and impacts our minds a lot. We see huge achievements and huge losses when something physical is gone, and that's the reality which somehow we have lost sight of.

When I bought a $500 phone for the first time, I sent funds online and felt nothing, literally nothing. The joy of buying the phone physically, opening it, and all that quickly covered that gap, and I did not care if I had just spent $500. So it's true that when we are making payments via online apps, we don't feel anything, and that's kind of not too bad because we should not attach our feelings to money but to the things we buy with it, like a gift for ourselves or for our loved ones. Money is just numbers. The feelings matter more.

[AprilioMP]

Since everything is digital now and transactions are so convenient—no longer requiring cash—it’s very difficult to control spending. One method I use is not installing mobile banking apps. By not having mobile banking apps, it helps me avoid unnecessary expenses.
The practice you mentioned at the beginning is exactly what I’ve been doing all along—I only withdraw cash using my ATM card in an amount I estimate will be enough for one week. Beyond that, I’ll wait until the following week.

[Die_empty]

Have you observed this?

There is the pain of spending when you pay with cash, which is somehow absent in online transactions. The convenience of using these online platforms to make payments makes it easier to spend more. Sometimes people don't check their online balance as they keep spending. But you can easily know how much is left in physical fiat. It is also easier to use online channels to pay for what you don't need than to use physical notes. Online shops always give discounts that could motivate buyers to pay for unnecessary items.

[bitLeap]

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?

In my country, Banking provides various options, namely there are bank accounts that can automatically use mobile banking and there are also conventional accounts that are special only using passbooks. Here you can be an option if the goal is to save means the second option can be chosen because it is not connected to mobile banking so you can focus on saving without worrying about making online application transactions.

[Inwestour]

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?

This could work if every family member follows this approach and feels responsible for the family budget. Because if the husband withdraws cash and tries to track and control expenses, while the wife doesn't do the same when it comes to the family budget, it won't help much. I agree that it's much easier to spend money when it's available on a bank card.

And what do you think about cryptocurrency, it's also much easier to spend because we can't really convert it into cash, isn't that right? Is cryptocurrency converted into cash essentially the same thing as cash, or is it actually more difficult for us to spend cryptocurrency? 

[Webutxo]

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 don't think mobile applications are the problem. If you look very well, when mobile applications for transfer are not available, there were ATMs everywhere, you can have access to cause. So people were spending the way they want. What happened now is the spending rate has increased because the price of things has increased, and if you are still earning less than what you are getting then, you will not be able to save any money again because you are spending 2X now.

What you should do as a peesn since you can't control an economy, get jobs and try to increase your earning potential. If you do thing, you might be able to meet up with the scale of the economy spending and be able to save some money.

[Bryan jessy]

This is the hack I have been working with for some time now and to be honest with you it saved me from unnecessary spending, once I get paid at the end of the month I usually take some amount I will be needing and save the other in my account and I try as much as possible not to temper the one I saved, one thing about making use of money you set aside through transfer is that a person will not know when the money becomes so short, it happened to me i felt so bad about it because I did not plan it well and when I went through my transactions history it was just all the little transfer I was doing unnecessarily that short it, ever since then I don't joke with my savings and if there is any reason I should it will be well planned and document.

[tsaroz]

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?

It's certainly easier to spend money now but its upto the individual if he saves or spends. Personally, I don't think I'm saving less or spending more but for most of the youth it might be difficult to save as they have less responsibilities. For me I get paid a salary and saves a fixed amount, excess of that is for my spending on anything I want.
When it was difficult to even withdraw money from banks, people used to keep a larger amount with them calculating how much they might need for the month. One way it restricted the unnecessary spending but it also made it difficult during emergencies.
These days, not only its easier to spend, people's disposable income too has increased, people are likely to order items and foods online even for the sake of curiosity than need. It might hurt their savings in long run.

[Royal Cap]

Have you observed this?

But in my case, this thing works the other way around. If I keep cash in hand it gets spent quickly. For example if I keep $10-20 in cash in my hand, then I spend it on unnecessary products that I don't need. For this reason I now try to keep as much cash in my hand as I need. And I keep the rest in the mobile banking application. This makes my extra money less expensive.
But yes, this method is not the same as what will work for everyone. In many cases, your method can work. That is, if you keep one money in cash a week, he will spend it slowly.