Saving money is harder because sending money is easier now.

[M47AK16]

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.

Well, yeah I did observe that but not the way you described it or the way you said it. I agree that it adds to your financial discipline if you separate the funds that you specifically need for the expenses within a week or a month and keeping the rest elsewhere so that you don't constantly see how much you have, because this will not make you have any urges of spending money on things you don't need to. However, I don't think it is necessary to have those funds as cash, because even if you have it in your bank account, you should still be able to do the same thing, it is just that you should keep a specific amount based on your general expenses, so that you can keep spending from it, and don't think that you have more so you should spend more.

I have observed that when we have more money at hand, we tend to spend more money even when we don't really need to. You should also notice that when you are earning less money, you still manage everything within that budget, but when you start making more money, you still don't get to save much from it even though based on your previous income, you should now be able to save a good amount of money and manage within the same budget, but you can't, because it's a psychological thing that when you have more, you adjust your lifestyle and things accordingly.

[Queen Julie]

I agree that mobile transfers have made spending money much easier, but I don’t think that’s the main reason people struggle to save. The cost of living is high, expenses keep increasing and things aren’t getting cheaper. Sometimes, people aren’t spending because they lack discipline, but it’s cause you have financial responsibilities.

However, I believe that saving requires self discipline. If someone genuinely wants to save , they can use an account with withdrawal restrictions or lock the money away for 6months . That way they’re less tempted to spend it.

[Abu-Naim]

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 this is working anymore because the world is now in a global village. In some countries, due to how their currency loses value, before you can buy anything reasonable, the physical cash you will need to have with you will be huge, and it is not safe to take big money around, because of that, transfer is better while you are about to purchase something for yourself instead of withdrawing physical cash.

To avoid spending unnecessary, do you maths and leave only the fiat you need on your bank app, leave the rest in Bitcoin or invest them in Bitcoin so that you will have limit if the money you will spend monthly or even weekly, it will be a better approach than having the fiat in your bank which can be affected by inflation, while Bitcoin will serve as investment and you can still make profit from Bitcoin.

[Franctoshi]

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 somewhat disagree with you, because I doubt if this is the cause of why it's difficult to save money nowadays, rather, I choose to say that, inflation is the core problem here and not whether you spend on cash or spend on transfer. Your purchasing today, is rapidly reducing against the goods and services, hence, it becomes difficult to have enough money left to save. Today Expenses now outweighs your income and whereas your purchasing power suffers.

[CryptopreneurBrainboss]

Have you observed this?

Sure, it's all programming as we are being programmed to make some decisions without we knowing, it's just like how every electronics has a beeping sounds and then we get rewarded for reacting when we hear those sounds just as we give rewards to dogs for doing what we want then train them  to a point we don't give the rewards anymore but we can give the command and our dogs still do what we train them to do.

That's exactly how we're been programmed and our money (how we spend them) is just one of those ways, since things went digital/cash less. We no longer have attachments to our money so we can let go of them without thinking but that isn't always how it used to be. This is exactly why money don't have any value again because everything is being inflated and we over spend on things that aren't worth it if we just give it a second thought but because paying is just a swipe away, we go ahead and do it without thinking.

The systems were designed intentionally this way to make us spend more, these companies have researchers that they pay to do experiments on people to get the best ways to take advantage of our gullibility with money without we knowing.

[ultrloa]

Have you observed this?

Sure, it's all programming as we are being programmed to make some decisions without we knowing, it's just like how every electronics has a beeping sounds and then we get rewarded for reacting when we hear those sounds just as we give rewards to dogs for doing what we want then train them  to a point we don't give the rewards anymore but we can give the command and our dogs still do what we train them to do.

That's exactly how we're been programmed and our money (how we spend them) is just one of those ways, since things went digital/cash less. We no longer have attachments to our money so we can let go of them without thinking but that isn't always how it used to be. This is exactly why money don't have any value again because everything is being inflated and we over spend on things that aren't worth it if we just give it a second thought but because paying is just a swipe away, we go ahead and do it without thinking.

The systems were designed intentionally this way to make us spend more, these companies have researchers that they pay to do experiments on people to get the best ways to take advantage of our gullibility with money without we knowing.

That's how social media and other things we see online manipulate us. If we are the type of the person always join on the trend. Most likely we will have urge to buy those nonsense stuff, just to feel satisfaction.

But if people pays close attention with their finances, also know how to react on things that they see online. They probably won't get bother to react on things nonsense and not helpful to them.

To many temptations now in online space, if people join on the system on which urge them they lose. But if they learn good discipline and learn to ignore, great chance that they can survive then will might not experience financial issues.

[Yeesha]

I agree that mobile transfers have made spending money much easier, but I don’t think that’s the main reason people struggle to save. The cost of living is high, expenses keep increasing and things aren’t getting cheaper. Sometimes, people aren’t spending because they lack discipline, but it’s cause you have financial responsibilities.

However, I believe that saving requires self discipline. If someone genuinely wants to save , they can use an account with withdrawal restrictions or lock the money away for 6months . That way they’re less tempted to spend it.

The high cost of productivity is one of the major reasons why people find it very difficult save for future use. Even if you have bank mobile app and you don't need the money, nothing will trigger you to withdraw it, but in a situation where you have so much responsibilities to cover you will be forced to withdraw the money through any means. Because spending money is easier is actually not the main reason why people are unable to save their money for future reference. Some people earn less with huge responsibilities on their shoulders and also the usual increase in the price of commodities, are part of the things that is preventing people from saving. People are not ignoring saving intentionally, but they are not stable enough to save their money. An individual who is financially stable will think about saving. Some people are even cutting down their expenses and prioritise the necessary ones to ensure that they are stable and also to survive hardship, so how would you expect someone to save for the future when they are not well balance/ comfortable with the situation of the present.

[Hewlet]

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?

Another key hack is to buy most item you usually spend money on in larger quantity such that you don’t necessarily have to buy things every now and then. It’s a sure way of reducing your daily expenses.

But the fact remains that you have to be a disciplined person for you to effectively manage your expenses . If you’ve withdrawn your money, you have to become disciplined regarding what you spend money on clearly distinguishing between your needs and your wants.

[Iconic_J]

I have observed this and this your pattern only works for someone who doesn't have any responsibility outside himself. For someone that has other responsibilities, no pattern or strategy in trying to conserve expenses would work.
The introduction of digital transactions in the banking industry has made it very easy to close out any transaction from any part of the world even online payments. As such, it is truly harder to save money, it takes a good level of money management skill and self discipline to do so.

[Ever-young]

I don’t know how true this is and at the same time I cannot call it a lie. This hack can actually work for people because for me, there is no possibility of this strategy working out, and as a matter of fact, I hate to hold physical cash because I don’t know how they  vanish. One minute i feel like I lost money and the next minute i do calculations I realize I’ve actually spent it all.

Personally, I save better when I’m cashless, because there are things I can easy get with cash but I’ll never want to do transfer on their behalf.

So I think the aspect of saving is personal and it varies among individuals, we just have to understand what really works for us and go by it be for me, this doesn’t work for me.

[Futurexxx]

.

Have you observed this?

I understand everything you said here, and I have been there before, I mean this experience of spending with ease since transfer is easier now than before, but  I now believe that it has more to do with self discipline and self awareness when it comes to spending money than anything else, because if you are actually disciplined and aware of your set goals financially, you will not want to go beyond your limit that was set by you, but if you are careless about it, without tracking your spending harbit, even though transfer is not possible, you can easily go to the bank and withdraw more money for consumption when you have finished spending the one your withdraw earlier, so self discipline, tracking your spending harbit and self awareness is the only way you are not going to lose focus on your spending harbit.

[Itz-prisigold]

Have you observed this?

In my opinion carrying cash is not actually a thing for everyone. I prefer to make transfers because I'm not really a fan of having or carrying physical money around.  And a person can still be mindful of how he or she is spending even while using a banking app, because you can check your balance and transaction history easily.

To me the question isn’t so much about using cash or digital payments, but about how discipline are we when it comes to spending our money. One thing I understand about spending is that, it doesn’t matter what payment method is been used, if that individual doesn’t have discipline when spending, then they will always spend carelessly.

[davis196]

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 use online banking and payment applications for more than 12 years and my spending didn't increase because of this. I'm a pretty financially responsible person and I keep my expenses under strict control. What makes saving money harder in the current day and age is inflation(including lifestyle inflation), not the convenience of payment apps. I totally agree that many people are financially irresponsible and some people are addicted to shopping and consumption. The ease of spending money via such apps makes things worse for those people, but I'm not one of them. Financial illiteracy is a huge problem and many people drown in consumer debt because of stupid decisions.

[iDEEMEE]

That is true because these days debits are way more than credits, but I think a better method of ensuring that you save better is having an auto savings set up on your bank app or site so that a certain percent is automatically moved to a fixed savings account everytime you get paid.

The idea of withdrawing to cash is not sustainable because if another need or emergency arises you’ll have no option than to withdraw more funds in other to solve your needs.

[Finebone]

That is true because these days debits are way more than credits, but I think a better method of ensuring that you save better is having an auto savings set up on your bank app or site so that a certain percent is automatically moved to a fixed savings account everytime you get paid.
 

You made a very good suggestion here by the automatic saving plan that cannot be withdrawn anytime you want, but if an individual lack control in spending money, he will still not keep to the plan because after he might has been frustrated by the bank once or twice, because he was unable to get cash when he wanted, he will no longer follow through that plan again because he will not want to experience such frustration again.

 I have come to understand that making a plan is one thing, and keeping to that plan is another thing, so self control and discipline is needed before this plan that you suggested will work, if not it's nothing but a wish.

[Prince patrick]

Very true, but let me say something. The world has really changed, many people will spend more if they withdraw money and keep at home, for example me, I can easily buy things when I have cash. Because when you have cash there is always this mentality you will have."something has to be in the pocket of my pants or trouser". But when you don't store cash at home. You won't think about this things. When you have cash store at home. It can easily get stolen, it can easily get wet, it can easily get destroyed by rodents and ants. And you will end giving money to every begger you meet at the roadside.. when you buy things with cash, you easily leave the change behind.

[YOSHIE]

Have you observed this?

Of course, observing a situation like that, it could be said that there is a very big difference between today and the past. In the past, maybe when we were dealing with money, we had to go to the bank, Now it's no longer impulsive transactions that can be done in a matter of seconds, situations like that make it a little difficult for people to save money in general, times have changed to the digital era.

In addition, with the conditions around us in the digital era, it is very easy and there are many distractions and FOMO, so many people access shopping without wanting to or planning it, so there is laziness in saving.

[DiMarxist]

In contemporary times almost everything we do has to do with making online transactions so I don't really think that this is going to be of any much effect. Money is harder to save for some people because they are not really disicplined enough to save. If you are really serious about saving there are certain measures that can be taken to make sure that you don't overspen, majority of these online banks have an option for people to save money for a specific period of time till when they are ready use the money for what they need, you can simply lock an amount of money from the amount in your bank account and then save the rest, this would remained and unnacessiible until the time that has been set. This is something that everyone dealing with online banking should know. This is the reason why I said savings is a matter of discipline.

[Obim34]

Have you observed this?

What about cases where you have to spend money on someone at a far distance, which demands sending money through online banking? I also see points from your observation, but it is more efficient where part of the budget for the week is held as cash while the rest can be kept in an online bank. Overall, what I see as most important is being able to stay within your expense budget for the week, with or without cash.

[Altryist]

What about cases where you have to spend money on someone at a far distance, which demands sending money through online banking? I also see points from your observation, but it is more efficient where part of the budget for the week is held as cash while the rest can be kept in an online bank. Overall, what I see as most important is being able to stay within your expense budget for the week, with or without cash.

If you trust your bank, you could certainly give it a try, but keeping money in a bank also carries its own specific risks. In that scenario, it really just comes down to discipline, if your money is in a bank and you can still spend it using your card, the situation is effectively the same. The point being made was that spending cash isn’t as easy as spending money via a card, when you use cash, you actually witness the moment you part with your money, whereas paying with a bank card where you’re just looking at numbers on a payment terminal, is perceived quite differently.