Saving money is harder because sending money is easier now.

[Cheema02]

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?

Obviously, the form of cash has its own impact, as digital and physical cash feel different. With physical cash, your way of spending becomes different, because when you pay money by hand, then for a moment you think that, how much money should be spent? When individuals have a specific amount for a week or a month then they become more aware of spending money because they have to manage daily needs on a limited budget. On the other hand, digital currency is some sort of effortless, because when you pay through e-payment then you are unaware of how much you spend, but at the end of the month you are worried about that mistake. That's the basic reason why people struggle to maintain their financial stability. What's your opinion about the development of setting limits on digital apps to prevent extra spending

[Tungbulu]

Obviously, the form of cash has its own impact, as digital and physical cash feel different. With physical cash, your way of spending becomes different, because when you pay money by hand, then for a moment you think that, how much money should be spent? When individuals have a specific amount for a week or a month then they become more aware of spending money because they have to manage daily needs on a limited budget. On the other hand, digital currency is some sort of effortless, because when you pay through e-payment then you are unaware of how much you spend, but at the end of the month you are worried about that mistake. That's the basic reason why people struggle to maintain their financial stability. What's your opinion about the development of setting limits on digital apps to prevent extra spending

Yeah that’s quite a useful feature, especially for those who often make small payments frequently without actually realizing how much they’ve spent. At first, it doesn’t really feel like you’ve spent much, not until you go back to check your account balance. But when one has a limit, or is notified the moment they exceed a particular limit, it often makes them more conscious of how much is actually leaving their account and then be careful of their financial decisions. It may not be enough to completely combat poor spending habits, but it can at least help people to stay in control.

[Stormisover]

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.

There we go again, it breaks my heart to see how people talk about saving money as some sort of easy thing to do especially when you have more responsibilities than they can imagine, of course there is nothing wrong being conscious of how we spend our money without being reckless about it simply because money now can be spent electronically, most people can be very careless about how they spend their money and I don't think is enough reason to put the blame on the existence of electronic cash transfer, money are meant to be spent to solve your problem and there shouldn't be any regrets or whatever when doing this provided that you spent it on things that are relevant to you.

[Somto9Light]

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.

There we go again, it breaks my heart to see how people talk about saving money as some sort of easy thing to do especially when you have more responsibilities than they can imagine, of course there is nothing wrong being conscious of how we spend our money without being reckless about it simply because money now can be spent electronically, most people can be very careless about how they spend their money and I don't think is enough reason to put the blame on the existence of electronic cash transfer, money are meant to be spent to solve your problem and there shouldn't be any regrets or whatever when doing this provided that you spent it on things that are relevant to you.

You are right mate, money is meant for spending and if it is not spent it becomes valueless and even if you manage to save money in your account, isn't it going to be affected by inflation? Had it been there is any value in saving money or it tops up every month or week, it would have made sense to save money because you know that value will be added to it. I don't see electronic banking as a problem also, the problem is the account holder who lacks constraints in spending money just because they can make transfers in minutes. This is where being disciplined with your money comes into play because someone who even withdraw cash and kept it at home is likely to spend more because at every time he remembers something to buy, he is already counting the cash to use and get what he wants.

[Nothingtodo]

Technology is constantly updated and now people are so used to using the updated version of technology that now people do not want to save money like before. If someone starts saving money, then if there is a small need, he will have to spend that money. Now due to the introduction of various online banking and transaction methods, sending money has become very easy. Therefore, people send money from their savings whenever there is a small need to meet that need. However, a few years ago, people could not use the various facilities of sending money. As a result, it was very easy for them to save money, but now people are no longer interested in saving because that money can be sent in an easy way. However, even among them, those who can be patient and start giving importance to saving can save money.

[Perfect-World]

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?

Obviously, the form of cash has its own impact, as digital and physical cash feel different. With physical cash, your way of spending becomes different, because when you pay money by hand, then for a moment you think that, how much money should be spent? When individuals have a specific amount for a week or a month then they become more aware of spending money because they have to manage daily needs on a limited budget. On the other hand, digital currency is some sort of effortless, because when you pay through e-payment then you are unaware of how much you spend, but at the end of the month you are worried about that mistake. That's the basic reason why people struggle to maintain their financial stability. What's your opinion about the development of setting limits on digital apps to prevent extra spending

I don't think such limits are necessary, after all, you spent the money on necessities, or do you go around throwing money away?, I guess not. The thing is just going to be discipline, yea. We just have to discipline ourselves to avoid unnecessary spending and waste of money.

I experience a lot. I feel at ease when I transfer money. I feel like nothing is gone. Don't even ask me to help you with some money and I have some cash in my bank app, I would the the transfer and take the thank you from you without feeling like I have spent unplanned. But even if I hold more money in cash, it becomes difficult to give it out. You know, because most of the time, before you come out with physical cash, it's already on budget. Even the one at home, is waiting to perform it's duty. We just need to learn financial discipline, and that's what am seriously trying to learn.

[Odusko]

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?

Obviously, the form of cash has its own impact, as digital and physical cash feel different. With physical cash, your way of spending becomes different, because when you pay money by hand, then for a moment you think that, how much money should be spent? When individuals have a specific amount for a week or a month then they become more aware of spending money because they have to manage daily needs on a limited budget. On the other hand, digital currency is some sort of effortless, because when you pay through e-payment then you are unaware of how much you spend, but at the end of the month you are worried about that mistake. That's the basic reason why people struggle to maintain their financial stability. What's your opinion about the development of setting limits on digital apps to prevent extra spending

Such format does work for those that have less bills and transactions to do, I mean those that the money their are handling on weekly or daily basis is just money to buy basic needs, so such people can decide to withdraw in cash the exact amount their need for their expenses for a specific period of time.

Do cash increase the value of money in the eyes of the spender the answer may be far from yes because if you have financial management and decipline, both physical Cash and e cash ike Banks are treated as same and managed at the same range.

[Agathamay]

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 have not observed anything of such but I understand that, it is always very difficult for someone who doesn't have self control to have saving and this is not because they are constantly  close to their phone.
This method you mentioned here which is to withdraw a certain amount of money to cover for  the days we expect not to touch or see the phone and it is a funny one to me behaves I'm sure you  would also be pressing your phone and you wouldn't keep it for longer

[Versatile_choice]

There we go again, it breaks my heart to see how people talk about saving money as some sort of easy thing to do especially when you have more responsibilities than they can imagine, of course there is nothing wrong being conscious of how we spend our money without being reckless about it simply because money now can be spent electronically, most people can be very careless about how they spend their money and I don't think is enough reason to put the blame on the existence of electronic cash transfer, money are meant to be spent to solve your problem and there shouldn't be any regrets or whatever when doing this provided that you spent it on things that are relevant to you.

You're right about that, you know the rate at which responsibility keep increasing this days is so alarming. I read through some posts here and I figured out that there are people who are saying that saving is not hard, I'm sure that statement is coming from those that doesn't have wife and children at home, I believe those who are married would testify on how difficult it was to make savings in such situation.

I used to think saving is just as simple as that not until I decided to give it a trial, trust me it is very difficult for me but I managed to get to my target.

[Nwadiche]

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.

Same thing with me too, I prefer to keep spending money on mobile banking than keeping cash in my hand. If i have cash in my hand i keep spending money for some unnecessary things that i don't even need at the moment, after I've must have spent it i keep wondering and calculating the thi gs i bought that the money got finished. Right now i even if is something of $5 dollar that i needed i prefer to do transfer for them than to withdraw it because i might saw something along the way and buy it forgotten that I'm going for other things.

[Fivestar4everMVP]

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 are right, I have observed this myself, I discovered that each time i withdraw cash from my bank account and have the bills on me, i try as much as i can not to spend it unless on things or occasions i have absolutely no choice but to, but this does not also mean that i don't spend money at all, i still will spend buying and paying for stuff i want but i always would prefer to transfer rather than spend that physical cash.

But here is where the story changes, if at any point in time i end up sending out all the money i have in my account leaving my account balance at almost zero, at this point, i will have no choice but to spend the cash.
What i actually will point out here is that withdrawing the cash you hope to spend for the week in hope that you will not spend from the money you have in your bank account may not work, at least, not in a country like Nigeria where bad economy has affected every thing, things/issues you didn't plan for or factor into the cash you withdrew might come up, and at that point, you will have no choice but to return to spending from your bank account again.

[goldkingcoiner]

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 have heard of this psychological trick.

It has something to do with spending money as a number on a screen is far easier than spending money that you can touch with your hands because it is a physical thing and not just some digital abstraction. I cannot remember where I heard about this though, but it is indeed a real thing.

But most people are very careful with their money and have a vivid enough imagination to be able to imagine their money becoming less. Self discipline is really the key behind it, I think.

[Crypto_Timothy]

Have you observed this?

I get this sometimes but usually i prefer the money being in my account than it physically being in hands because i know how stressful it is for me to open my phone and start transferring money, so if i have cash, the way i will just be spending it. I noticed this when i was going for my lessons, usually i would withdraw the whole transport go and come but then i noticed everytime i come back, i would still find myself doing POS before i can get home and of course during launch, i will say let me go get water and before you know it, i have snacks in my mouth, that was how i started redrawing just my going and i noticed suddenly, the hunger wasn't there again, mind you i was going 11am to 4pm, so of course i will eat in the morning very well, sometimes just before i step, but as i reach outside with cash, i just spend it.
At least in my account, there has to be a valid reason before i will start doing transfer.

[Asuspawer09]

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 would automate everything just to avoid spending the money. In my experience, most of the bank applications or platforms already have the automatic transfers to different banks whatsoever, so it's not going to be difficult to diversify your money or your salary, for example. But you need to have different kind of savings just to diversify your money not just one account, I notice that your going to mostly spend most of your money if it was just on one savings, everytime you need money your just gonna used that account anyway.

Unless you have different savings you alread know where that money is going to be used right so your mostly not going to end up using it since it was maybe a hassle and you know that money is for something else.

[SUPERSAIAN]

I’m not sure about this. On one hand, as transferring money has become easier, and it’s now possible to purchase a wide range of necessities with just a single click, spending has certainly become more effortless.
 
Ultimately, however, it still comes down to the individual some peopleregardless of the era will always save, maintain discipline in their spending, and remain largely unaffected by external influences. That said, the reality is that there are currently powerful external factors designed to nudge us toward spending our money.

[BitcoinLitingNetwork]

While technology has certainly made our transactions hassle free, it has also significantly increased our tendency to spend money without even realizing it. Unlike cash where it is often difficult to keep track of exactly where the money goes digital transactions leave a clear digital record or history for every single unit of currency spent. Budget tracking becomes far more precise. When you designate a specific amount as part of a planned budget before actually withdrawing it as cash, the expenditure is no longer haphazard instead, it becomes a deliberate well planned expense.

[Bityar]

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 think it also depends on on a person habbits like how he manage his money or his weekly or monthly budget. The real problem starts when people donot plan that how they will manage their money till the last of month and they stop looking to their expenses. Another problem is that sometime people ask us for money and because online transfer of money is very easy so we send it quickly without thinking much. Even if those people are not with us we can still send that within seconds through banking or any other app. Sometimes we donot even think about like whether we really need to send money or if we can afford it.

[Akaenyi]

Since the beginning of bank apps spending money have become very easy and it is making some people to spend irresponsibly, if they see anything they like they will pay for it without hesitation because they can easily pay for it. If it were in those days when you had to go to the bank to withdraw cash that you will spend you will easily avoid some spendings because when you consider the stress of going to the bank to withdraw you will think twice. Another problem is easy access to quick loans online, these loan sharks are enticing people with their adverts on social media and people are taking them to spend on irrelevant things. The solution for everybody is to spend money wisely whether it is physical cash or online.

[viljy]

~

Have you observed this?

No, I haven’t noticed. I think it’s much simpler. If you have a lot of money, you can spend it without really thinking about saving or accumulating it. But if you have little money, you simply can’t accumulate significant sums simply because you constantly don’t have enough money for your current expenses. And this doesn’t depend on the form of money - cash or bank account.

[Oasisman]

~

I have heard of this psychological trick.

It has something to do with spending money as a number on a screen is far easier than spending money that you can touch with your hands because it is a physical thing and not just some digital abstraction. I cannot remember where I heard about this though, but it is indeed a real thing.

But most people are very careful with their money and have a vivid enough imagination to be able to imagine their money becoming less. Self discipline is really the key behind it, I think.

I think you heard it from the financial advisors and gurus, for sure. Because me, I've heard it from them, and it is true that the money you spend directly from your bank to another, feels different than spending your money in physical cash. Those constant micro spendings can become unnoticeably huge when you're not using cash. Though banking transactions can easier to track than those you spend with cash, but there's always this weird feeling about every expenditures using cash feels your running out of money very quickly. But then again, those are just in our heads, the most important thing is self discipline and proper financial management.