Being cashless absolutely reduce your urge to spend.

[TOZZIBLINKZ]

When an individual is considered to be cash-less it doesn't mean that the individual is broke or bankrupt , instead in a more financial and banking term , the world cashless simply means that an individual does not have physical cash but rather he has in possession the use of his or her ATM card so as to be able to withdraw money from the ATM machine or from a POS stand whenever and wherever . In Nigeria the position of the ATM card was introduced in the year 2015 and since then majority of people have known that it is better to use an ATM card than to carry a huge amount of money in your pocket walking about thereby putting yourself in a more vulnerable state to be noticed by crime indulgence and also making yourself more likely to spend .

Tt is absolutely true that the use of the ATM card can reduce your urge to spend money , this is because you do not have a physical hold of the money . According to a research and feasibility study conducted in the United States back in the year 2016 , in which majority of people were tested and after the hypothesis was being carried out , the main interpretation was that majority of people are more likely to spend when they have in possession physical cash but they are likely not to spend that much if they are using the ATM card for daily transactions and military activities .

 

[btaliat]

We always have the urge to spend more when we have cash on us. There is no body that doesn't have needs and wants and what motivates us to fulfill those unlimited wants and needs is our ability to pay for those things rhat we want to buy.

Sometimes, i have found myself buying what I don't even budget first just because I was with some cash then. But unfortunately, people have not really bought into their idea of cashless policy. I could remember when the then governor of the CBN of my country, Soludo, introduced the concept of cashless policy, many people went agog and even up till now, the policy has not stood on its feet.

There are many reasons for this decision from the populace and some of the argument are valid. It only takes some giant economic and more literate society. The argument then was that people were not that literate which will make them not to know the usage of the ATM and other measures of cashless policy.

The scam that always surround the usage of some cashless policy like ATM. There are some people that have defrauded many people just because they lack knowledge on how to use ATM .

 

[eldavis]

To some extent it does have some effect, but at the same time not completely. There are times where I might get the urge to buy one or two things, then I remember I have to withdraw first, I just loose interest cause at that point in time I am not that ready to go through the stress of withdrawing.. but there are also cases where I simply just make the purchase online. Online shopping has alo made it alot easy to shop cashless. No need moving out, you can simply buy what you want from the comfort of your homes.

 

[Ajebo25]

Yes I agree with your post even if I dint have a bank account yet I know that carrying money with you in your pocket puts you in danger or getting robbed or even you spending the money lavishly like me now that doesn't know how to manage money maybe i f I had bank account it would have been better for me what am planning to do is go to the bank open an account then start depositing money inside without having the ATM card this will greatly reduce my spending and I urge everyone who doesn't know how to keep his or her money to do the same.

 

[blessingc]

Being cashless SOMETIMES reduces the urge to spend, but sometimes when you really do need something or those who are addicted to see what they love, they don't mind if they are cashless, they don't mind doing a transfer to your account except in a situation where the seller doesn't accept transfers.

Not having the money at hand can help alot to ease or reduce your spendings if you are the type who knows how to buy whatever you see.
Some people can't go to market without buying some eye catching stuffs. Once they see they want to have, eat, drink and all, which is very bad. Situations like that helps such people because when they see, they wish to have but cannot at that moment because they are cashless, then the money is pushed forward.

But being cashless sometimes can be very bad, just like it reduces spending too much so does it make people loose opportunities of getting something better sometimes. You could have been in need of something and then you get to see a really nice and maybe cheaper one but you aren't with the money at the moment, if the seller is in a hurry or can't wait for you to go withdraw or there's no where to withdraw close by there you miss such an opportunity. You could see that same item somewhere else but it won't be as nice or cheap as the one you would have bought earlier.

 

[Abigael]

This is very true. Going cashless is one important thing that helps you to stay self disciplined in your spending. I guess that not having the money readily available will make you rethink your decision to spend. You just make sure you walk around with just the amount that is enough to cater for all your shopping.

Above all, you need to train yourself to be self disciplined about spending money. This is because you may have other alternatives to getting the money to spend on something. In my country, there is the option of sending the money from one phone to another. So you may be tempted to do so.

Therefore, it is so much better to have self disciplined. Then going cashless can just be a way to keep yourself at bar. You can then prepare your budget and write a shopping list of the things that you want to buy. Then stick to that list alone.

 

[Sotherefore]

This is one of the best write up I've ever seen. It is absolutely the truth, that is why in my bank account I do not really want to put so much money in it.

Putting such much money in my bank account indicate that I might likely use that money to be doing things and if I see that there's money in my bank account, I will think of so many things to do.

I don't just want to have so much money in my hands too, because I'll be spending it unnecessarily on things that will not even adds value to my life .

Most of my savings is in cryptocurrency . if I do not invest in cryptocurrency , I save my money in stablecoin because at least to withdraw from crypto wallet and going through all the process of converting it to your bank account might likely take a very long time. At the end of the day you won't even see the need to be spending it .

when you go through all this process of withdrawing , spending money unnecessary is not likely to happen. That's just one of the reason I just consider saving money in the bank as a waste of time.

 

[Hydrogenic]

It absolutely reduces your urge to spend. I agree with this. Technology has helped us in many ways. It has made our lives easier and more comfortable than before. The cashless society is the most important example of technology's benefits for us.

 

[Shigobad2020]

You are definitely correct about your post , there are times when I prefer carrying my money in my purse around , I realises that I spent money unecesarily and before I knew it , I have exhausted everything I have and i decided to stop using purse ,

I started keeping my money at home but later realises I also comes home taking money whenever I needed it , so i decided to start saving my money in the bank and also investing by buying crypto currency and saving it in my crypto currency wallet ,
I nor realises that the most important way is to split my money and keep some amount for spending throughout the month , save some in the bank and my crypto currency wallet online .
And the bank i am using is very far so its always inconvinient for me to go to the bank to make withdrawal anyhow.

 

[Rubz]

I'm currently schooling and i can testify to to fact that having cash on me makes me spend more and buy things i can do without. Whereas, being cashless enables me to save. Most times, when i have a need, i only withdraw using my atm card exactly the amount i need to take care of that need or a little above the amount i need to take care of that new. This keeps me from spending too much.

 

[Ithedicious]

That is very true for me I don't know of any other person because most of the time I try as much as possible to limit the amount of money I have physically. If you have money the urge to be spending that money on unnecessary things will be there and that is one of the things I try as much as possible to avoid..

Sometimes a lot of people could be discipline to a point that they may have money but they just discipline themselves to only spend the money when it is absolutely necessary, well I don't know about them but personally this will not work at certain points for me because even if you will not spend it in this way you will definitely want to spend it in another way..

All I can say is that it depends on individual , if you're discipline enough to control the amount of money you spend then that is better