RANT ahead
I used to be a cash-only guy. After getting paid, I'd withdraw a fixed amount to make sure I didn't overspend. Extra, but necessary, expenses (basic necessities, commute, eating out) were also accounted for in this withdrawal amount.
This helped me 3 ways:
- Control impulsive buying.
If I had a million dollars, I'd be broke after a week of impulse buys. Gaming is the #1 temptress, followed by food. I'd spend $100 on a meal and not blink if it was good enough.
Cash payments (along with the limited cash I could carry in my wallet) really helped me in curbing these unhealthy desires. Everytime I wanted that ultra-deluxe-holiday-special meal that feeds 5 people, my wallet would remind me how bad of an idea it was.
- Track my expenditure and have a general idea about my spending habits.
That way, I can cut down on useless habits/activities that aren't worth my time. For example, drinking with friends is a hobby I enjoy very much, but I'd rather not be drinking every week. That's just bad.
- Savings during months (especially lockdown) where I didn't have to go outside much except study, work or food.
For example: I had more than $1500 in just cash savings over the course of 4 years as a student. That's just from my measly monthly scholarship when I wasn't even earning anything. This helped me so much when I graduated during COVID and the first 3 months when I wasn't earning anything. Extra money never hurt anyone!
I've had Online Payment Apps since before the COVID, but never used it much except for settling debts with "defaulter" buddies. That way I didn't have to see their faces and beg for my own money.
COVID really pushed these online payment apps down our throats. Now, every restaurant, take-out, shops have online payment system. Especially take-outs and online orders. It seems you can get away with anything as long as you cite your reason as 'COVID'.
First of all, it was convenient.
I didn't have to make my monthly trip to the ATM, which was especially hard during lockdowns. The Police would give me suspicious looks and would warm-up to beat my ass if I did anything funny.
Second, guilt-free buying.
I didn't have my wallet calling me names anymore and IT FELT SOOO GOOD! I'd feel absolutely ZERO guilt over spending money on things that I would otherwise NEVER purchase. I feel like my increased purchasing power had something to do with this, along with years of repression of urges.
With online payments, guilt would never find me.
After the 'haze' of 'debauchery' wore off, it didn't take long for the realisation to hit. I'm now too afraid of checking and matching my expenses.
I'm not broke though. I'm still within my so-called 'boundaries'. I think I'm kinda disappointed in myself. Like DUDE! How could you turn into the very thing you despised?
Physical cash payments remind you that you're giving away a part of your property for that product. Physical cash reminds you that what you're giving away is tangible wealth, unlike the numbers online in your bank account. If you don't have a lot of it, it really hurts to give it away. It's convenient to carry a smartphone for transactions, but it's really useful to have a wallet do the same.
I haven't sobered up yet (I just ordered take-out :P) but I've woken up from a very uncomfortable haze. At the very least, it's a start.
Cutting down on online payments starting from next year would be a great resolution. What do you think?
December 28, 2021 at 09:18AM