Using your phone to pay is convenient, but it can also mean you spend more
Using your phone to pay is convenient, but it can also mean you spend more
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I keep track of what I spent.
Doesnt matter if Cash or card.
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You're ignoring the psychological effect of seeing the wealth transfer with something like cash as opposed to plastic (or digital).
You aren't immune to those reactions, just like people can still be impacted by a placebo even if they know it's one.
Now if you're rich enough to not care, thats awesome, but he effect still remains.
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I get your point and that maybe there is a bias.
But in years of tracking my spendings (mostly with my smartphone) I have pretty constant spendings for my day to day live (rise of cost of living etc. in mind).
I would describe me not as rich -not even close.
Tracking budgets for example food / clothes per month helps me staying in a certain range.
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Do you have any data from a period where you paid cash for most things you could? Gas, groceries, etc.
Would be interesting to see the comparison.
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Unfortunately not.
My records over 4 years are heavily mixed with predominantly card payments.
Perhaps the continuous use of card payments has an influence?
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This is the real answer. Ideally you keep track of most of the things you spend money. That way you can see how much you are spending on each category.
Maybe you eat out less to save for something you really want, like a jacket or pair of shoes. Or you stop reflexively saving and go on vacation.
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