I have said this here before, but it is always a good reminder.
“The more convenient it is to make payments, the more we spend.”
On August 4th, Preet Banerjee wrote an article in the Globe and Mail entitled “Paying by tap? New research suggests contactless payment leaves us out of touch with our spending.” After reading the headline, my initial reaction was ‘YA THINK???’
Preet quotes two British studies to back up his premise and concludes his article by suggesting that “more convenience makes it too easy for us to spend money” and suggests fighting fire with fire by going out of our way to pay for things inconveniently or more painfully. Maybe by paying with cash Preet?
You can read Preet Banerjee’s article here https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-paying-by-tap-new-research-suggests-contactless-payment-leaves-us-out/