Technology has brought us so many great things but has it done us any favours when it comes to money management?
My answer is yes and no.
Yes because it makes it so easy to pay bills, transfer funds, set up direct debits, automate payments etc.
No because of the exact same reasons.
It’s too easy to spend. All you need to do it tap your phone or card and just like magic, it’s gone.
Money appears in your account and it goes out – for many of us, it all happens without too much thought or engagement.
But is that doing us any favours? Are we getting ahead financially? Are we achieving our goals? Are we teaching our kids how to manage money? Do we really have any clue where our money is going? Are we just buying on credit and hoping for the best?
This might work in the short term but it’s not a great long term strategy for financial management.
My challenge to you is to become more mindful of your spending. Maybe allocate some time to create a spending plan or budget – or even just have a look at where your money is going? Maybe switch to cash for a couple of weeks and stop tapping.
What can you do today that will help your financial position for the future?
What can you teach your kids about money management that will make them more responsible spenders and better savers?