Paying cash makes you think twice before spending money 

Leading behavioral economists believe paying with cash makes us feel more mindful when we’re spending money. 

For example, when faced with a limited amount of cash in our wallet, we become more self-aware of our spending habits when paying cash, as we can see how this stash physically decreases with every purchase. 

In other words, we have difficulty parting with money when we can see it. 

Digital spending makes us less emotional 

The digital wallet is growing with bitcoin, Google Wallet, Apple Pay etc. There are so many options for consumers. And, according to CNBC, over half of Americans (51%) are currently using contactless payments. 

But, unlike the angst we feel spending cash, there might be relatively little emotion with a digital wallet. It’s this lower emotional response that can lead to overspending. And if you don’t keep track of your spending habits, it may be challenging to meet financial obligations at the end of the month. 

So, how can we be mindful about spending when we’ve gone digital? 

With it becoming easier and easier to access our money, it’s important to stay on top of our spending. 

Here are 3 easy tips to keep spending (and debt!) under control: 

1. Set simple spending limits: Not only will you boost your emotional wellbeing about money, but you will also feel more in control of your money. 
2. Evaluate how you spend money: Before you tap, swipe, click or confirm, think twice. Try to identify what triggers your spending and try to avoid those triggers. 
3. Track your spending: Use your MoneyView financial dashboard to view where you’re spending your money and ways to budget.