Out of sight…Out of mind– Invisible Money
I remember receiving my first pay packet. I rushed home and counted out the total, immediately putting some aside for spending, some for saving and unfortunately, some went to my parents for my first ‘rent’ payment. The act of handing money made me aware of how much I had at all times. The balance each week was a tangible thing. The cash in my hand was a reminder each time money was added or removed of how I was managing my hard earned cash. Those days are long gone.
When was the last time you paid for something with cash? In this modern age of technology, Invisible Money is a financial transaction without physical money and coins. Credit and debit cards, online payments, transfers, PayPal, BPay, and Apple Pay etc. are all examples of Invisible Money. With these transaction, it is almost like they never happened.
In this digital world, now it is more important than ever, to monitor your transactions and accounts. Where should you start?
- Check your accounts regularly. Look for unusual transactions, review your balances and monitor scheduled transactions.
- Create a budget and become familiar with your spending trends. Many banks have free budgets available, but you can also use the many apps available that link to your accounts.
- Adopt good money habits. Make money smart decision e.g. put money aside for savings, think twice before clicking to make a purchase, look for hidden spending traps in apps and subscriptions.
Small changes can make all the difference to help you become financially aware. If you wish to speak to a Financial Adviser, please contact our office to arrange a meeting.
The Money Edge | Bundaberg