*UPI & Overspending: Is Cashless making us Careless?* Have you noticed your spending increasing especially since the demonetization in 2016? You’re not alone. The Unified Payment Interface (UPI) has made it so easy to spend money that we often don’t realize how quickly it’s leaving our pocket. *Why Are We Overspending?* The very obvious reason is, UPI which allows instant payments, making transactions feel effortless. Add to that is, The new Rupay Card UPI which lets us use credit cards, allowing us to spend money we don’t even have. This convenience can & is leading us to overspend and sometimes fall into debt. *Impulse Buying: A New Norm:* The phenomenon of impulse buying has also become more prevalent. With the fear of missing out (FOMO) driving many purchases, we often find ourselves buying things on a whim rather than sticking to a budget. *So, How can we have an Anchor over our spending?* Here are some simple ways to manage your finances better: * *Open Multiple Accounts*: Use separate A/cs' for salary, savings, Emergency Funds¹ & everyday spending. * *Unlink Your Main Account*: Disconnect your primary A/c from UPI to limit easy access to funds. * *Keep Low Balances*: Maintain a low balance (1-2k) in your UPI-linked A/c to control spending. * *Disable Auto-Pays*: Turn off unnecessary Auto-pays. * *Set a Weekly Budget*: Have a weekly budget, to not overspend. * *Track Your Spendings*: atleast once a month, to improve. * *Plan Purchases*: Avoid impulse buying by planning your purchases in Advance. * *Use Cash for Small Purchases*: Pay with cash for minor expenses like Tea & Snacks to become more aware of your spending. By implementing these tips, we can take charge of our finances in a world where spending is all too easy. ¹ You can read our earlier post, to know more about What are the Emergency Funds & why do they matter. That was all for Today. Thank you for Reading.✨ Do share, if found insightful. This is KhushJ & I'm on leave until the next post.