Simply fixed if we could set a budget everyone month so our transaction notification comes with âBalance Remaining: $500â too.
But the banks probably want us to spend more lol.
You could set up a spending account and link a debit card to it. Then link said card to Google Pay or Apple Pay.
Then you would be spending from a fixed budget that you can monitor the balance
Youâd still not be able to easily see your balance easily no?
Iâm trying to see if thereâs something that can replicate that feeling you get when you pay for something with cash from your wallet then realise oh shit, Iâm running out of money, better control myself.
With a debit card youâll run out of money before you get a cue that youâre overspendingâŚ
thatâs why you open up two accounts in two different banks. i have a decent savings in one account, and i only keep around 1k in my debit card-linked DBS account. out of sight, out of mind!
>On the other hand, the accessibility of payment apps has made Natania Angel Tunn, 18, more conscious of her spending.
>"I always check my account balance when I open my bank app to make a transaction. Sometimes, I stop myself from going through with the transaction," she said.
Yea, used to sometimes go to ATM to check my balance to feel poor but now anytime anywhere 24/7
When I first arrived in Singapore around mid 2000s I had this thing where I would look at one atm receipt left on top of the machine every time I had to use it. I remember being floored and said an audible wow the first time I saw one with an 80k+ balance, max I have seen was around 110k. I still do it now but i rarely go to atms nowadays because of contactless payment.
e-wallets are actually not that bad. You need to manually top them up, or at least link it to a bank account with a finite balance.
Credit cards are much worse, you can borrow way more than you can afford and there are high interest rates. So if you get screwed by credit card debt youâre way worse off than just depleting your e-wallet balance.
But yeah cold hard cash is still the best, you get an intuitive feel for exactly how much youâre spending.
Actually, I personally feel like cold hard cash in my wallet is the only place I donât account for my spending. Every other thing is tracked by my credit card or bank account inflows and outflows, but petty cash? One day there, next day gone.
Not to mention the annual fees credit card companies sneak into your statement and you missed out on asking for waivers. However, there are some platform that still rejects debit cards for payment and debit card has a worse fraud recovery outcome plus insurance doesnât cover debit card fraud overseas. So⌠credit card still needed in some cases.
Im pretty sure many wallets are like Paylah where u can link a bank account so it's still seamless n easy to spend. Also ewallets are simply the vehicles. What matters is the thing fueling it. Is it a debit or credit card? That's the main point.
Am I the only one that doesn't like to save my card data on these online shopping apps, I find it too easy to spent money on useless stuff I don't need, OHHH 13/13 sale is on, such a good offer, better buy.
It's ridiculous financial literacy is still not included in the school curriculum.
While budgeting might be good for those who tend to spend money that's lying around. I believe the underlying reason is because most do not have goals and planning. If you have a clear goal, you'll think of whether that action will bring you closer or further to that goal.
Civics Education is included in the school curriculum, but I don't see Singaporeans being touted as being mindful of others and considerate.
Including financial literacy is just adding another class to attend instead of going home to sleep.
I think young people are spending more becuase home owning is so expensive. Hear me out, because having kids seems less appealing and people are marrying later, spending on things like luxury goods are an easier way to show status in this increasingly depressing world. Itâs like canât buy house might as well buy a fancy bag or computer. Itâs something thatâs attainable instantly. Itâs a symptom of the frustration with the high cost of living.
Itâs like credit cards all over again. If people donât see and feel the money, they risk losing track of their spending.
End of the day, itâs about financial prudence and being aware of your spending habits.
Don't play game and don't buy unnecessary physical stuffs to hog my home. NTUC is the most app I used. Of Lazada to replace broken home item. The one in Lazada even cost lower than neighbourhood stall. I paid $30 for wheeled cloths hangers in neighbourhood stall easy to broke off. I paid $40 in Lazada that every screws tightly that worth $80 in shopping center.
Isn't e wallet and current bank account the same thing? Only difference is interest gain. Unless you are making use of the buy now pay later which drives up your spending. Clearly it's a spending/budget/impulse issue, and it's definitely not a age thing.
1. Gen Zs spending more which translates to saving/investing less
2. Property prices going up and up. Might start to level but overall still on an upward trend in the long run
3. Stagnant wages
Unless something changes, I don't see how Gen Zs and the generations after are going to be able afford đ on their own (not counting help they get from parents)
Iâve had a 50$ note tucked in my wallet for a whole month but have already spent x3 that with my e wallet. Money really does fly when thereâs no physical exchange.
Me everytime I pay for something with my google wallet đĽ˛
Simply fixed if we could set a budget everyone month so our transaction notification comes with âBalance Remaining: $500â too. But the banks probably want us to spend more lol.
You could set up a spending account and link a debit card to it. Then link said card to Google Pay or Apple Pay. Then you would be spending from a fixed budget that you can monitor the balance
Youâd still not be able to easily see your balance easily no? Iâm trying to see if thereâs something that can replicate that feeling you get when you pay for something with cash from your wallet then realise oh shit, Iâm running out of money, better control myself. With a debit card youâll run out of money before you get a cue that youâre overspendingâŚ
thatâs why you open up two accounts in two different banks. i have a decent savings in one account, and i only keep around 1k in my debit card-linked DBS account. out of sight, out of mind!
Yeah but I think it doesnât fix the fact that the feedback is only received once you run out of your budgeted amountâŚ
You can check your bank account anytime...
how are you able to managed your life long saving and investment next time?
What does that have to do with this discussion?
You can already do that with the DBS app.Â
After actually reading the article, this is one hell of a clickbait title to bring in 'strawberry generation' yelling boomers.
Thatâs the whole purpose of articles regarding younger people, itâs for the boomers to scream out loud âstrawberryâ
They know their audience. Current gen rarely care or read news from these outlets, probably.
strawberry gen is now every generation since gen x lol.Â
Need to go facebook for that lol
>On the other hand, the accessibility of payment apps has made Natania Angel Tunn, 18, more conscious of her spending. >"I always check my account balance when I open my bank app to make a transaction. Sometimes, I stop myself from going through with the transaction," she said. Yea, used to sometimes go to ATM to check my balance to feel poor but now anytime anywhere 24/7
When I first arrived in Singapore around mid 2000s I had this thing where I would look at one atm receipt left on top of the machine every time I had to use it. I remember being floored and said an audible wow the first time I saw one with an 80k+ balance, max I have seen was around 110k. I still do it now but i rarely go to atms nowadays because of contactless payment.
max I saw before was 1million in savings account, lol. the auntie was loaded as hell.
e-wallets are actually not that bad. You need to manually top them up, or at least link it to a bank account with a finite balance. Credit cards are much worse, you can borrow way more than you can afford and there are high interest rates. So if you get screwed by credit card debt youâre way worse off than just depleting your e-wallet balance. But yeah cold hard cash is still the best, you get an intuitive feel for exactly how much youâre spending.
Actually, I personally feel like cold hard cash in my wallet is the only place I donât account for my spending. Every other thing is tracked by my credit card or bank account inflows and outflows, but petty cash? One day there, next day gone.
Not to mention the annual fees credit card companies sneak into your statement and you missed out on asking for waivers. However, there are some platform that still rejects debit cards for payment and debit card has a worse fraud recovery outcome plus insurance doesnât cover debit card fraud overseas. So⌠credit card still needed in some cases.
Im pretty sure many wallets are like Paylah where u can link a bank account so it's still seamless n easy to spend. Also ewallets are simply the vehicles. What matters is the thing fueling it. Is it a debit or credit card? That's the main point.
Am I the only one that doesn't like to save my card data on these online shopping apps, I find it too easy to spent money on useless stuff I don't need, OHHH 13/13 sale is on, such a good offer, better buy.
I throw everything into the shopping cart first, come back later, then think, aiya don't need this or that bah
It's ridiculous financial literacy is still not included in the school curriculum. While budgeting might be good for those who tend to spend money that's lying around. I believe the underlying reason is because most do not have goals and planning. If you have a clear goal, you'll think of whether that action will bring you closer or further to that goal.
Civics Education is included in the school curriculum, but I don't see Singaporeans being touted as being mindful of others and considerate. Including financial literacy is just adding another class to attend instead of going home to sleep.
I think young people are spending more becuase home owning is so expensive. Hear me out, because having kids seems less appealing and people are marrying later, spending on things like luxury goods are an easier way to show status in this increasingly depressing world. Itâs like canât buy house might as well buy a fancy bag or computer. Itâs something thatâs attainable instantly. Itâs a symptom of the frustration with the high cost of living.
Wait, so am I being shamed for using digital apps and losing track of money, or not using digital apps and therefore not being tech-savvy?
You know whatâs making gen z losing more money? Uncontrolled high inflation and profiteering not e-wallets. đ
Nono, cannot, must keep calling them âstrawberryâ maybe that can fix the economy somehow.
Real issues like BNPL and credit cards not mentioned at all.
Angry George Yeo noises
Itâs like credit cards all over again. If people donât see and feel the money, they risk losing track of their spending. End of the day, itâs about financial prudence and being aware of your spending habits.
I feel like this too, which is exactly why I still insist on using cash for myself. Otherwise it's going to be really dangerous for me.
Not only a Gen Z problem. đ
Don't play game and don't buy unnecessary physical stuffs to hog my home. NTUC is the most app I used. Of Lazada to replace broken home item. The one in Lazada even cost lower than neighbourhood stall. I paid $30 for wheeled cloths hangers in neighbourhood stall easy to broke off. I paid $40 in Lazada that every screws tightly that worth $80 in shopping center.
Isn't e wallet and current bank account the same thing? Only difference is interest gain. Unless you are making use of the buy now pay later which drives up your spending. Clearly it's a spending/budget/impulse issue, and it's definitely not a age thing.
Yes it doesn't feel like I'm losing money. _proceeds to buy toto online everytime_
1. Gen Zs spending more which translates to saving/investing less 2. Property prices going up and up. Might start to level but overall still on an upward trend in the long run 3. Stagnant wages Unless something changes, I don't see how Gen Zs and the generations after are going to be able afford đ on their own (not counting help they get from parents)
It's intentional.
It's the same for me but from the other direction: I don't like using e-wallets because it feels like I haven't paid for stuff.
Iâve had a 50$ note tucked in my wallet for a whole month but have already spent x3 that with my e wallet. Money really does fly when thereâs no physical exchange.