The problem with cashless transactions is you tend to spend way over what you can really afford. At the end of the month, you end up with a lot of bills on your hands leaving you with nothing out of your salary. Plus you also end up broke in debts which pile up every month. This leaves a zero input into your bank account. Of course having credit and debit cards also has advantages, you don't have to worry about having to carry a huge amount of cash when you're transacting. At least you avoid losing your hard earned money to snatchers. I guess one thing we just have to learn out of the limitless spending these cashless transactions offer is self-discipline. Know your limits and avoid impulsiveness.
Discipline is the key word there. There is NOTHING wrong with the current system, it's the people's attitude that leads to these problems. If you know how much money you have, and know how much you can spend, then you will not run out of money... even if you don't earn a lot. Personally I always use the debit card anyway, I have no need for credit as my bank account always has something on it. I couldn't live with a negative balance on my bank account... just no.
Pretty much, electronic or technology are here to stay and to make our life easier, so we just need to be disciplined and invest properly. We know the consequences of a simple click of a button...
Nonsense. What happened to personal responsibility and self control? Where are the parents who should instill proper values? (And don't tell me it is the school's responsibility to teach personal finance, or that one-parent households are to blame.) Electronics is no excuse for poor money management. I had a checking and savings account when in high school., a number of gasoline credit cards when I started driving in 1958 and a bank card by the time I went to college two years later. We saw to it my that daughter had the ability and knowledge to handle her money during high school in the mid-80s. We gave her one check a year for college. She paid for tuition, rent, food, car, and living expenses herself. Today she runs her household finances with an iron fist.
Makes sense. The advice in any case is all very great advice to hear from a father at a young age. I think a bigger factor is just plain more stuff to buy. Also that stuff is REALLY well marketed and REALLY cool. It is 100% possible for one individual to get by on $10 000 USD or less a year in any first world country and a lot of second world countries too and that's an easily obtainable part time minimum wage type of income. Problem is we want all the mind-blowing luxuries and comforts of the modern age, and are more than willing to dive into debt for life to do it.
Online shopping is such a difficult thing to say no to, honestly. But really, it comes down to discipline. You can teach yourself not to be an idiot online.
I agree with this, except for the fact that electronics are ushering in an era of temptation among people who are trying or attempting to save their money.