I never thought that debit cards would catch on but plastic has now taken over as most people's most used method of payment. During the pandemic many retailers and other businesses no longer accept cash, instead opting for contact-free forms of payment such as e-transfers, payment apps, and debit or credit cards. This can make it difficult for some people to control their spending and stick to their budget.
Cashless transactions eliminate the need to go to the bank to withdraw cash or carry it around with you which may be a plus. However there are serious downsides to going cashless such as the risk of identity theft and credit card fraud, and it is so easy to spend more when using plastic. Researchers say that paying with a credit or debit card reduces the "pain of payment" so that it doesn't feel the same as paying with cash even though the expense is the same.
Here are some tips to help you to keep your spending in line when using your cards:
From an article by Margaret Craig-Bourdin
Financial Literacy Lessons Should Begin Early in Life
Business Continuity in a Crisis
Financial Considerations for First Time Home Buyers
Benefits and Impacts of Deferring your Mortgage Payments
Bubble Friendly Ways to Vacation
How the Pandemic is Affecting Canadian Businesses
Covid-19 Now is the Time to get Serious About Your Financial Wellness
Five to Ten a Day for Better Health (of Your Business)