We are moving towards a cashless society. do you think that by going cashless, we actually spend our money faster as compared to if we use physical cash to do transactions?

To me it doesn't matter if one uses cash or go cashless. If one doesn't know how to budget and keep track of expenses, they will still overspend. Since cashless, it's even easier to track your expenses digitally, so not an excuse to overspend

Interestingly, I think that is a yes. When we do not have the physical touch, we tend to spend money faster. Online shopping is one good example. Online shopping starts way before the cashless trends starts. People ended up spend more because it is convenient. Just click and pay.

With the cashless trend we are experiencing, it is as simple as tapping a card, or our phone. If we are not discipline enough, we could potentially spend alot more than we need to. One very good example I could think off is that, in the past, when we are still using cash for 50% of the transactions, whenever we do not have cash in our wallet, we will hold back any small purchases like bubble tea until we find an atm to withdraw money. Nowadays, you can just tap and pay for your bubble tea.

I feel as long as you can budget your money properly, there is no difference between using physical cash and going cashless, except that cashless is more convenient.

For someone who do not have good control over his / her spending, it's highly likely to spend much faster than using cash. I still believe in being prudent and try to keep my credit card spending low. It takes abit of conscious effort but it's possible to spend a similar amount to using only cash.