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That is far too generalised for my taste. There are just as many people which tend to spend all the cash they have in their wallet because it isn’t on their acc

by 9dev 2y ago

That is far too generalised for my taste. There are just as many people which tend to spend all the cash they have in their wallet because it isn’t on their account anymore, so it’s ”spent already anyway“, and vastly prefer keeping the tabs on their banking app, which provides a proper overview of their finances—no calculations and counting necessary. Maybe it’s just an age thing?

fragmede 2y ago
Okay. I added "for some people" to my original comment. Hope that helps. Taking the amount budgeted for petty cash means you only spend that much "that's spent already", which makes it easier to stick to a budget (because you can't spend cash you're not holding). if the problem is overspending, and there's a budget, there's not generally a problem with underspending that amount, so the idea that it forces more spending isn't a problem (for some people). Given news reports that (some people in) GenZ has trouble after joining the workforce with computer skills later generations take for granted, and other reports on how much GenZ is unable to save, I doubt it's an age thing. Some people are just better with physical objects vs digital. (Some people do just deal with it just fine, mind you.)
- scarface_74 2y ago
  > Given news reports that (some people in) GenZ has trouble after joining the workforce with computer skills later generations take for granted, and other reports on how much GenZ is unable to save, I doubt it's an age thing. Some people are just better with physical objects vs digital. (Some people do just deal with it just fine, mind you.) My (step)son has had his own bank account - joint with myself and my wife since he was 9 years old. I transferred his allowance to it. Before he was 12, he had to ask us for his balance - which he did frequently - because he couldn’t get his own sign in. Since then, he has had his own sign in. He is 22 now and we still have the same joint account with him. It has overdraft protection to a savings account with $500 in it that we all use for overdraft protection. I know he checks his account often because when it does slightly overdraft and things are pending. He transfers money from his own savings account that is separate from ours to catch it. I taught him good money habits from the day that we became a family.

by 9dev 2y ago

fragmede 2y ago

Okay. I added "for some people" to my original comment. Hope that helps. Taking the amount budgeted for petty cash means you only spend that much "that's spent already", which makes it easier to stick to a budget (because you can't spend cash you're not holding). if the problem is overspending, and there's a budget, there's not generally a problem with underspending that amount, so the idea that it forces more spending isn't a problem (for some people). Given news reports that (some people in) GenZ has trouble after joining the workforce with computer skills later generations take for granted, and other reports on how much GenZ is unable to save, I doubt it's an age thing. Some people are just better with physical objects vs digital. (Some people do just deal with it just fine, mind you.)

scarface_74 2y ago
> Given news reports that (some people in) GenZ has trouble after joining the workforce with computer skills later generations take for granted, and other reports on how much GenZ is unable to save, I doubt it's an age thing. Some people are just better with physical objects vs digital. (Some people do just deal with it just fine, mind you.) My (step)son has had his own bank account - joint with myself and my wife since he was 9 years old. I transferred his allowance to it. Before he was 12, he had to ask us for his balance - which he did frequently - because he couldn’t get his own sign in. Since then, he has had his own sign in. He is 22 now and we still have the same joint account with him. It has overdraft protection to a savings account with $500 in it that we all use for overdraft protection. I know he checks his account often because when it does slightly overdraft and things are pending. He transfers money from his own savings account that is separate from ours to catch it. I taught him good money habits from the day that we became a family.