How online purchasing affect lifestyle?
Yes, we have seen the transformation of currency into digital form of money. It’s a great evaluation in history of currency. Whereas the people carried bunch of currencies in pocket a decade ago, now we have only few plastic cards. They online purchasing habits changed the way of living style
Every technological invention will destruct something to implement / grow. It’s also a law.
Hence I would like to write about economical, personal, social changes of this modern digitized money.
The online money transfer and purchases made the worth of money became less. You can feel the difference while fueling your vehicle by cash and by a bank card. A decade ago , people carried the money which they have planned to buy an item .Now the bank cards have full money in their account or as a credit limit in credit card , hence people are tend to buy unnecessary items by attracting advertisements and offers as they go.
Over spending can be resulted in serious debts. particularly while using bank credit cards.
Most of the online purchasing agencies and companies are based in outside our country, hence the purchasing money will not be circulated inside the country. it indirectly affects the total country’s economy . Whereas the direct purchase or currency exchanging trade will circulate the money inside the country and it will improve tax incomes and GDP
Seems different !!! However the nature of spending of a person is affected profoundly by this digitalization.
A bumper sale offer on a website / store or advertisement can easily stimulate us to spend on that, though we don’t need that product much/ now .The credit card offers and individual bank tie up with stores make the higher price products/ services available into a lower EMI for an individual. There the person is trapped for long term expenses without savings.
The children were taught to keep a piggy bank to save pocket money .The concept behind is that when you see the money to grow in saving you love to save more.
This habit is almost missed in this generation.
While we visibly monitor the money expenditure from wallet, we may worry and stop spending unnecessarily
Social behavior changes:
While going a shop to buy, we will not only concentrating the purchase, we make a relationship also.
A regular customer can become a friend / best known circle / sometimes family friend too, we cannot expect this in online purchases .for the regular customers the vendor also maintain the quality in all products / services .there will be human touch in all
Instead of searching new friends in social media, just walk and reach your neighbor shops/ stores and get socialized as you purchase
Read more : Social media became unsocial
As all we know, the currency made up of paper and metals, which may need lots of trees to be destroyed and mines to be signed. Thankfully those are saved.
Read More : Do You know virtual water
How to handle !!!
- Saving and investing:
Keep aside minimum 15% of income as a savings as a top priority. Your first spending from your income must be savings.
Start investing in stock markets, particularly from your early 20 s when you start earning.
You don’t need to have a finance background to invest in stock markets .start learning and get guidance from experts to save better.
- Use less currency:
Keep a small amount of physical currency in hand for daily spending. Avoid usage of bank cards though you will be awarded with redeemable points. Prepare a list of products that you would like to buy before entering into a shop\ supermarket, then buy only them and leave the shop. It can save a lot.Practice and feel the difference
- Piggy bank:
Keep a piggy bank in home to encourage the savings among children.
- Be aware of bumper offers ( particularly online offers ):
Be aware, there is nothing free in this world. That too from a business and trade. There were only 3 seasons in United States. Now there are many seasons created to sell products. Individuals are forced indirectly to buy a latest trendy costumes/ products /smartphones etc. , even though they have a good one already .
Just analyze yourself, how many products are less / rarely used by us in home which were bought under attractive bumpers / seasonal sale offers.
And also , we would purchase the most of these exciting offers thru our credit cards or online purchase . Later, Even we might forget the interest rates and other extra charges on that .
- Manage Bank sales calls:
Try to ignore the unnecessary bank offers on credit cards, credit limit increase, attractive home loans, auto mobile loans, EMI offers on house hold items. The sales executive is having a duty to call and sell products, but you have the right to decide which you need.
All technology inventions have both positive and negative faces .Use the online banking and purchasing facilities properly or don’t try them, if you are not in good control on your expenses.
Read also : Credit card dept problems
Even though the safety and convenience is possible only by the online / digital methods, the scammers / hackers are using various updated technology to break the security. Be cautious in using digital transactions to save ourselves .
Using the online banking and purchasing facilities wisely will help us to live the life conveniently with the fast growing society.