They say that, if you want to spend less, you should stick with cash because it hurts more to let go of actual dollars than it does to swipe a card—the theory is that we’re more keenly aware of the loss when parting with real money. And, it’s true, mindfulness about our transactions will lead to better financial outcomes.
… but cash isn’t always convenient, ATM fees are no fun and online purchases require a card. Luckily, there’s more than one way to add awareness to your spending and improve your habits: why not try entering your transactions?
The October Challenge: Unplug!
If you follow the YNAB podcast, you already know that Jesse is kicking it old-school this month, and he and Julie are unplugging direct import. Instead, they’ll be entering all of their transactions into YNAB themselves. (Tune in to podcast Episode 343 to hear all about it.)
Jesse explained, “I’ve grown to love the feature that is direct import, where YNAB syncs with my bank, pulls in transactions that Julie or I may have missed … However, I have noticed that it has made me moderately more complacent in my transactions and with my budgeting.”
In other words, it’s easy to spend when you’re confident that you can roll with the punches to cover whatever it is that you’re buying. But, if you pull out your phone and enter each transaction into the YNAB app, instead, you’re forced to acknowledge your action in the moment.
It’s this extra pause that Jesse feels will help him act more in line with his true priorities (and cut down on the “black box” that is miscellaneous spending). And you’re invited to join in …
Join Jesse This Month!
If you want to join Jesse in entering all of your transactions this October, let him know by writing to [email protected]. He’ll write you back, and you can cheer each other on!
Your Next Step
Budgeting is not restrictive. You won’t be spending less, you’ll be spending right. So what do you have to lose? Except all that debt and stress?