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Has the Internet Taught Us Bad Financial Habits?

Impulse buys, collecting points and being swindled by reward schemes are all too common in the modern age. Where there were snake oil salesmen many years ago, online scam artists have replaced them in the digital age and they don’t appear the slightest bit shady because they know how to conceal their con.

The internet is full of psychological effects that slowly draw us to spending our money and becoming brainless consumers. Even supermarkets were no stranger to using colours, sounds and creative placement of products to entice us to purchase something and build bad spending habits. With that said, it’s clear that the internet has taught us some terrible financial habits, but how do we control these urges?

Source: Pexels

You’re not a financial guru

Just because you’ve watched a video on trading or a friend told you some stock or share is a “sure bet”, it doesn’t mean that you know how to trade. Getting involved with these kinds of investments can quickly burn you if you’re not careful, and the wounds may be too big to close up in the future. Be modest and accept that you’re not a financial guru and you’re not an expert trader just because you read a few articles on the internet. Don’t be enticed by these trading websites and financial ploys that get you to spend your money.

Understand the power of the internet

With the internet, it’s possible to get online loans approved instantly and you can even have online wallets that will automatically be used if you allow them to be. It’s incredibly convenient and can save you a lot of time and stress in the future. For instance, if you’re struggling for money and you need a quick loan to help you pay for an emergency expense such as a car or home repair, then an online loan is a great way to cover for it. However, if you rely on it too much, you’ll be abusing the power that the internet offers and you’ll build bad habits that can lead you down a life of debt.

Convenience is nice but unneeded

Speaking of the internet, have you ever saved your card details or added quick checkout options? Remove them immediately. These make it convenient to purchase items and while it sounds like a great idea, you’re essentially enabling yourself to make impulse purchases. Impulse buys are a terrible financial habit that you should aim to get rid of as soon as possible, and you can take a small step by unlinking your credit or debit card from every online service.

Forget those rewards and points

Online spending has opened up a whole world of point collecting and discount offering. Even during sales, companies are still making money and you can’t “beat” the price they offer. Just because a company is offering extra points or discounts, it’s all to entice you to spend more and make impulse buys. Avoid these as much as possible. Don’t be drawn into these seemingly lucrative deals and cut your spending to build a thicker financial skin.