Why contactless payments may be ruining your finances

“Tt’s just so easy to spend and it’s crippling me,” a client said to me earlier this month. It’s a conversation I’ve had plenty of times this year with people who are struggling to achieve their bigger financial goals because they’re relying on willpower to curb their spending.

- TALIA LODERICK

The current frictionless payments landscape, from 1-Click to Apple and Google Pay to Buy Now Pay Later (BNPL) schemes, means it’s never been easier to be parted from your money. We live in a world where you can leave your house without cash or a card and still spend. It’s a retailer’s dream, but for many people – especially those who describe themselves as compulsive buyers or having a shopping addiction – it’s a nightmare.

If you’re someone who struggles with overspending or problem spending, friction is your friend. Yes, I’m a money coach. No, I’m not anti-spending. I’m pro spending money you can afford on the things that matter to you and enjoying every purchase without guilt, shame or regret.

But if you struggle with overspending or problem spending, the onus shouldn’t be on you to learn how to “be better” with credit cards, BNPL, with 1-Click shopping. Rather, the frictionless payments landscape, with its low barrier to spending, isn’t serving you. It’s not you, it’s them.