The Hidden Price of Convenience

While doing my shopping the other day, I realized that in my rush to leave home, I hadn’t carried any money with me. There I was at the till, with all my shopping being scanned and packed, and to my horror, my handbag only held a few odds-and-ends, some spare change, but no ATM. Luckily, I had my mobile phone. This enchanted sleek rectangle not only held my weekly shopping list, at that moment, it was my saving grace – providing me with access to some money I had in a mobile unit trust account (my starter fund). I quickly transferred the money I needed to my mobile account, and paid for my shopping. No muss, no fuss – crisis averted. Despite the fact that I had saved myself from an embarrassing situation, it pained me that I had had to resort to using part of my savings on a weekly shop.

Although we are fortunate enough to live in times where we can enjoy the efficiency and accessibility of the digital age, all this convenience comes at a price. Everything is a mere tap or swipe away, and readily available for delivery, and it’s slowly bleeding us dry. It doesn’t help matters, that many of us are quick to brush off those hidden fees that service providers, banks, and telecommunications companies tag on their products and services. The odd transaction fee here, and the small delivery fee there, doesn’t seem like much in the moment, until you receive that dreaded “insufficient funds”  alert that leaves you wondering where all your money went.

In the same way, consider how easy it is to access micro-loans these days. That small-small money we borrow from telecom companies and other money lenders to tide us over until pay-day. A bill is overdue and you’re in urgent need of money, or there’s something you desperately must have, so you take out a quick loan. You ignore the high interest and steep penalties that come with late repayment, until you start seeing the deductions sniping away any money that comes into your account – no matter how small.

Old-heads will remember when we only had the option of dealing with cold, hard cash – having money was a tactile experience back then. Coins shone in various metallic sheens, and happily jingled in our bags and pockets. Bank notes new and old, crinkled when folded, and it warmed the heart to hear the rhythmic flicking of your paper money being counted off by deft and nimble finger tips. Different colour-coded denominations broadcasted just how rich you were in ones, tens, hundreds and even thousands. You either had cash money or you didn’t, it was that simple. When you spent that money on anything, you’d feel the pinch of its loss down to your soul, so you diligently tracked your precious hoard of cash as it left your wallet – each and every purchase had to matter.

These days, most of our money now primarily exists as a series of ones and zeroes on computer servers, it barely feels real anymore. Inflation withstanding, this plays a huge role in why it seems like money is just slipping through our fingers like water, nowadays.

Here are 4 tips to help money feel more real to you, and keep more of it in your pocket:

  1. Use cash: Where possible, endeavor to use physical cash for your everyday transactions. For example, when you’re doing household shopping, paying for transportation, food, and the like. Believe me, you’ll be more careful with how you spend when you see your money go in real-time.

  2. Keep your eyes and your mind on your money: Track how much you have and where it’s going – use a budget. Every shilling you have has a job to do, and you’re in charge of managing it. Knowing these numbers and figures makes you more mindful of your money.

  3. Pause before every purchase: Any time you’re going to spend money on anything, take a minute to think things through. Ask yourself the following: Is it necessary? Can I borrow, rent, or buy this secondhand? Can I afford it? Is it worth the cost? Is there a better use for this money?

  4. Add more friction between you and your money: Pickup your purchase instead of paying extra for delivery. Ask your bank to limit or put a cap on any large money transfers going out of your account. Remove temptation by not carrying your ATM card everywhere, or keeping large amounts of money on your mobile account. All this friction and the extra steps will help keep your spending in check.

Wonders will never cease, and the accessibility and convenience of technology in these modern times is a delight to behold and enjoy. But as with all things, there’s always a price to pay, and it may be more than you can currently afford – know your limits and learn to exercise self-control.


Connect with me – @KagoTMD on any of The Money Diaries platforms.

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Let's build your future, together.

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