5 Signs UPI Is Making You Spend More Without Even Realising

UPI has made payments easy; one scan and the transaction is done. But that ease is exactly why your bank balance disappears faster than ever. If you are low on your bank balance and cannot recall what you paid for yesterday, it's high time to check your UPI habit. Here are some signs UPI is making you overspend without you even realising it.

Signs UPI Is Making You Spend More

Check some signs regarding UPI payments that is indirectly making your spend more without even realising. 

1. Not Remembering What You Paid For Yesterday

If you try to remember the last five UPI transactions without opening your phone and you can't, then you have a huge dependency on it. Cash has friction, but UPI removes that. When payment becomes a one-second scan, your brain doesn't register it as spending.

2. Transactions Under Rs 300

Whether it is Rs 40 for chai or Rs 150 for auto, these small transactions can make a big impact on your bank balance. Individually, they look small, but these 100+ small transactions add up to Rs 15-20k.

3. Checking Bank Balance, Not UPI History

You only realise that you are low on money when your account balance drops, not when you spend. You never open the transaction history tab in GPay/PhonePe/PayTM until you need a screenshot. That's called passive spending.

4. Paying For Things You Would Have Skipped If It Was Cash

Would you have walked to the ATM to get Rs 50 to pay for a cold drink? Probably not. But because UPI is there, you pay instantly. UPI makes you say yes to things cash would have made you say no to.

5. No Idea Of Monthly UPI Total

You know your rent, your EMI, and maybe even your credit card bill. But how much did you spend via UPI last month? If you don't know the number, you are overspending.

ALSO READ- How To Protect Yourself And Your Family From Financial Fraud

What's The Fix For Overspending Via UPI?

1. Turn on Payment Notifications. Let every debit ping you.
2. Do a 7-Day audit. Go to your UPI app, check history, and export. Put all transactions in one sheet to get the data.
3. In your UPI app, set a daily limit of Rs 500-1000 for discretionary spending. After that, use cash for a day.

ALSO READ- You Pay Tax on Your Gains. Here Is How to Pay Less on Your Income

Do remember that UPI is not the enemy, but mindlessly using UPI is. Set the boundary and be mindful while paying through UPI to manage finances better.

(Image Credits: Magnific)
To read more such stories, stay tuned to Her Zindagi.