When peer-to-peer payment (P2P) apps and mobile wallets make it so easy to spend cash in a flash, it’s good to have a roadmap you can follow to stay on top of your expenses.

WAYS TO NAVIGATE CASHLESS IN YOUR BUDGET
Strategies to avoid overspending through apps, digital payment and cards.

IMMEDIATELY INPUT P2P PAYMENTS IN YOUR BUDGET

Whenever you send money via Venmo, Zelle or another P2P payment app, immediately note it in your budget so you know how much you’re spending. If you have your finances in a Google Sheet, you can update on the mobile app after a transaction. If you use a budget app, hop over and input the expense right away.

MAKE A LINE ITEM FOR P2P SPENDING

Set a dollar amount for unanticipated P2P transactions to account for pop-up expenses.

Pro-Tip: Just like you would balance a checkbook, balance your P2P apps! Tally up your outgoing P2P payments and compare them with your incoming payments at the end of each month to avoid surprises.

BE INTENTIONAL WITH YOUR SPENDING

Studies show we’re more tempted to make an impulsebuy when we can pay cashless.4 Be intentional about what you buy, and take a few days to think over unplanned purchases before tapping your phone to the card machine.

PAY OFF CARDS AT THE END OF THE MONTH

Calculate your budget so you can pay credit cards in full at the end of the month. This way, you can avoid high amounts of interest that accompany making minimum payments over time. This strategy will hold you accountable to spend only what you can afford in a time when it’s all too easy to tap now, pay later!