It’s easier than ever to spend money without even knowing it. Once upon a time, there were only three ways to spend money: Cash, Check or Charge. Now there is an app for everything and your money can flow direct from your bank account to PayPal, Uber, Park & Pay, the App store, iTunes, Fresh Direct, or simply tap and go pay. With direct deposit of your paycheck, cash and bank branches aren’t used very much anymore.

Thoughtless spending is on the rise, fueled by all that late night shopping and other online impulse purchases. It is only made “easier” by the fact that for many consumers their credit card information is saved on their favorite retailers’ websites. So Friday late night shopping is so easy and seamless you might not even realize the purchases have been made until the packages start arriving!

So, how can you save when you don’t know that you are even spending? First, when your paychecks hit your bank account have a set amount automatically transferred out to your savings account. Then track your spending through banking alerts and daily spending limits, the technology work for you. For example, set your iTunes’ account to ask for your password for each transaction, it may not stop you from downloading something however it will slow you down and hopefully you’ll think about your choices. Finally, remove your credit card information from all of your favorite retailers’ websites, if you have to go and find your credit card to input the number to make the purchase, you may think twice about the purchase.

For further discussion regarding financial planning and Wolcott Financial Solutions, Inc., click here.

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