Keeping Withdrawal or Purchase receipts helps build good financial discipline

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Quote from: Cryptomultiplier on January 14, 2025, 08:25:09 AM

In localities where POS has now become the most patronized means for withdrawals or deposits or for payments after completion of transaction, a receipt upon completion of the transaction using the POS will always stand to ensure that one maintains good financial discipline,

No No No. Because giving a user that piece of paper which usually doesn't contain details about their financial expenses, can never maintain financial discipline, because discipline is what comes through a series of practice, action and record keeping, of which all these can be done through the debit alert on your mobile device, and not a piece of paper from P.O.S.

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*Do you agree or disagree that demanding and keeping receipts especially from POS operators after any transactions will help you maintain a good financial standing?

Your opinion is welcomed!

I totally and heavily disagree with you my friend, because keeping or not keeping the receipt from a Post of Sale transaction (i.e P.O.S) has absolutely nothing to do with you maintaining a good financial habit or not. Because on the contrary, after every P.O.S transaction, you usually get a debit alert on your mobile device, of which that alone is enough to monitor your daily or monetary transactions.

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Quote from: Cryptomultiplier on January 14, 2025, 08:25:09 AM

*Do you agree or disagree that demanding and keeping receipts especially from POS operators after any transactions will help you maintain a good financial standing?

Your opinion is welcomed!

I don't, I think it's a waste of resources when the withdrawals are coming from your personal account and you don't have to give accountability to someone else. The receipts are only necessary to avoid issues when the transaction wasn't successful and you'll need to go to your bank to rectify the issue.

Assuming you want to keep record, you can do that from your bank app (transaction history). Disciplined is developed from home and not something as less important as a receipt. I haven't taken a receipt in my life from POS operators and I'm not financially indiscipline.

The Idea behind POS operators not having a receipt this days is because they noticed people don't actually need one but throw it away immediately after receiving it. So why would they waste money on something that people don't see the need to receiving it.

Financial discipline comes with knowing your needs/wants and prioritizing your needs from your want.

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Quote from: Cryptomultiplier on January 14, 2025, 08:25:09 AM

*Do you agree or disagree that demanding and keeping receipts especially from POS operators after any transactions will help you maintain a good financial standing?

Your opinion is welcomed!

I don't see that to be the best option to keep you maintain a good financial stand. As far as I know even though you print a 1 year slip and monitor all of pos transaction to keep you motivated to save rather than spend, of course you will still spend a lot even if your have them all in your hand. The best thing to do is to draw a lay down diagram of how you will likely manage your money and achieve your target one after the order. Having a "sale"of prefrence which will enable them minimiz over spending.

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Quote from: Cryptomultiplier on January 14, 2025, 09:32:17 AM

It is also because of unnecessary spending I keep receipts, but even with a spending budget, unless one is married and have kids that ensure that they spend responsibly, a single person not in any relationship may have to spend sometime without budget restrictions mostly when there isn't family or friends that can support financially and that's why I hold onto receipts most times to retrace my expense map and refrain from such scenarios that cause much spending.

I don't see this has helpful to me from the fact that the text on those paper can also wipe out with time and they are somewhat fragile, I don't even want to bother myself in keeping them, they are like dirt in the long run.

I will advise you stick on using bank transfer history, there are much benefits, you can trace how was in and out from it easily, even what you spend the money for maybe such as: airtime, data or other bills like electricity. This just go for monthly expenses even the last six months or more you can get a bank statement easily. Currently I think Kuda does something like they give users total details on the transaction they did throughout the year, although I don't often used Kuda now, I'm more of other online banks.

Although if this is working well for you and you don't see any reason for changing to using bank apps, good job, what matters is having a responsible spending habit.

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Quote from: Felicity_Tide on January 14, 2025, 08:49:44 AM

Quote from: Cryptomultiplier on January 14, 2025, 08:25:09 AM

*Do you agree or disagree that demanding and keeping receipts especially from POS operators after any transactions will help you maintain a good financial standing?

Your opinion is welcomed!

I might want to stand in between on this one. I agree, and at the same time I disagree.

Controlling ways we spend doesn't necessarily depends on keeping receipt, but it actually varies from one person to another. There are people that keeps receipt in the form of a trophy/achievements, but still don't see any need to control how they spend. While there are others that are always cautious especially when they've noticed that they're on a spending spree, and it has gone far beyond a certain level.

And from experience, I can say that keeping receipt, or going through old transactions makes us realize that we sometimes spend on things that are not necessarily. But not everyone have the ability to tell themselves the truth, since all they do is to spend... spend....and spend.

And for this country wey we dey so, man wey wise suppose dey check em transaction history once once(even though no b everybody dey cautious).

It is also because of unnecessary spending I keep receipts, but even with a spending budget, unless one is married and have kids that ensure that they spend responsibly, a single person not in any relationship may have to spend sometime without budget restrictions mostly when there isn't family or friends that can support financially and that's why I hold onto receipts most times to retrace my expense map and refrain from such scenarios that cause much spending.

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Financial discipline for me is not about keeping receipts as I know all the money that came in and went out of my account every month.

Also I allocate a percentage of my earning on spendings which is enough as a financial discipline. But as inflation is increasing, that is when I have to check if I should increase the amount or not.

What I see as financial discipline are the monies I spent from my monthly earnings not to be more than the amount I want to spend.

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Quote from: Cryptomultiplier on January 14, 2025, 08:25:09 AM

*Do you agree or disagree that demanding and keeping receipts especially from POS operators after any transactions will help you maintain a good financial standing?

Your opinion is welcomed!

I might want to stand in between on this one. I agree, and at the same time I disagree.

Controlling ways we spend doesn't necessarily depends on keeping receipt, but it actually varies from one person to another. There are people that keeps receipt in the form of a trophy/achievements, but still don't see any need to control how they spend. While there are others that are always cautious especially when they've noticed that they're on a spending spree, and it has gone far beyond a certain level.

And from experience, I can say that keeping receipt, or going through old transactions makes us realize that we sometimes spend on things that are not necessarily. But not everyone have the ability to tell themselves the truth, since all they do is to spend... spend....and spend.

And for this country wey we dey so, man wey wise suppose dey check em transaction history once once(even though no b everybody dey cautious).

Cryptomultiplier

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I found myself in an environment where things don't seem too different from my place of abode, but one thing that comes to mind is the fact that within my environment of residence, the POS operators have learnt to minimize how much they spend on buying the paper roll that the POS machines need to print out receipt of every transaction. A transaction may have to be completed these days without receipt and that's a new trend that is responsible for financial indiscipline and irresponsibility if you look closely.

In localities where POS has now become the most patronized means for withdrawals or deposits or for payments after completion of transaction, a receipt upon completion of the transaction using the POS will always stand to ensure that one maintains good financial discipline, and have a balance their books when calculating expenses and in making fresh budget expenses.

*Do you agree or disagree that demanding and keeping receipts especially from POS operators after any transactions will help you maintain a good financial standing?

Your opinion is welcomed!

Topic: Keeping Withdrawal or Purchase receipts helps build good financial discipline (Read 83 times)