Listen to this Post
Introduction
Anam Mirza, the sister of tennis icon Sania Mirza, recently shared a personal financial decision that has sparked both admiration and controversy on social media. In an Instagram video from her series Little Changes, Big Impact, Anam revealed her strategy to take control of her finances by deleting all UPI-based digital payment apps from her phone. This move is part of her larger goal to curb impulse spending and develop better money management habits. But, does this unconventional strategy really work in todayās cashless world? Letās explore.
the
In her Instagram video, Anam Mirza shared that she had stopped using all digital payment platforms like Google Pay, effectively cutting off the convenience of UPI-based payments. Her decision was based on a desire to make spending less effortless and more deliberate. Anam explained that her approach was motivated by the urge to avoid the impulsive purchases that often arise from the instant gratification provided by UPI systems.
At first, Anam acknowledged that life became a bit inconvenientāsuch as having to ask friends to cover small expenses like coffee. However, she got used to this change and saw it as a necessary step toward financial discipline. The video quickly went viral, sparking debates online about whether such a drastic measure could be applied by everyone, or if it was merely a rich person’s luxury.
Some praised Anam for her innovative approach, noting how it helped them control their own spending. One Instagram user said, “Been doing this for 6 months, and I donāt overspend anymore,” while others applauded her decision as a smart strategy for those struggling with impulse buying.
However, not everyone agreed. Critics questioned whether completely eliminating UPI payments was a realistic option, particularly in a country like India, where digital payments have become a way of life. One user argued that this advice might only be feasible for wealthy individuals and not for the average person who relies on UPI for convenience. Others raised concerns about the broader economic implications, suggesting that excessive savings could limit money circulation and harm the economy.
What Undercode Says: Financial Discipline in a Digital World
In an era dominated by digital transactions, Anam Mirzaās decision to quit UPI raises important questions about the balance between convenience and financial responsibility. UPI, short for Unified Payments Interface, has revolutionized the way people make payments in India. Its ease of use has contributed to a cashless economy, where instant payments have become the norm, enabling people to shop, pay bills, and transfer money with just a few taps. For many, this has significantly reduced friction in everyday financial transactions.
However, Anamās point is valid. The ease of UPI payments could indeed be encouraging impulsive buying, particularly when it comes to small, unnecessary purchases that would otherwise require more deliberate planning. By making digital payments less accessible, Anam has essentially imposed a barrier between herself and instant gratification, allowing her to think twice before spending. This is particularly relevant for those who struggle with impulse buying and need a more mindful approach to their finances.
That said, her strategy may not be universally applicable. In a country where UPI has become almost indispensable, asking individuals to delete these apps could be a hard sell. For lower-income groups, UPI is not just a luxury, but a necessity for managing transactions in a fast-paced, digital world. Additionally, the claim that deleting UPI apps will directly curb overspending overlooks the complexity of personal finance management. While it might help reduce small, spontaneous purchases, it does not address larger, more systematic financial habits like budgeting or saving.
For the middle class, who often rely on UPI for its speed and efficiency, Anam’s approach may seem impractical. UPI has become a cornerstone of financial transactions, particularly in a country like India where cashless transactions have grown exponentially. While it’s admirable to take such a drastic step for financial discipline, Anam’s decision might not be feasible for everyone, especially those who do not have the luxury of extra time or resources to manually manage payments.
Fact Checker Results
ā
UPIās Impact on Spending: Studies have shown that digital payments, especially those made instantly through platforms like UPI, do increase the likelihood of impulse purchases.
ā
Feasibility of UPI Removal: While deleting UPI apps can reduce impulse buying, it may be impractical in a digital economy like Indiaās, where UPI has become a crucial mode of transaction for many.
ā Economic Circulation: The idea that eliminating UPI payments could hinder economic circulation is exaggerated. However, it is true that limiting transactions could affect some sectors that rely heavily on digital payments.
Prediction
As digital payments continue to expand globally, more people might experiment with Anamās approach of eliminating UPI to regain control over their finances. However, this shift is unlikely to become widespread, especially among lower and middle-income individuals who depend on the convenience of instant transactions. Financial literacy programs that address budgeting and mindful spending may be more practical solutions for the masses in helping to manage their expenses without needing to quit digital payments altogether.
References:
Reported By: timesofindia.indiatimes.com
Extra Source Hub:
https://www.github.com
Wikipedia
OpenAi & Undercode AI
Image Source:
Unsplash
Undercode AI DI v2
