People are so confident about their earning power today that they do not keep tabs on saving, spending

economictimes.indiatimes.com:

accounts were written. The money was kept in separate paper envelopes, marked as milk, kirana, vegetables, and such. At the start of the month, salary was allocated to these various covers. Everyday accounts were written in the notebook. Mom and dad did not go to sleep before tallying all balances. Despite the daily reinforcement, that habit died with them. None of us kept track of our daily accounts.

Maybe we wanted to rebel and be different. Or, perhaps, we were relatively more prosperous and did not have to keep accounts. Or, maybe, it was a bit of both. We were the generation that had positive cash balances in the bank before the next salary arrived. Our parents struggled to pull through the last week of the month. They needed tight control on expenses on an everyday basis. We could relax and care about large-ticket items, and not sweat over small details.

However, we were living in denial about our finances, and couldn’t be bothered by the financial crunch that hit us every now and then. Spend when you have the money, stay at home when you don’t, was the overall rule. Those were the days when personal loans and credit cards were not widely available in the retail market. We seemed content with the yoyo state of our household finances, but did not write accounts or make budgets. Many of our friends did not either.

Then the age of technology came upon us. Apps could track things for us and a new world of classifying expenses opened up. From rudimentary classification of credit card and bank statements, we now