My venmo is only used when i rarely go get a Man E cure (their spelling ) and i leave a tip. Im sure there is some insight there but mow much. Great article like always!
So I am an economist by training, in my early 40s. My first instinct is to send the exact amount. That said, if a friend offers to pay for coffee, I would indeed make a mental note to get it next time. I guess if one person paid for the whole group out of convenience, and then instructs each person bilaterally how much is owed, then the exact amount or rounding up are both acceptable. I would definitely not round down.
I’m more likely to round the larger the amount. For example if I owe $67.76 then I’ll send $68 but if it’s $7.76 I might send the exact amount. Or if I owe $5,984.53 I might round all the way to $6,000.
Although tbh this doesn’t happen to me a lot, usually if we are paying for each other we don’t bother with exact accounting and just take turns. So the net effect on my finances is negligible. I can argue that as a rational homo economics spending time thinking about how to round is a waste of my limited time and energy.
Thanks for sharing my video! It's such an interesting topic & I'm fascinated by how the ways we handle money (esp. socially) changes the way we think about money!!
My venmo is only used when i rarely go get a Man E cure (their spelling ) and i leave a tip. Im sure there is some insight there but mow much. Great article like always!
I think we're just older souls ;)
So I am an economist by training, in my early 40s. My first instinct is to send the exact amount. That said, if a friend offers to pay for coffee, I would indeed make a mental note to get it next time. I guess if one person paid for the whole group out of convenience, and then instructs each person bilaterally how much is owed, then the exact amount or rounding up are both acceptable. I would definitely not round down.
I haven't seen anyone admit to rounding down, but I don't think it would go over well in my friend group!
I’m more likely to round the larger the amount. For example if I owe $67.76 then I’ll send $68 but if it’s $7.76 I might send the exact amount. Or if I owe $5,984.53 I might round all the way to $6,000.
Although tbh this doesn’t happen to me a lot, usually if we are paying for each other we don’t bother with exact accounting and just take turns. So the net effect on my finances is negligible. I can argue that as a rational homo economics spending time thinking about how to round is a waste of my limited time and energy.
That's fascinating. I tend to always send the exact amount, but I think I'm more likely to round off small values and not the big ones.
Thanks for sharing my video! It's such an interesting topic & I'm fascinated by how the ways we handle money (esp. socially) changes the way we think about money!!