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MONEY TIPS
November 25, 2021

The science of saving

We’re all born with innately unique neurobiology that plays a big role in the decisions we make, and ultimately the habits we eventually form. Money and saving are of course no exemption to this, and they often suffer the most when we form bad habits around it. 

Luckily, you probably won’t have to rewire your brain to start learning some new habits. In fact, habits can be formed in as little as 18 days, and that’s plenty of time to start becoming a better saver.

The science of good saving:

  • Autopilot savings: Creating an automatic transfer into your savings account on a weekly or monthly basis is a fundamentally habitual step. It’s the definition of a habit, and it doesn’t even require us to do anything after the initial five minutes invested.
  • Think of money as time spent: Each time you consider making a purchase, convert that transaction total into the number of hours you’d need to work in order to make it back. 
  • Substitute a bad habit with a good one: Let's face it, life would be boring without some bad habits. And it's oftentimes unrealistic to cut them cold turkey. Try what's called "substitution" instead. Example: Every time you make an Amazon order for a non-essential item, put $5 into your savings account. 
  • Visualize achieving your goals: Whether you believe in manifesting or not, there’s no doubt that visualizing yourself achieving your goals can serve as a source of motivation that propels you toward obtaining them. Savings is no exception and is something that can unlock a lot of possibilities for us once mastered.
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