The experts in psychology The financial statements describe the key behaviors that we must convert into habits to enjoy a healthier and more prosperous financial situation. They also propose some phrases that serve as psychological reinforcement and reminder to better relate to money in our daily lives.
Although many of the causes that generate anxiety regarding our personal finances are not controllable, we can cultivate and incorporate into our lives some habits that have a positive impact on making economic decisions, making them more efficient. aware and helpful, thus improving our emotional well-being, according to online banking N26.
This German banking entity (https://n26.com/es-es) collaborates with professor and doctor Mira Fauth-Bühler, neuroscientist and professor of economic psychology and neuroeconomics at the FOM University (www.fom.de) in Stuttgart (Germany), to define the habits that help improve people’s relationship with money.
Dr. Fauth-Bühler suggests maintaining three key behaviors to achieve financial well-being. For their part, the N26 bank analysts propose a series of psychological reinforcement messages to keep in view or repeat to oneself, as a reminder and encouragement to apply each of the strategies recommended by Fauth-Büuml ;hler.
AVOID COMPULSIVE BUYING.
Stress and a bad mood are often behind impulsive purchases and questionable financial decisions, which we often regret, says Fauth-Bühler.
He explains that emotional discomfort causes him to “disconnect” In us, the control region of the brain responsible for managing long-term goals, delaying gratification, and resisting impulses and temptations.
Instead, “take the helm.” Another area of the brain, called the reward system, demands instant gratification that makes us feel better, points out this psychologist.
The lack of time necessary to reflect on our behavior, the possible alternatives and consequences, are other “enemies of rational thought” which cause the reward system to take over, according to Fauth-Bühler.
A crucial first step toward more conscious spending is to analyze our consumption patterns and identify the factors ( such as the Sales season in stores) and situations (going shopping after having a “bad day”) that encourage compulsive spending, so be able to avoid it.
A phrase to remember: “Self-knowledge is key. Try to identify those situations that encourage you to spend compulsively, to avoid impulse purchases.”
SAVE WITHOUT PRESSURE YOURSELF.
According to Fauth-Bü ;hler, “the human brain is programmed to seek instant gratification and reject waiting or long-term rewards. For this reason, spending is much easier than saving or investing.”
To relieve the pressure of the brain control system when making conscious savings decisions, it is advisable to define long-term goals and use digital tools that allow the process to be automated in order to save money. avoid making decisions on the fly, according to N26.
There are tools that simplify and automate the saving process, which, for example, regularly transfer a pre-established amount of money or certain surpluses to a savings space designated by the client in his account, according to this bank.
This automation establishes a saving behavior based on habit, and requires less effort and energy on the part of the user, freeing them from the pressure or psychological rejection that often occurs. active saving decisions entail.
A phrase to remember: “Managing your money does not have to be difficult. be difficult. To save without pressure, lean on your bank’s digital tools to automate savings.”
SET REALISTIC GOALS.
Setting too many or unrealistic financial goals can even be counterproductive, for responsible money management, since “trying to control too many impulses at once increases the risk of failure,” says Fauth-Bühler.
Instead, break savings goals into smaller goals and formulate them as specifically as possible, according to N26 analysts.
“Meet According to Fauth-Bühler
“and, due to a process of ‘positive reinforcement’ (reflected by an increase in a brain substance called dopamine), the person is more likely to repeat the behavior that caused the disturbance. success in savings goals, he says.
“This will encourage savings. the financial well-being of the person and will improve your relationship with money, since the happy emotions of success and achievement will be associated with saving”, he highlights.
A phrase to remember: “Try to control too many impulses at once increases the risk of failure. Set realistic goals that you know you can achieve.”