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Saving can be easy and enjoyable.
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Avoiding compulsive purchases, saving without putting excessive pressure on ourselves and setting realistic goals that are not too strict are some strategies that will help us. n enjoy a healthier financial state, according to neuroscientist and Ph.D. Mira Fauth-Bühler.
“Our brains have not been developed to make smart financial decisions. However, to save money it is not necessary to fight against our human nature, but to adapt saving strategies to the functioning of our brain”, explains the German doctor Fauth-Bühler.
A first step towards more conscious spending is to analyze our consumption patterns and identify the factors (such as the Sales season in stores) and the situations (such as shopping after having a “bad day”) that they incite to spend compulsively, so that be able to avoid it, according to this expert.
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.
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 impulse buying.
Stress and a bad mood are often behind impulse purchases and questionable financial decisions, which we often regret, says Fauth-Bü hler.
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 ruse. n” 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 had 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 putting pressure on 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. < /p>
This automation establishes a saving behavior based on the habit, and requires less effort and energy on the part of the user, freeing him from the pressure or psychological rejection that they often involve active savings decisions.
A phrase to remember: “Managing your money does not have to be difficult. be difficult. To save without pressure, rely 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, It’s a good idea to break down savings goals into smaller goals and formulate them as specifically as possible, according to N26 analysts.
" ;Meeting these goals brings an instant feeling of gratification,” 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 their relationship with money, since the happy emotions of success and achievements will be associated with savings”, he highlights.
A phrase to remember: “Trying to control too many impulses at once increases the risk of failure. Set realistic goals that you know you can achieve.”