Easy Save, Painful Spend

“Just a click away!”

“Quick and easy check out!”

“Buy now, pay later!”

We’ve all heard those phrases. And, wow, can they get your dopamine flowing!

They can also get your cash flowing . . . right out of your wallet.

But there are ways to reduce and even stop that flow. The mindset behind that is to create friction when spending.

Even a brief moment or two could be enough to cause the “what am I doing?” part of your brain to catch up with the “this feels sooooo good!” part of your brain.

Let’s face it. We’re basically emotional creatures and we just love that dopamine rushing through us. In fact, we crave it. That’s why we need to pull back the reins and bellow in a “Whoa, Nellie!” when that dopamine is racing like an out of control stage coach barreling towards a cliff.

(OK. I admit it. My analogies need some work. LOL!)

Here are some techniques you can take care of before the next temptation comes along:

·        Deleting store, gaming and other apps where you spend money from your phone (OK to keep grocery apps for the coupons). If you really need something, go to the website instead.

·        Delete credit card and digital payment info from websites.

·        Determine ahead of time how much you will spend at stores and restaurants before you go. Also, have cash on hand to pay for it.

Even taking a few seconds more to make a purchase could be the difference between hitting that “buy now” button and pausing to let that feeling of “I need that!” run its course. Paying in cash at the point of purchase ensures you will stick to what you intended to spend.

Creating friction and having a game plan helps you stick to your budget and savings goals.

Going forward, avoid all those easy payment options and buy now pay later. These options are offered because companies know how tempted our brains are with those so-called smaller payments and the ease of putting off the pain (aka payment) until tomorrow.

Take a deep breath and rethink. If it’s something you really need and you can pay cash for it right this second, go for it! Otherwise, you can’t afford it now. And you likely can’t afford it in the future. Be kind to your future self!

If you’re ready to learn even more, registration is open for Budget YOU!’s four-webinar series to help you become the boss of your bucks. Events | Budget You