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Psych Yourself Into Spending Less Saving More For the Future

Use these mind tricks to get the willpower to build cash reserves

chris gash There are two kinds of people, says consumer finance expert Eesha Sharma: Those who love to shop and those who love to save. Savers tend to make good shoppers, as they often bring their frugality and long-term vision to the task. But how do you get people who love to spend now to put more money away for later? The answer, Sharma says, is to use mind games to lessen the pain and maybe even make it joyful. Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. Sharma's recommendations are especially important nowadays. The past year has put undue on many of us. At the same time, who among us, trapped at home, in isolation, hasn't felt a frisson of happiness when treating ourselves to something online? Impulse e-shopping has become a 24/7 temptation, and the can fan the flames of that desire. Here's how to make yourself feel similarly giddy when you tuck money into your bank account.

Pair the bitter with the sweet

One way to get yourself going on a task you're not enthusiastic about is to pair it with something pleasurable. Just as binge-watching Bridgerton can make time on the treadmill easier to take, rewarding yourself now can make saving for the future feel like less of a chore. So set some matching rules for yourself by using a concept known as “temptation bundling,” suggests Sharma, an assistant professor of business administration at Dartmouth College. Whenever you pay to stream a movie, put the same amount in your savings fund. If you're like moisturizer or kitchen gadgets (my particular temptation), add an equal amount to savings.

Break it down

AARP Membership — $12 for your first year when you sign up for Automatic Renewal Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. Entertainment $3 off popcorn and soft drink combos See more Entertainment offers > So don't wait until you have a sizable amount in your checking account. You can arrange to sweep extra change from purchases into your savings automatically via Acorns or Chime.com, or by using Bank of America's Keep the Change program. Or save small with a jar on your kitchen counter.

Imagine the future you

"When you're trying to encourage yourself to save, you need to focus on the benefits of saving,” Sharma says. “Envision yourself as that person in the future enjoying those savings.” If, for example, you're , think of the fun you'll have choosing that perfect model, the joy of being able to afford it, and the road trips or errands that will be so much easier and more pleasurable once you own it. If it helps, don't even think of it as “savings” at all; think of it as “future spending” on a dream vacation or that perfect retirement abode.

Put it on autopilot

Of course, nothing works better than taking choice out of the matter. Increase your automatic paycheck contributions to your retirement account. Open a or mutual fund account and direct the institution holding it to automatically draw savings from your checking account every paycheck or every month. You'll save without the psychic pain of having to actively choose saving over spending. How's that for a good trick? AARP Membership — $12 for your first year when you sign up for Automatic Renewal Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. More on money AARP Membership — $12 for your first year when you sign up for Automatic Renewal Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. AARP VALUE & MEMBER BENEFITS See more Health & Wellness offers > See more Flights & Vacation Packages offers > See more Finances offers > See more Health & Wellness offers > SAVE MONEY WITH THESE LIMITED-TIME OFFERS