Do you have high expenses every month and just can’ t manage to reduce them? Then you can use science to help. We are therefore introducing you to three scientifically based methods that you can use to save more money.
Would you rather have your salary paid weekly, monthly or yearly? Of course, it is attractive if you receive a very large amount in one day. However, you then have to wait almost a full year until the next payday.
In fact, scientific studies have shown that we are more conscious of our money when we receive small amounts more often. The researcher Wendy de la Rosa from Duke University in America was able to prove this in several studies.
In most cases, she has looked at how people can save more money. She has always underpinned her results and advice with scientific findings.
We would like to introduce you to three of the scientifically based methods with which you can finally save money.
1. Focus on the small, regular expenses
There are many people who buy a cup of coffee every day on the way to work. That means spending two cedis a day. In a week that’ s already ten cedis and in the year we come to just under 500 cedis.
Were you aware of these dimensions? No? Do not worry! You are not alone in this. And it is precisely those small, regular expenses that weigh heavily on our wallets and prevent us from saving.
But even if you wish, it is difficult to change these behaviors on your own. Without concrete action, you will find that you cannot significantly reduce your coffee and pretzel consumption.
Instead, you have to build as many hurdles as possible into your (financial) everyday life. Can’ t pay by card at the bakery in the morning? Then leave your cash at home. The goal is to make your life as difficult as possible in the area you want to change.
If you have to go to the ATM before shopping at the bakery and then take the bus 20 minutes earlier, you will quickly work off your habit and save money.
2. Think of your future self
How are you doing in ten or 20 years? Do you have your own house and children then? Is it possible that you are already retired? No matter how you imagine your future, it is mostly positive. Because our future self has better character traits and has saved money over the years.
The conceptual transference error lies in the fact that your future self is dependent on your actions in the present. However, when we receive our salary, for example, we are unable to set aside enough money because we are anchored in the now.
Consequently, if you want to save money, you have to think about your future with every incoming payment. With this attitude, we are much more farsighted with our money and save more than ten percent more if it is for our future.
3. Use moments of change
A look at the future self shows that we humans like to surround ourselves with non- binding sizes and periods of time. After all, they are so vague that in most cases there are no concrete consequences for us.
” I want to take care of my retirement provision for the next year. ” This statement satisfies our nagging conscience because we have a plan, and it is so imprecise that we don’ t have to commit to a specific day.
And if it doesn’ t happen for two years, it’ s not serious either. But it is precisely this mistake of reasoning that can cost you a lot of money from a financial point of view. Because if you want to save money, every day actually decides on the amount of your income and reserves in the future.
Whether you invest your first 1, 000 cedis at the age of 18 or 28 can quickly make a five- digit difference after 20 or 30 years.
And how do you manage to be more focused on your plans?
The simplest method is to bind yourself to fixed dates on which you have implemented certain projects. It is often enough to put a reminder in your calendar or to add a Post- it and a payment date to an invoice.
Because simple and clear numbers give us structure. It can also be processed more easily by our brains, which can effectively save us money.