5 lessons from a psychotherapist to hack your brain to save

We all know that we need to save, but why does it seem so hard? Resisting something you want can feel so unnatural. Thankfully, Ellie Borden, Registered Psychotherapist and Clinical Director, has some brain-hacks to help us save more naturally. 

First things first: you need to understand that saving is a good thing. While that may sound obvious, your brain naturally wants to satisfy cravings instantly, which can make you forget about your savings goals. And, because we live in a world of instant gratification — instant messaging, faster and faster download speeds, next-day delivery, etc. — our brains crave it more and more. 

So, while we may know that saving is good, it’s a challenge getting to a place where our brains truly understand that the benefits of waiting outweigh the need for instant gratification. That’s where the brain hacks come in…

In order to be motivated to achieve your savings goals, you need to clearly define them and attach an emotion to them. That way, you know exactly where you’re headed while being subconsciously driven there.

If your goal is simply to have a happy retirement, picture what that can look and feel like. Is it a beach with white sand and crisp sea air? Do you hear the waves and the calming breeze? What about your grandchildren splashing around in the water? The more vivid and emotional you can make your visualization, the more motivated you’ll be to make it real. 

Though saving is a great thing to do, like most things, doing it too much can be unbalanced. You have to be sure that your savings habits are positive, sustainable and healthy. 

A positive savings habit is one where you focus on abundance, and not lack. Reframe your brain to say, “look at how far I’ve come,” versus “look at how far I have to go.” 

Sustainable saving simply means saving what you can and not what you can’t. If your saving habits are negatively affecting your everyday life, that’s only going to hurt you in the long run. Make sure that the goal you set for yourself is one you can achieve consistently over time.

Healthy savings habits are all about balance. Saving doesn’t mean never spending. It’s important to reward yourself a little here and there, as long as it doesn’t affect the big picture. After all, you’re on your way to achieving your goals; you deserve a pat on the back every once in a while. 

Just like brushing your teeth, sitting on a certain spot on the couch or exclusively using a certain burner on your stove, you do things out of habit. It quickly gets to a point where you repeat these actions naturally and without thinking.

So, if you can put oral hygiene on autopilot, why not savings? You just need to create a habit that helps you do so. 

Take the rubber band trick, for example: put a rubber band on your wrist and snap it when you realize you’re about to spend money on something you want versus need. That way, you’re signalling to your brain what impulsive spends are. Over time, you’ll notice you stop snapping so much, because you’re naturally avoiding the thought to unnecessarily spend money.  

No longer dreaming of white sand and calm breezes? Thinking about opening a business instead? That’s totally fine. We constantly change throughout life and so do our ambitions. That’s why it’s important to check back in on your goals and evaluate if they are still the same or if your priorities have shifted. Adjust your plan as needed throughout your life so that you can achieve what is important to you. 

Our CIBC advisors are here to help you map your goals, track your progress and adjust your plan as your life changes. Start saving with us, today.