We Cover Saving Money; Here’s How We Fool Our Brains Into Doing It

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Late one night, while looking at a Container Store cart on my phone, I did something I had read about many times but had never actually managed to do. Rather than spending $200 on more storage boxes I did not truly need, I moved that money into my savings account.

Usually, my self-control is no match for present bias, the psychological tendency to value our current selves more highly than our future selves.

Studies have also found that people tend to picture their future selves almost like strangers, which makes it harder to care about that version of yourself than about the person you are right now. But in that moment, I could picture my near-future self using that $200 for next summer’s vacation. I wanted the trip more than the boxes, so I walked away from the cart.

I had accidentally put a psychological savings strategy to work: choose a goal that helps you imagine your future self more clearly. With that in mind, I asked several of my fellow Nerds to share the saving habits they use in their own lives. Maybe their ideas can inspire your own late-night self.

The Nerds who procrastinate, in a good way

• Kimberly Palmer, senior writer and spokesperson: I let nonessential items sit in my online shopping cart for at least 24 hours before buying them. It definitely makes me realize I don't need a lot of them! I also informed my children of this rule, and it has helped cut down on their requests — or at least they know they have to be patient.
• Karen Gaudette Brewer, head of content: Fellow let-it-sit-in-the-cart person here. I wait for notifications that something's at least 30% off before I make any moves. Ideally, 40% to 50% off.
• Julie Myhre-Nunes, managing editor: When I browse online, I add an item to my shopping cart and wait 24 to 48 hours. After that, I either decide it’s a waste of money/an impulse purchase and delete it from my cart (or forget about the cart altogether), or I decide I want it and make the purchase — it’s the former 99% of the time.

Why it works: “Waiting 1 to 2 days allows me to take the emotion out of purchasing. I no longer succumb to marketing or sales, and instead make spending decisions based on what my family and I actually need or can use.” — Julie again, eloquently making the point for me.

The Nerds who know the secrets of the library

• Caitlin Constantine, managing editor: My one real shopping weakness is books, and I’ve found I can get a very close approximation of that feeling without spending an outrageous amount of money by going to the library, wandering around the stacks to see what books might look interesting, and checking out a bunch of them. Even if I don’t end up reading them, I’m still helping the library with circulation numbers, so I see it as a win-win.
• Spencer Tierney, senior writer: Plus one to Caitlin Constantine’s “my one real shopping weakness is books.” If I want an older or smaller book, I'll try to find it at one of four libraries I belong to on Libby, the library e-book reader app. (The Libby waitlist for new books can take months, so I have to account for that.)

Why it works: There’s no secret here: It’s nice to get free stuff. You might be surprised what the library has to offer, like movies, magazine subscriptions, games, classes and theater tickets.

The Nerd who sets it and forgets it

• Pamela de la Fuente, managing editor: We always tell people to automate savings, and I do in my high-yield savings account, but Dasha Kennedy, the woman behind “The Broke Black Girl”, told Elizabeth Ayoola on the Smart Money podcast that you should invest, even a little bit every week or so, for future you. So I just set up a small recurring deposit to my robo-advisor.

Why it works: You only have to make this decision once for your future self, not over and over again. And if you do it early enough, you could avoid being part of the 41% of Americans who wish they had started investing earlier, according to a NerdWallet survey.

The Nerds who find workarounds

• Athena Cocoves, managing editor: To cut down on food delivery, I started cooking when I feel like it instead of when I’m supposed to. I exercise free will and make soup at 10 p.m. It sounds more obvious than it feels, and it's made a big difference in my budget. And it'd make an even bigger difference if I wasn't also rewarding myself with fancy spices and vinegars, but a girl's gotta splurge somehow.
• Ryan Brady, lead writer: My wife takes advantage of a T-Mobile freebie that gives us a discount for DoorDash deliveries. She uses it to buy groceries from Aldi instead of takeout. Aldi is far from us. Publix is right across the street, but more expensive. So this saves us money on the actual items and also helps us not impulse buy (as we often do when we're in-store shopping).

Why it works: You don’t need to call on willpower if you can avoid the situation that tempts you to spend money.

The Nerd who does all the things

Kenley Young, managing editor: I use credit cards for most purchases to get those sweet, sweet rewards, but there's a lot in this article that I've also taken to heart.

• I've started using library resources more, and it's saving me money on things like monthly subscriptions.
• I've negotiated down several monthly bills, too: refinanced my car loan, got cheaper homeowners insurance, opted for a little less auto coverage in exchange for a lower premium, and haggled online with everyone from Xfinity and SiriusXM to my local newspaper until they all gave me a discount.
• Plus, I've opted for some home improvement projects with the expectation that my utility bills would be lower. A plumber finally fixed our toilet, which has led to lower water bills, and I even installed solar panels.
• Lastly, my analog skill (playing live music) has become a steady side hustle. I play eight to 10 gigs a month, where (on top of my baseline rate) I also get tips, free food and beer.

Why it works: Because you’re Kenley and you put in a lot of effort.

But you don’t need to be Kenley to find a savings habit that works for your personality, your financial situation and even your musical talents. You just need to experiment. Pick the strategy that speaks to you most, and test it out. Which one are you going to try first?