We Talk About Saving Money: Here’s How We Fool Our Brains Into Saving More

The Nerds share the money-saving tricks they actually use, and why those habits seem to work.

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While scrolling through a Container Store cart late at night, I did something I had read about countless times but never actually tried. Rather than spending $200 on storage boxes I did not truly need, I moved that money into my savings account.

Usually, my willpower loses to a very real psychological tendency known as present bias: We respond more strongly to rewards for our current selves than for our future selves.

Research also suggests we often imagine our future selves like strangers, which makes it harder to care about that future version of ourselves. But in that moment, I pictured myself using that $200 for a vacation next summer. I wanted the trip more than the boxes, so I left the cart behind.

That was a savings trick in action: set a goal that makes your future self feel more real. With that in mind, I asked some of my fellow Nerds to share the money habits they rely on in their own lives. Maybe their ideas will help inspire your own late-night saving moves.

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 I buy them. It usually reminds me I do not need most of them. I also told my kids about this rule, and it has helped reduce their requests — or at least taught them they need to be patient.
• Karen Gaudette Brewer, head of content: I’m also a let-it-sit-in-the-cart person. I wait until something is at least 30% off before I make a move, and ideally I want 40% to 50% off.
• Julie Myhre-Nunes, managing editor: When I shop online, I add something to my cart and wait 24 to 48 hours. After that, I either decide it is a waste of money or an impulse buy and remove it from the cart — or I forget about it entirely — or I decide I really want it and complete the purchase. Most of the time, it is the first option.

Why it works: “Waiting one to two days gives me time to remove emotion from the purchase. I stop giving in to marketing and sales tactics, and instead make spending decisions based on what my family and I actually need or can use.” — Julie, putting the point far more clearly than I could.

The Nerds who know the secrets of the library

• Caitlin Constantine, managing editor: Books are my one true shopping weakness, and I’ve found I can recreate much of that feeling without spending a lot by going to the library, wandering the shelves for interesting titles, and checking out several books. Even if I do not finish them all, I still help the library’s circulation numbers, so I consider it a win-win.
• Spencer Tierney, senior writer: I’ll second Caitlin Constantine’s “books are my one true shopping weakness.” If I want an older or less popular title, I try to find it through one of the four libraries I belong to on Libby, the library’s e-book app. New books can have waitlists that stretch for months, so I have to plan for that.

Why it works: There is no mystery here: free things are appealing. Libraries can offer much more than books, including 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 that in my high-yield savings account. But after hearing Dasha Kennedy, the voice behind “The Broke Black Girl,” say on the Smart Money podcast that you should invest, even a little bit every week or so, for your future self, I set up a small recurring deposit to my robo-advisor.

Why it works: You make the decision once instead of over and over again. And if you start early enough, you may avoid becoming part of the 41% of Americans who say they wish they had begun investing earlier, according to a NerdWallet survey.

The Nerds who find workarounds

• Athena Cocoves, managing editor: To cut back on food delivery, I started cooking whenever I feel like it instead of waiting until I think I’m supposed to. I use my free will and make soup at 10 p.m. It sounds simpler than it feels, and it has made a big difference in my budget. It would make an even bigger difference if I did not also reward myself with fancy spices and vinegars, but everyone deserves a splurge somewhere.
• Ryan Brady, lead writer: My wife uses a T-Mobile perk that gives us a discount for DoorDash deliveries. She applies it to groceries from Aldi instead of takeout. Aldi is far from us, while Publix is right across the street but more expensive. That saves money on the items themselves and also helps keep us from making impulse purchases, which happens often when we shop in person.

Why it works: You do not have to rely on willpower if you can avoid the situation that tempts you to spend.

The Nerd who does all the things

Kenley Young, managing editor: I use credit cards for most purchases to earn rewards, but a lot of what is in this article has stuck with me too.

• I have started using library resources more, which saves me money on things like monthly subscriptions.
• I have also negotiated down several recurring bills: refinanced my car loan, found cheaper homeowners insurance, reduced my auto coverage a bit in exchange for a lower premium, and haggled online with companies ranging from Xfinity and SiriusXM to my local newspaper until they all offered discounts.
• I have taken on some home improvement projects with the hope of lowering utility bills. A plumber finally fixed our toilet, which reduced our water bill, and I even installed solar panels.
• Finally, my offline skill — playing live music — has become a reliable side hustle. I play eight to 10 gigs a month, and in addition to my base pay, I also get tips, free food and beer.

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

Still, you do not have to be Kenley to find a savings habit that fits your personality, your financial situation and even your musical talent. The key is to experiment. Choose the strategy that speaks to you most and try it out. Which one will you test first?

The article We Write About Saving Money; Here's How We Trick Our Brains Into Doing It originally appeared on NerdWallet.