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12 months of saving: Shopping with your brain in neutral

12 months of savings Shopping with your brain in neutral, white piggy bank on green background

Spend less, save more. You’ve figured out your spending traps and carved out your budget. But, now it’s time to stick the plan. If it seems like spending wins out over saving, you could be struggling with “impulse spending.”

Impulse spending

When that sale is just ‘too good to pass up’ or if ‘eating out is going to make your day ‘so much easier’, your budget is going to be busted. Every. Single. Time.

It’s real. That rush you get when you snag a bargain. Countless studies have shown that the simple act of shopping for deals lights our brain up with dopamine – the “feel good” hormone. That’s why it’s so hard to kick our spending splurges. It’s a continuous battle to balance your immediate wants with long term needs and change your habits from spending to saving. Let’s fix that.

Go back and look at your budget

Were you realistic? Did you trim back on everything, including those splurges, in order to beef up your savings? Well, maybe it’s time to add in a little more wiggle room.

Identify where your spending traps are and really evaluate what is practical. Maybe you need to add in a couple more dinners out in a month or some extra spending money. But budget for them. This isn’t a pass to go back to old spending habits. It’s about finding that balance to live well. Don’t just avoid your impulse – deal with it head on.

Wait it out

Flash sales and online purchases make it easy to spend money. And not just spend, spend quickly. If you give yourself some time, you might decide you didn’t need that purchase after all. Set a limit. Maybe its $20, $50, $100 or more. But if it’s over that amount, wait a day or more before your purchase it. Not worth your time to head back to the store? Then the item is probably not worth it.

For items under that threshold, for every dollar you spend, give it a minute. Costs $15? Wait 15 minutes. Give yourself some breathing time. Still worth it?

Spend mindfully

Your spending weakness might be in restaurants. It might be the semi-annual sale at that little boutique. If your knees go weak at a sale, just remember, if you don’t actively need that item (note: want versus need) keep on walking and move that money over to your savings account for something you REALLY are working towards.

Save the amount you splurge

The splurge is happening. Transfer over the same amount you spend into your savings account. Even if it was just $25. Then that money can be adding to your saving goal while you enjoy your item. (It also essentially doubles the price of the item and is another great way to decide if you really need it!)

With Numerica’s new Bonus Saver account you can earn up to 3% APY on your balance of $2500. That’s extra money in your pocket for making a commitment to save and just letting your money hang out. LET YOUR MONEY MAKE YOU MONEY. Is your savings account ready to make you money?

Avoid using a credit card

Don’t end up spending more on your splurges. Using a debit card lets you budget in real time. If you have a Sequel Checking account, you can also earn interest on your balance when qualifications are met.

When it comes to paying, delete your saved payment information online. Being able to pay with a scan of your thumbprint or having your information stored is just too easy! When you have to input your information each time, it can really help you consider if that deal is worth it.

Keep track of your savings

You have goals. Numerica wants to help you achieve them. Tracking your progress can help to build up the excitement. Life is in constant motion. If you notice after a couple of months that your “splurge budget” could use a little trimming, make the adjustment and get to your savings goals even faster. How much did you save last month? Can you top that this month?

Don’t have a Bonus Saver account yet? What are you waiting for?!

Today's Rates

April 24, 2018

Home Equity Line of Credit

as low as 5.00% APR

Certificates

as high as 2.30% APY

Visa Rates

as low as 9.49% APR

Mortgage Rates

as low as 4.75% APR

Auto/Truck (New/Used)

as low as 2.99% APR

Sequel Checking

1.35% APY

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