Training your brain to save more
Saving more money, it’s something most of us would like to do but a lot of us struggle. A new report from the University of Melbourne claims we can train our brains into saving more money….but it involves taking a look at yourself… in the future.
Basically the research found that when it comes to money, our brains try to persuade us to spend now for an immediate reward rather than save for the future. That’s because our brain’s wiring places a higher value on immediate rewards rather than future benefits…it’s all to do with the cave-man days and basic survival.
Try this. Imagine your older self. How will spending money now affect that older version of you? It’s easy to do this with a smartphone app called FaceApp that uses your smartphone camera to artificially age you. (Above is Facebook founder Mark Zuckerberg, who probably doesn't have to worry too much about saving cash...)
If you’re not keen to see this, maybe use photos of big ticket goals — a new car, boat, house or holiday perhaps. Some people write letters to their future selves.
Alternately, simply take a deep breath just before spending money and asking yourself if you will regret the purchase later.
Anthony Keane from News Corp told us on the Daily Drive this week that brains are about 2 per cent of our body weight but use 20 per cent of our oxygen. They also generate enough electricity to power a LED light, and they can move information faster than Formula one racing cars.
Men’s brains are bigger than women’s, but size doesn’t affect intelligence — Albert Einstein’s brain was smaller than average. Brains do not mature until age 25, can function as normal if one half is missing, and brain cells start eating themselves if starved of nutrition.
Funny, my savings account starts to do the same thing if starved of nutrition! I’d love to hear your savings tips and how you get around those impulsive purchases.
