Staying Fit
There are two kinds of people, says consumer finance expert Eesha Sharma: Those who love to shop and those who love to save. Savers tend to make good shoppers, as they often bring their frugality and long-term vision to the task. But how do you get people who love to spend now to put more money away for later? The answer, Sharma says, is to use mind games to lessen the pain and maybe even make it joyful.
AARP Membership— $12 for your first year when you sign up for Automatic Renewal
Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine.
Sharma's recommendations are especially important nowadays. The past year has put undue financial hardships on many of us. At the same time, who among us, trapped at home, in isolation, hasn't felt a frisson of happiness when treating ourselves to something online? Impulse e-shopping has become a 24/7 temptation, and the stresses and dullness of quarantined life can fan the flames of that desire.
Here's how to make yourself feel similarly giddy when you tuck money into your bank account.
Pair the bitter with the sweet
One way to get yourself going on a task you're not enthusiastic about is to pair it with something pleasurable. Just as binge-watching Bridgerton can make time on the treadmill easier to take, rewarding yourself now can make saving for the future feel like less of a chore. So set some matching rules for yourself by using a concept known as “temptation bundling,” suggests Sharma, an assistant professor of business administration at Dartmouth College. Whenever you pay to stream a movie, put the same amount in your savings fund. If you're splurging on feel-good items like moisturizer or kitchen gadgets (my particular temptation), add an equal amount to savings.
