Mind tricks to save you money

Ever wonder where your cash has gone when you open your purse? Use your brain and save a fortune!

EMPLOY THE THREESECOND RULE

Impulse buying is an easy trap to fall into, so use life coach Juliet Landau-pope’s trick, “In shops, the message is you ‘must have’ something, so I tell clients to spend three seconds repeating, ‘I have enough’ before they go in. This simple exercise encourages them to be more mindful about what they buy and less likely to purchase stuff they don’t need.”

STEP INTO THE FUTURE

Use www.futureme.org to send emails to yourself in the future. If you know you blow your salary shopping on a Saturday, schedule an email earlier on that day listing all the reasons why you want to save cash instead.

DO THE ‘STRANGER TEST’

Umm-ing and ahh-ing over a purchase – big or small? Imagine a stranger holding the item you want to buy in one hand, and the cash it would take to pay for it in the other, and decide which you would rather have. If you’d plump for the cash, put it back on the shelf!

HAVE A ‘COOLING OFF’ PERIOD

It’s painfully easy to buy on a whim then sorely regret it, especially the expensive buys. So start a habit of delaying with a £100 rule. Always make yourself wait an extra day for purchases over £100 if it’s non-essential. Jasmine Birtles, editor of www. moneymagpie.com, says, “Not buying there and then often means the desperate urge to have something goes away.”

LOOK AFTER THE PENNIES

Get into the habit of putting your loose change in a jar at the end of each day. You’ll be surprised at how quickly it builds up. Use the “Save The Change” option offered by Lloyd’s Bank and TSB Bank if you pay by debit card, too – the amount is rounded up to the nearest pound and the difference is transferred to your savings account.

WRITE A ‘STUFF I DON’T NEED’ LIST

Interrupt the impulse buying urge by making a note each time you feel tempted to make a purchase – and resist buying it straight away. After a couple of weeks you’ll be able to see how long the list is, how fleeting the desire for the stuff is – and how well you’ve coped without it.

MIND YOUR MOOD

How you’re feeling about yourself has an impact on how likely you are to spend. According to research, when you’re confident and feel good about yourself, you’re more likely to save money than when you’re feeling a bit down, so check your mood before handing over your credit card. If you’re feeling positive and in control, go ahead with your purchase. If you’ve had a terrible day at work, wait.