How to keep your SAVINGS Resolutions

xxxxxx-food-hangoverIt’s true. Turns out going through with resolutions is a hard task for us Humans.

And this is not only the case for financial decisions (such as Saving; even Investing is a form of saving allocation after all), in fact this is as true for losing weight resolutions for instance…

Indeed things start to get messy when our long-term goals (consistently save / exercise) enter into conflict with our short-term impulsive desires (recklessly spend / eat that piece of chocolate cake).

There is no easy answer to this conundrum, however Behavioural Finance highlights ways to nudge ourselves into keeping your “Evil Twin” under a tight leash.

  • As Cass Sunstein reminds us, the trick is to make these resolutions:
    • i) easy & automatic
    • ii) a matter of habit
    • iii) fun

An additional advice, perhaps especially for the ones that are just starting, coming from Cullen Roche:

“The key to financial success isn’t saving more. It’s investing more. In yourself !”

All in all, strive to never stop learning, while doing something you love. Easier said than done, you might say? Well Simple not Easy …

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Stay tuned dear Storm-Troopers !

(Yes, this is indeed the term we coined for our loyal readers… Oh and yes, we are Star Wars fans).


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