mind over money


We look at the brain barriers that behavioural science tells us can hold you back from making better use of your money, plus tips on how to retrain your mind to overcome the hurdles.


As humans we experience “present bias” – the tendency to place more value on what’s happening now than in the future*. But there are ways to make it more compelling to tuck money away for tomorrow.

Start by visualising your future self. If you’re saving for a holiday, try pinning snaps of your dream destination to the fridge to remind you what you’re saving towards.

* behavioraleconomics.com/mini-encyclopedia-of-be/present-bias/

If you’ve ever walked out of a store empty-handed because the sheer volume of products was overwhelming, you’ve experienced “choice paralysis”.

When it comes to financial products like savings accounts, comparison sites can help overcome choice paralysis by narrowing the product range to fit your criteria.

The traditional Aussie ‘shout’ sounds like a good idea but eight out of 10 of us would secretly rather pay for our own drinks.

The key is to remember you can enjoy the company of friends without damaging your budget.

And since most of your friends are probably in a similar financial situation to you, it’s likely they’ll be grateful if you lead the way by politely bowing out of a shout from time to time.






Disclaimer: This information is provided by Members Equity Bank Limited ABN 56 070 887 679 AFSL and Australian Credit Licence 229500. Neither HESTA nor H.E.S.T. Australia Ltd receives any benefit or commission as a result of you using ME products.




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