1 00:00:00,300 --> 00:00:02,940 Speaker 1: This series is brought to you by L& G, helping 2 00:00:02,940 --> 00:00:04,980 Speaker 1: you build a future that's a little bit richer. 3 00:00:06,450 --> 00:00:09,420 Iona Bain: Hello and welcome to A Little Bit Richer with me, 4 00:00:09,420 --> 00:00:13,260 Iona Bain: Iona Bain, brought to you by Legal & General. We all 5 00:00:13,260 --> 00:00:15,630 Iona Bain: know how important saving money is. It gets us out 6 00:00:15,630 --> 00:00:18,960 Iona Bain: of living paycheck to paycheck. It sets good habits and 7 00:00:18,960 --> 00:00:22,410 Iona Bain: it protects our future. But it's often easier said than 8 00:00:22,410 --> 00:00:25,020 Iona Bain: done. And as we've come to the last payday before 9 00:00:25,020 --> 00:00:29,130 Iona Bain: Christmas, maybe you're fretting about all those festive outgoings and 10 00:00:29,130 --> 00:00:31,980 Iona Bain: you're looking ahead to January and maybe some New Year's 11 00:00:31,980 --> 00:00:35,880 Iona Bain: resolutions. Well, you might be wondering how can I save 12 00:00:35,970 --> 00:00:39,120 Iona Bain: when I'm spending so much, or I know I should 13 00:00:39,120 --> 00:00:42,659 Iona Bain: be saving, but what are some hacks to get started? 14 00:00:42,780 --> 00:00:46,080 Iona Bain: So today I'm joined by friend of the show Laura 15 00:00:46,080 --> 00:00:51,030 Iona Bain: Ann Moore. Laura is a certified financial coach, financial wellbeing 16 00:00:51,030 --> 00:00:55,590 Iona Bain: speaker and host of the Mind Money Soul podcast. She's 17 00:00:55,590 --> 00:00:58,470 Iona Bain: on a mission to get you financially confident and take 18 00:00:58,470 --> 00:01:03,990 Iona Bain: control of your future. And having saved over £ 40,000 by 19 00:01:03,990 --> 00:01:07,170 Iona Bain: the time she was 27, she is the perfect person 20 00:01:07,170 --> 00:01:10,080 Iona Bain: for us to chat to today about staying motivated with 21 00:01:10,080 --> 00:01:12,450 Iona Bain: saving. Welcome, Laura. 22 00:01:12,510 --> 00:01:13,290 Laura Ann Moore: Thank you for having me back. 23 00:01:13,800 --> 00:01:16,590 Iona Bain: Well, it's lovely for you to come back. So how 24 00:01:16,590 --> 00:01:21,209 Iona Bain: can people make saving feel more real and achievable in 25 00:01:21,209 --> 00:01:24,119 Iona Bain: their day- to- day lives rather than it feeling like 26 00:01:24,120 --> 00:01:27,450 Iona Bain: a long- term distant goal? What are some good habits 27 00:01:27,450 --> 00:01:28,260 Iona Bain: for long- term saving? 28 00:01:28,500 --> 00:01:31,590 Laura Ann Moore: I think the key thing is to think about sustainability 29 00:01:31,830 --> 00:01:35,759 Laura Ann Moore: and not be super extreme about it. I always talk 30 00:01:35,760 --> 00:01:39,180 Laura Ann Moore: about this link between money and fitness. So if we 31 00:01:39,180 --> 00:01:41,700 Laura Ann Moore: think about it, you want to get your summer bod 32 00:01:41,700 --> 00:01:45,690 Laura Ann Moore: for next year. If you go full swing and you go, " 33 00:01:45,690 --> 00:01:48,540 Laura Ann Moore: Right, I'm cutting out carbs, I'm cutting out sugar, I'm 34 00:01:48,540 --> 00:01:52,770 Laura Ann Moore: cutting out alcohol and all the fun stuff," that works 35 00:01:52,770 --> 00:01:55,830 Laura Ann Moore: for what, five, 10 days? And at some point that 36 00:01:55,830 --> 00:01:58,380 Laura Ann Moore: restrictiveness makes you want to go the other way. It 37 00:01:58,380 --> 00:02:00,480 Laura Ann Moore: makes you want to binge on all of those things. It 38 00:02:00,480 --> 00:02:02,460 Laura Ann Moore: wants you to just throw the baby out with the 39 00:02:02,460 --> 00:02:07,020 Laura Ann Moore: bath water and just go, "Ah," go crazy. So applying an attitude 40 00:02:07,020 --> 00:02:10,320 Laura Ann Moore: when it comes to fitness of the 80/ 20 rule. Most 41 00:02:10,320 --> 00:02:13,440 Laura Ann Moore: of the time you eat well, you exercise well, and 42 00:02:13,440 --> 00:02:15,389 Laura Ann Moore: then you have the little treats. It's the same with 43 00:02:15,389 --> 00:02:19,440 Laura Ann Moore: saving, I think, is finding a way to be more 44 00:02:19,440 --> 00:02:24,389 Laura Ann Moore: sustainable day- to- day, saving little and often. And I 45 00:02:24,389 --> 00:02:27,419 Laura Ann Moore: think the reason why some people find that hard is 46 00:02:27,419 --> 00:02:29,970 Laura Ann Moore: the mindset of it feeling boring. But it can be 47 00:02:29,970 --> 00:02:33,600 Laura Ann Moore: boring sometimes, but you can gamify it obviously. And I 48 00:02:33,600 --> 00:02:37,230 Laura Ann Moore: think that starting small and working towards a goal is 49 00:02:37,230 --> 00:02:40,500 Laura Ann Moore: better than waiting for the right moment to hit. I 50 00:02:40,500 --> 00:02:42,870 Laura Ann Moore: think sometimes we fall into a trap of being like, " 51 00:02:43,800 --> 00:02:45,660 Laura Ann Moore: I don't really know what I want to save for, 52 00:02:45,660 --> 00:02:47,880 Laura Ann Moore: I don't really have that big of a goal," but 53 00:02:47,880 --> 00:02:50,100 Laura Ann Moore: you're never going to regret having money saved. 54 00:02:50,100 --> 00:02:52,650 Iona Bain: Yeah. Do you find that people will often say to you, " 55 00:02:52,800 --> 00:02:56,100 Iona Bain: Well, I'll save once I've achieved this or I've achieved 56 00:02:56,100 --> 00:02:58,560 Iona Bain: that"? And what's your response to them? 57 00:02:58,800 --> 00:03:01,110 Laura Ann Moore: Yeah, I think it's one of those things where you don't 58 00:03:01,110 --> 00:03:03,869 Laura Ann Moore: have to be saving all of the time, but I think 59 00:03:04,200 --> 00:03:05,730 Laura Ann Moore: you don't want to be in a position where you 60 00:03:05,730 --> 00:03:08,639 Laura Ann Moore: look back and you're like, " I've lost out on all 61 00:03:08,639 --> 00:03:10,320 Laura Ann Moore: that time when I could have been doing some of 62 00:03:10,320 --> 00:03:13,138 Laura Ann Moore: the little things that would've added up." So it's more 63 00:03:13,290 --> 00:03:16,980 Laura Ann Moore: a reframe in mindset towards what saving looks like for 64 00:03:16,980 --> 00:03:19,590 Laura Ann Moore: you and how you can work it into your day- to- 65 00:03:19,590 --> 00:03:21,930 Laura Ann Moore: day in a way that feels good and not miss out. 66 00:03:22,110 --> 00:03:24,570 Iona Bain: Absolutely. So let's get into that. What does it take 67 00:03:24,570 --> 00:03:27,930 Iona Bain: to create that mindset? Just talk us through how we 68 00:03:27,930 --> 00:03:30,000 Iona Bain: can be more intentional with putting money away. 69 00:03:30,300 --> 00:03:32,790 Laura Ann Moore: So I think it's so easy to fall into a 70 00:03:32,790 --> 00:03:36,870 Laura Ann Moore: mindset of saying things like, " I'm a spender, I'm not 71 00:03:36,870 --> 00:03:40,680 Laura Ann Moore: a saver." Even if that is objectively true because you 72 00:03:40,680 --> 00:03:44,280 Laura Ann Moore: have been spending more than you've been saving, that phrase, 73 00:03:44,370 --> 00:03:47,040 Laura Ann Moore: the way that you speak about yourself, the way that 74 00:03:47,040 --> 00:03:50,100 Laura Ann Moore: you speak about your money has a massive impact on 75 00:03:50,100 --> 00:03:50,820 Laura Ann Moore: how you behave. 76 00:03:50,880 --> 00:03:51,150 Iona Bain: Yeah. 77 00:03:51,360 --> 00:03:54,300 Laura Ann Moore: So first off, just noticing, like what are the things 78 00:03:54,300 --> 00:03:56,460 Laura Ann Moore: that I say to my friends, to my partner, to 79 00:03:56,460 --> 00:04:00,660 Laura Ann Moore: myself around my savings habits, and are they helping me 80 00:04:00,960 --> 00:04:03,090 Laura Ann Moore: or are they hindering me? It requires a bit of 81 00:04:03,090 --> 00:04:07,830 Laura Ann Moore: honesty I think, which can be hard. But just acknowledging, 82 00:04:07,860 --> 00:04:11,490 Laura Ann Moore: okay, if I keep saying I'm a spender, guess what's 83 00:04:11,490 --> 00:04:14,970 Laura Ann Moore: going to happen? I'm going to keep spending. So shifting 84 00:04:14,970 --> 00:04:17,040 Laura Ann Moore: your language is a really great place to start because 85 00:04:17,040 --> 00:04:19,890 Laura Ann Moore: that will help essentially train your brain that you are 86 00:04:19,890 --> 00:04:23,159 Laura Ann Moore: capable of that thing. So for example, if you were 87 00:04:23,160 --> 00:04:26,909 Laura Ann Moore: to save £ 5 a week, no, it's probably not the 88 00:04:26,910 --> 00:04:29,219 Laura Ann Moore: amount of money that you're going to want to buy 89 00:04:29,220 --> 00:04:32,279 Laura Ann Moore: a house very quickly, but it shows that you're building 90 00:04:32,279 --> 00:04:35,099 Laura Ann Moore: the habit. It gives your brain evidence. And you can 91 00:04:35,100 --> 00:04:39,390 Laura Ann Moore: say confidently, " I'm a saver." It builds the foundation for 92 00:04:39,390 --> 00:04:41,940 Laura Ann Moore: you to use your words in a positive way. And 93 00:04:41,940 --> 00:04:44,640 Laura Ann Moore: then the two kind of support each other. I think 94 00:04:44,640 --> 00:04:47,099 Laura Ann Moore: that really helps for changing your mindset towards saving. 95 00:04:47,430 --> 00:04:50,610 Iona Bain: And do you find that people will often adjust their 96 00:04:50,610 --> 00:04:53,910 Iona Bain: spending once they get a pay rise, then they think, " 97 00:04:53,910 --> 00:04:56,220 Iona Bain: Hey, I'm at that point where I'm earning decent money, 98 00:04:56,220 --> 00:04:59,190 Iona Bain: therefore I'm going to enjoy myself"? How do you try 99 00:04:59,190 --> 00:05:02,070 Iona Bain: to combat that and still have a little bit of 100 00:05:02,070 --> 00:05:05,460 Iona Bain: a savings mindset going on there whilst still enjoying yourself? 101 00:05:05,550 --> 00:05:08,520 Laura Ann Moore: I'm a big believer you can do both, but sometimes 102 00:05:09,120 --> 00:05:11,910 Laura Ann Moore: the weight's going to be different. But lifestyle creep, it's 103 00:05:11,910 --> 00:05:14,609 Laura Ann Moore: so easy. You end up spending on a slightly more 104 00:05:14,610 --> 00:05:17,610 Laura Ann Moore: expensive bottle of water, then you go to a slightly 105 00:05:17,610 --> 00:05:20,729 Laura Ann Moore: nicer restaurant, slightly nicer clothes. So it's when suddenly you've 106 00:05:20,820 --> 00:05:24,239 Laura Ann Moore: got more income each month. But instead of being strategic 107 00:05:24,300 --> 00:05:27,960 Laura Ann Moore: and saying, " Okay, a percentage of that will be saved 108 00:05:27,960 --> 00:05:31,020 Laura Ann Moore: and invested and a percentage of that will be spent 109 00:05:31,020 --> 00:05:34,320 Laura Ann Moore: and enjoyed." It's easy to fall into the habit of 110 00:05:34,320 --> 00:05:37,440 Laura Ann Moore: just spending it because it's there. And that's why I 111 00:05:37,440 --> 00:05:40,469 Laura Ann Moore: think having a budget and a spending plan is so 112 00:05:40,529 --> 00:05:43,770 Laura Ann Moore: useful for your financial success because it allows you to 113 00:05:43,770 --> 00:05:46,860 Laura Ann Moore: understand where that money is going. I always say it's okay 114 00:05:46,860 --> 00:05:49,980 Laura Ann Moore: to treat yourself a bit, but make sure you just 115 00:05:49,980 --> 00:05:53,700 Laura Ann Moore: give that extra money direction. Because so many people look 116 00:05:53,700 --> 00:05:56,640 Laura Ann Moore: back over years and years of having pay rises and 117 00:05:57,000 --> 00:05:58,979 Laura Ann Moore: they're like, " I don't really know what I've got to 118 00:05:58,980 --> 00:06:02,160 Laura Ann Moore: show for it," because you just inflate your lifestyle to 119 00:06:02,160 --> 00:06:02,549 Laura Ann Moore: meet it. 120 00:06:02,550 --> 00:06:05,250 Iona Bain: And so you can see why people definitely get into 121 00:06:05,250 --> 00:06:08,550 Iona Bain: that mindset, but then it must really, really affect their 122 00:06:08,550 --> 00:06:09,779 Iona Bain: ability to save in the long run. 123 00:06:09,839 --> 00:06:13,800 Laura Ann Moore: Yeah, definitely. Because not only are you getting used to 124 00:06:13,800 --> 00:06:17,130 Laura Ann Moore: that nicer lifestyle, even if it's only the mini luxuries- 125 00:06:17,130 --> 00:06:19,920 Iona Bain: They all add up. But most importantly, being conscious of 126 00:06:19,920 --> 00:06:23,339 Iona Bain: where that extra money is going at. And also habits. 127 00:06:23,370 --> 00:06:27,210 Iona Bain: I imagine that's a really important cornerstone of saving. 128 00:06:27,300 --> 00:06:32,460 Laura Ann Moore: Yes. And I think the habit of saving is when 129 00:06:32,460 --> 00:06:34,830 Laura Ann Moore: you get used to it and it's just a part of 130 00:06:34,830 --> 00:06:37,140 Laura Ann Moore: your life and it becomes a non- negotiable, you're not 131 00:06:37,140 --> 00:06:40,469 Laura Ann Moore: having to convince yourself to save or persuade yourself or 132 00:06:40,470 --> 00:06:43,170 Laura Ann Moore: motivate, it's just part of it. I think there are 133 00:06:43,170 --> 00:06:46,860 Laura Ann Moore: things that you can do, like automating your finances. So 134 00:06:46,920 --> 00:06:50,010 Laura Ann Moore: the day that you get paid, having an automation, like 135 00:06:50,010 --> 00:06:53,159 Laura Ann Moore: a direct debit or a standing order that moves money 136 00:06:53,160 --> 00:06:55,830 Laura Ann Moore: into savings straight away can be great, because it removes 137 00:06:55,830 --> 00:06:59,820 Laura Ann Moore: the emotion. But just really understanding what does that habit 138 00:06:59,820 --> 00:07:03,089 Laura Ann Moore: look like for me. And I love habit stacking. 139 00:07:03,210 --> 00:07:05,880 Iona Bain: So habit stacking is when you're just throwing all these 140 00:07:05,880 --> 00:07:09,930 Iona Bain: different habits in together and that way you're killing lots 141 00:07:09,930 --> 00:07:10,740 Iona Bain: of birds with one stone. 142 00:07:10,950 --> 00:07:15,540 Laura Ann Moore: It's using your brain basically to trick yourself into knowing 143 00:07:15,540 --> 00:07:17,670 Laura Ann Moore: what comes next and just doing it without needing to 144 00:07:17,670 --> 00:07:21,540 Laura Ann Moore: use your willpower. For example, on payday, every time I 145 00:07:21,540 --> 00:07:24,570 Laura Ann Moore: move money into my spending account, I also move money 146 00:07:24,600 --> 00:07:27,810 Laura Ann Moore: into my savings. Or every time I spend on something, 147 00:07:27,810 --> 00:07:30,270 Laura Ann Moore: I also move it into savings. And you stack it 148 00:07:30,330 --> 00:07:33,150 Laura Ann Moore: onto another habit. It helps it not feel like a 149 00:07:33,150 --> 00:07:35,340 Laura Ann Moore: drag, like, " Oh, I've still got to do this thing." 150 00:07:35,610 --> 00:07:38,490 Laura Ann Moore: I learned about habits stacking from the James Clear book 151 00:07:38,850 --> 00:07:42,150 Laura Ann Moore: Atomic Habits. He believes in marginal gains. So 1% better 152 00:07:42,150 --> 00:07:45,060 Laura Ann Moore: every day compounds massively. The same can be applied to 153 00:07:45,060 --> 00:07:47,340 Laura Ann Moore: money. But when you apply it to your habits, it 154 00:07:47,340 --> 00:07:50,520 Laura Ann Moore: doesn't feel so overwhelming. If all you have to do 155 00:07:50,520 --> 00:07:52,770 Laura Ann Moore: is have one new habit, do that for a couple 156 00:07:52,770 --> 00:07:55,710 Laura Ann Moore: of weeks, then it's embedded, introduce a new one, and 157 00:07:55,710 --> 00:07:58,050 Laura Ann Moore: it rolls on. And then it just becomes a part 158 00:07:58,050 --> 00:08:00,090 Laura Ann Moore: of your lifestyle. You can do that with saving. 159 00:08:00,210 --> 00:08:02,310 Iona Bain: Right. So rather than trying to do it all at 160 00:08:02,310 --> 00:08:05,760 Iona Bain: once, you got to start slow and build it up over time. 161 00:08:05,760 --> 00:08:08,130 Laura Ann Moore: Yeah. And meet yourself where you're at. So if you're 162 00:08:08,130 --> 00:08:11,040 Laura Ann Moore: even struggling to budget right now or even have a 163 00:08:11,040 --> 00:08:14,370 Laura Ann Moore: spending plan, start there. Don't think that you go there 164 00:08:14,550 --> 00:08:17,280 Laura Ann Moore: and then next minute, no, you need to have £ 20,000 in saving. 165 00:08:17,310 --> 00:08:19,710 Iona Bain: Because I'm a big fan of talking about saving as 166 00:08:19,710 --> 00:08:22,590 Iona Bain: a way to give yourself options and freedom further down 167 00:08:22,590 --> 00:08:25,320 Iona Bain: the line. And what you mentioned before about setting up 168 00:08:25,320 --> 00:08:28,380 Iona Bain: a standing order to your savings account when you're paid, 169 00:08:28,590 --> 00:08:31,410 Iona Bain: that's like paying your future self first. Is that something 170 00:08:31,410 --> 00:08:32,970 Iona Bain: that you encourage people to think about? 171 00:08:33,150 --> 00:08:36,059 Laura Ann Moore: When I talk about budgeting and having a spending plan 172 00:08:36,059 --> 00:08:39,150 Laura Ann Moore: now, I talk about the three S's, which is money 173 00:08:39,150 --> 00:08:42,000 Laura Ann Moore: for survival, so living cost, money for spending, which is 174 00:08:42,150 --> 00:08:45,960 Laura Ann Moore: the fun stuff, and money for success. Savings falls into 175 00:08:45,960 --> 00:08:50,370 Laura Ann Moore: success, because when I had the £ 15,000 when I was younger 176 00:08:50,370 --> 00:08:52,920 Laura Ann Moore: and I ended up very last minute going traveling, that 177 00:08:52,920 --> 00:08:56,130 Laura Ann Moore: was my moment of money gives you choice and freedom. 178 00:08:56,130 --> 00:08:58,679 Laura Ann Moore: Had I not had that money, I couldn't have taken 179 00:08:58,679 --> 00:09:02,490 Laura Ann Moore: that opportunity. And giving yourself those little moments to go, 180 00:09:02,640 --> 00:09:05,670 Laura Ann Moore: oh, I see how money can be a tool, I 181 00:09:05,670 --> 00:09:09,000 Laura Ann Moore: see how when I'm good with my money or I 182 00:09:09,000 --> 00:09:11,459 Laura Ann Moore: build a good habit and I'm saving and I'm enjoying 183 00:09:11,460 --> 00:09:14,880 Laura Ann Moore: the process, the consequence of that is also positive. 184 00:09:14,910 --> 00:09:15,690 Iona Bain: It's self- care. 185 00:09:15,809 --> 00:09:16,590 Laura Ann Moore: A hundred percent. 186 00:09:16,650 --> 00:09:19,470 Iona Bain: So what are some fun ways to trick your brain 187 00:09:19,530 --> 00:09:20,429 Iona Bain: into saving more? 188 00:09:20,490 --> 00:09:22,620 Laura Ann Moore: There are three main ways, I think. So I'm not 189 00:09:22,620 --> 00:09:25,320 Laura Ann Moore: a massive fan of no- spend months. 190 00:09:25,470 --> 00:09:26,790 Iona Bain: Yeah, that feels very restrictive. 191 00:09:26,790 --> 00:09:28,260 Laura Ann Moore: So restrictive. Where's the fun? 192 00:09:28,350 --> 00:09:28,559 Iona Bain: No. 193 00:09:28,679 --> 00:09:31,380 Laura Ann Moore: But no- spend zones would be, okay, where are my 194 00:09:31,380 --> 00:09:35,100 Laura Ann Moore: biggest triggers with overspending? Where do I spend when I 195 00:09:35,100 --> 00:09:37,229 Laura Ann Moore: look back and go, " Oh, really wish I hadn't done 196 00:09:37,230 --> 00:09:39,990 Laura Ann Moore: that"? They're the places that you would put a bit 197 00:09:39,990 --> 00:09:43,020 Laura Ann Moore: more of a rule around. For example, if your weakness 198 00:09:43,050 --> 00:09:46,439 Laura Ann Moore: is after work, tired, can't be arsed to cook, you 199 00:09:46,440 --> 00:09:48,720 Laura Ann Moore: know you're going to be getting a Deliveroo. But then 200 00:09:48,720 --> 00:09:50,880 Laura Ann Moore: afterwards you're like, " Oh, I could have probably even made 201 00:09:50,880 --> 00:09:51,990 Laura Ann Moore: that for half the price." 202 00:09:52,020 --> 00:09:52,021 Iona Bain: Yeah, yeah. 203 00:09:52,021 --> 00:09:55,439 Laura Ann Moore: So if you know that's your trigger, you would say, " Okay, I'm going 204 00:09:55,440 --> 00:09:59,130 Laura Ann Moore: to maybe do no deliveries during the week." Or you 205 00:09:59,130 --> 00:10:00,900 Laura Ann Moore: can step foot outside in London and before you know 206 00:10:00,900 --> 00:10:04,380 Laura Ann Moore: it, you've spent £ 100. So maybe you say, " Monday, Tuesday, 207 00:10:04,380 --> 00:10:07,500 Laura Ann Moore: Wednesday, I don't spend before 12 PM." Just zones of 208 00:10:07,500 --> 00:10:09,809 Laura Ann Moore: the day of the week where you just make an 209 00:10:09,809 --> 00:10:12,720 Laura Ann Moore: active choice to not spend as much, therefore allowing you 210 00:10:12,720 --> 00:10:14,790 Laura Ann Moore: to save a bit more. So that'd be one. The 211 00:10:14,790 --> 00:10:18,840 Laura Ann Moore: second one is what I like to call buy one, save one. So 212 00:10:18,870 --> 00:10:22,559 Laura Ann Moore: if you are going to buy something and you have 213 00:10:22,559 --> 00:10:25,620 Laura Ann Moore: to then say, " Okay, whatever I've spent on this item, 214 00:10:25,950 --> 00:10:29,970 Laura Ann Moore: I will also put the same amount into savings." So 215 00:10:29,970 --> 00:10:32,190 Laura Ann Moore: it kind of is like the concept of only buy 216 00:10:32,190 --> 00:10:33,929 Laura Ann Moore: it if you can afford to buy it twice. And 217 00:10:33,929 --> 00:10:37,530 Laura Ann Moore: I think that that creates awareness around how much you're 218 00:10:37,530 --> 00:10:40,800 Laura Ann Moore: spending, if you can afford it, if it fits into 219 00:10:40,800 --> 00:10:43,020 Laura Ann Moore: your budget right now. And it's not to say you 220 00:10:43,020 --> 00:10:45,329 Laura Ann Moore: can't ever have that thing, it just brings awareness to 221 00:10:45,330 --> 00:10:47,670 Laura Ann Moore: the moment. And then the third one is the three 222 00:10:47,670 --> 00:10:51,150 Laura Ann Moore: week rule. So every time you go to spend money on 223 00:10:51,150 --> 00:10:53,910 Laura Ann Moore: something that is a non- essential, it's something a bit 224 00:10:53,910 --> 00:10:57,449 Laura Ann Moore: more fun, spontaneous, maybe a bit more luxurious, you write 225 00:10:57,450 --> 00:10:59,970 Laura Ann Moore: it down in the notes in your phone, what it is, 226 00:11:00,120 --> 00:11:02,400 Laura Ann Moore: how much it was. You could even add in the 227 00:11:02,400 --> 00:11:05,160 Laura Ann Moore: emotion that you were feeling, if you want. Make it a bit like a diary. 228 00:11:05,730 --> 00:11:07,800 Laura Ann Moore: And then after the first three weeks of the month, 229 00:11:07,800 --> 00:11:09,809 Laura Ann Moore: you wait till the last week, and you go back 230 00:11:09,809 --> 00:11:12,719 Laura Ann Moore: over that list. First off, what actually do I still 231 00:11:12,720 --> 00:11:15,330 Laura Ann Moore: want? A lot of them you'll be like, " Definitely don't 232 00:11:15,330 --> 00:11:17,520 Laura Ann Moore: need that fifth pair of the same type of trainer." 233 00:11:18,540 --> 00:11:18,719 Iona Bain: Yeah. 234 00:11:18,720 --> 00:11:20,490 Laura Ann Moore: But if you look at that and go, " Okay, I've 235 00:11:20,490 --> 00:11:22,559 Laura Ann Moore: got a little bit money left over my budget, I 236 00:11:22,559 --> 00:11:25,110 Laura Ann Moore: am still going to buy that thing." So it's not 237 00:11:25,110 --> 00:11:28,290 Laura Ann Moore: that you're fully restricting yourself, you're just waiting till later 238 00:11:28,290 --> 00:11:30,809 Laura Ann Moore: on in the month. Also, if you add up all of that 239 00:11:30,809 --> 00:11:33,030 Laura Ann Moore: money that you would've spent, look at it and you go, " 240 00:11:33,090 --> 00:11:35,670 Laura Ann Moore: That's technically how much I've saved, because I've not spent 241 00:11:35,670 --> 00:11:36,120 Laura Ann Moore: that money." 242 00:11:36,179 --> 00:11:38,490 Iona Bain: Yeah. That's a really good point. And I think a 243 00:11:38,490 --> 00:11:40,470 Iona Bain: lot of this is about putting friction back in your 244 00:11:40,470 --> 00:11:44,670 Iona Bain: finances because it's just too easy to spend now. With 245 00:11:44,670 --> 00:11:48,360 Iona Bain: cash dying out, with us all tapping our cards, with 246 00:11:48,360 --> 00:11:52,200 Iona Bain: us spending online, one- click payments, these are all methods 247 00:11:52,200 --> 00:11:55,470 Iona Bain: that are geared towards us spending more. And so it's 248 00:11:55,710 --> 00:11:58,290 Iona Bain: I think down to us as individuals to just put 249 00:11:58,290 --> 00:12:00,390 Iona Bain: those speed bumps back in our finances. 250 00:12:00,480 --> 00:12:02,610 Laura Ann Moore: Yeah. And with the age of social media, I think 251 00:12:02,610 --> 00:12:05,459 Laura Ann Moore: it's so easy to look at everybody else living what 252 00:12:05,460 --> 00:12:07,770 Laura Ann Moore: looks like a dream life and be like, "Well, I want 253 00:12:07,770 --> 00:12:10,440 Laura Ann Moore: that now." And I think learning the art of delayed 254 00:12:10,440 --> 00:12:13,830 Laura Ann Moore: gratification goes hand- in- hand with learning how to save, 255 00:12:14,100 --> 00:12:16,440 Laura Ann Moore: that you can't uncouple them. And the more that you're 256 00:12:16,440 --> 00:12:20,880 Laura Ann Moore: able to learn how to enjoy and create delayed gratification, 257 00:12:21,120 --> 00:12:23,550 Laura Ann Moore: I genuinely think the happier you are long term in 258 00:12:23,550 --> 00:12:25,410 Laura Ann Moore: life and also financially happy. 259 00:12:25,440 --> 00:12:28,110 Iona Bain: Yes, I couldn't agree more. So can you talk about 260 00:12:28,110 --> 00:12:30,990 Iona Bain: some of the features on banking apps that might make 261 00:12:30,990 --> 00:12:33,150 Iona Bain: it a little bit easier to do all of this? 262 00:12:33,600 --> 00:12:36,480 Laura Ann Moore: I like being able to have in a bank account 263 00:12:36,600 --> 00:12:39,449 Laura Ann Moore: on your phone different pots that you can name, that 264 00:12:39,450 --> 00:12:42,689 Laura Ann Moore: you can emotionally attach to your goal, but then using 265 00:12:42,690 --> 00:12:46,860 Laura Ann Moore: the AI part, which is roundups. So when you're spending 266 00:12:46,860 --> 00:12:50,010 Laura Ann Moore: money, let's say it was £ 11.59 and it rounds it 267 00:12:50,010 --> 00:12:53,520 Laura Ann Moore: up to £ 12, and that extra 41 p goes in 268 00:12:53,520 --> 00:12:56,429 Laura Ann Moore: a little pot. It might not seem like a lot, 269 00:12:56,640 --> 00:12:59,160 Laura Ann Moore: but over the course of a month of spending, it 270 00:12:59,160 --> 00:13:00,360 Laura Ann Moore: can add up and it can just be a nice 271 00:13:00,360 --> 00:13:03,090 Laura Ann Moore: little savings pot that is so useful. 272 00:13:03,150 --> 00:13:05,520 Iona Bain: And also giving those pots nice names. 273 00:13:05,550 --> 00:13:08,760 Laura Ann Moore: Yes. Because when you see the name of that, it 274 00:13:08,760 --> 00:13:12,330 Laura Ann Moore: says holiday fund, or wherever you're off to, Ibiza fund, 275 00:13:12,330 --> 00:13:15,360 Laura Ann Moore: or you really want a new car, if you are 276 00:13:15,360 --> 00:13:17,880 Laura Ann Moore: one of those people that is more likely to dip 277 00:13:17,880 --> 00:13:20,250 Laura Ann Moore: into your savings once you've done it, when you go 278 00:13:20,250 --> 00:13:23,550 Laura Ann Moore: to that pot and it says, you can ask yourself, " 279 00:13:23,760 --> 00:13:26,429 Laura Ann Moore: Okay, this money that I'm about to take out, is 280 00:13:26,429 --> 00:13:29,010 Laura Ann Moore: that, A, taking me closer towards my goal or further 281 00:13:29,010 --> 00:13:31,170 Laura Ann Moore: away from it, but also, what am I taking from 282 00:13:31,170 --> 00:13:34,020 Laura Ann Moore: my future self?" That is a meal on holiday. 283 00:13:34,020 --> 00:13:36,150 Iona Bain: Yeah, that is one less cocktail in Ibiza. 284 00:13:36,420 --> 00:13:36,420 Laura Ann Moore: YEA. 285 00:13:36,420 --> 00:13:36,840 Iona Bain: You do not want to deprive yourself of that. 286 00:13:38,700 --> 00:13:40,559 Laura Ann Moore: You don't want to deprive yourself of that. Keep that 287 00:13:40,559 --> 00:13:43,410 Laura Ann Moore: money in there. It brings awareness to that moment, but 288 00:13:43,410 --> 00:13:46,620 Laura Ann Moore: it creates that connection between what that future version of 289 00:13:46,620 --> 00:13:49,650 Laura Ann Moore: yourself is using that money for. And that kind of 290 00:13:49,650 --> 00:13:51,690 Laura Ann Moore: taps into the sort of neuroscience part of your brain, 291 00:13:51,690 --> 00:13:55,410 Laura Ann Moore: which is allowing you to visualize and create emotion. And 292 00:13:55,410 --> 00:13:57,990 Laura Ann Moore: therefore, if the behavior comes from the emotion, if you see, " 293 00:13:57,990 --> 00:14:00,150 Laura Ann Moore: Oh, I'm taking from something that's going to be really 294 00:14:00,150 --> 00:14:03,059 Laura Ann Moore: fun ..." And let's use coffee, for example. I love coffee. 295 00:14:03,090 --> 00:14:05,309 Laura Ann Moore: However, I would happily cut back on a couple of 296 00:14:05,309 --> 00:14:07,949 Laura Ann Moore: coffees to save for that because I do that every day. So I'm like, " 297 00:14:08,460 --> 00:14:10,980 Laura Ann Moore: Oh, that's okay. This is more exciting for me." And 298 00:14:10,980 --> 00:14:12,809 Laura Ann Moore: it can come back after, once I've saved. 299 00:14:12,809 --> 00:14:14,880 Iona Bain: Yes. Good point. Let's come on to how you can 300 00:14:14,880 --> 00:14:18,090 Iona Bain: save money whilst you're shopping. Is there any ways that 301 00:14:18,090 --> 00:14:20,610 Iona Bain: you can start to build up that cash even whilst 302 00:14:20,610 --> 00:14:21,180 Iona Bain: you're spending? 303 00:14:21,450 --> 00:14:24,780 Laura Ann Moore: Definitely. So number one being cash back. So I think 304 00:14:24,780 --> 00:14:27,630 Laura Ann Moore: people get a little bit confused by cash back because 305 00:14:27,630 --> 00:14:31,740 Laura Ann Moore: they're like, " What's the catch?" But essentially it's different websites 306 00:14:31,740 --> 00:14:35,460 Laura Ann Moore: where if you're planning to spend online anyway, especially coming 307 00:14:35,460 --> 00:14:38,010 Laura Ann Moore: up to Christmas, you're going to be buying those gifts 308 00:14:38,340 --> 00:14:40,770 Laura Ann Moore: if you use a cash back site first ... So you 309 00:14:40,770 --> 00:14:42,960 Laura Ann Moore: go to the website, write in the retailer, click on 310 00:14:42,960 --> 00:14:46,410 Laura Ann Moore: it, it directs you there. You spend money as you'd 311 00:14:46,410 --> 00:14:50,280 Laura Ann Moore: planned, so either a percentage or a set fee, you were 312 00:14:50,280 --> 00:14:52,290 Laura Ann Moore: already going to spend that money, so why not get 313 00:14:52,290 --> 00:14:54,450 Laura Ann Moore: a little bit of kickback? Also, I'm a big fan 314 00:14:54,450 --> 00:14:57,420 Laura Ann Moore: of just searching for discount codes. The amount of vouchers 315 00:14:57,420 --> 00:14:59,580 Laura Ann Moore: and discount codes you can find when you're shopping online 316 00:14:59,580 --> 00:15:02,970 Laura Ann Moore: just by typing in retailer discount code, it's crazy. So 317 00:15:02,970 --> 00:15:05,700 Laura Ann Moore: therefore you're actually saving money itself on the purchase. 318 00:15:05,730 --> 00:15:06,030 Iona Bain: Yeah. 319 00:15:06,600 --> 00:15:10,050 Laura Ann Moore: And then I think looking at the areas of your 320 00:15:10,050 --> 00:15:13,470 Laura Ann Moore: life where you already spend money and being able to 321 00:15:13,470 --> 00:15:15,750 Laura Ann Moore: look at, okay, well where could I save with this? 322 00:15:15,750 --> 00:15:19,500 Laura Ann Moore: So for example, if you love shopping for clothes, and 323 00:15:19,500 --> 00:15:21,630 Laura Ann Moore: first of all, can you sell your own clothes and 324 00:15:21,630 --> 00:15:24,150 Laura Ann Moore: make some money back on Vinted, and then utilize that 325 00:15:24,150 --> 00:15:27,450 Laura Ann Moore: money within Vinted, which is a secondhand online store, to 326 00:15:27,450 --> 00:15:29,700 Laura Ann Moore: buy new clothes? So it's kind of like you're not 327 00:15:29,700 --> 00:15:32,160 Laura Ann Moore: really losing or gaining anything. It's kind of more like swapping. 328 00:15:32,190 --> 00:15:35,010 Iona Bain: Yeah, you're keeping your money within that platform and therefore 329 00:15:35,010 --> 00:15:36,900 Iona Bain: it's not really coming out of your bank account. 330 00:15:36,960 --> 00:15:40,350 Laura Ann Moore: Exactly. Especially with fast fashion. It's a way of looking after the 331 00:15:40,350 --> 00:15:43,680 Laura Ann Moore: environment, looking after your own bank account. Another one is if 332 00:15:43,680 --> 00:15:45,450 Laura Ann Moore: you're wanting to save a bit of money while you 333 00:15:45,450 --> 00:15:49,380 Laura Ann Moore: spend with groceries, planning is one of the best ways 334 00:15:49,380 --> 00:15:52,020 Laura Ann Moore: to help save money when you're spending. Planning ahead, for 335 00:15:52,020 --> 00:15:54,690 Laura Ann Moore: the week for your dinners, taking lunch in instead of 336 00:15:54,780 --> 00:15:56,641 Laura Ann Moore: eating lunch out, all things like that. 337 00:15:56,641 --> 00:15:58,859 Iona Bain: Yeah, absolutely. I mean, Laura, I could talk to you about this all day 338 00:15:58,860 --> 00:16:01,620 Iona Bain: long, but if I had to whittle you down to 339 00:16:01,620 --> 00:16:04,860 Iona Bain: three tips for staying motivated while saving for the long term, 340 00:16:04,980 --> 00:16:05,970 Iona Bain: what would they be? 341 00:16:06,210 --> 00:16:10,440 Laura Ann Moore: I think number one would be tracking your progress. It's 342 00:16:10,440 --> 00:16:13,830 Laura Ann Moore: really important to make sure you know where you're headed 343 00:16:14,070 --> 00:16:17,310 Laura Ann Moore: and how you're doing. Even if you feel like your 344 00:16:17,310 --> 00:16:20,730 Laura Ann Moore: progress isn't going as quick or as easy as you 345 00:16:20,730 --> 00:16:24,120 Laura Ann Moore: want, that is all data. What is working, what's not? 346 00:16:24,240 --> 00:16:27,120 Laura Ann Moore: Where can I be better? What's tripping me up? All 347 00:16:27,120 --> 00:16:29,400 Laura Ann Moore: of those little things is just data to do a 348 00:16:29,400 --> 00:16:33,690 Laura Ann Moore: better job for the next month. Number two is celebrating 349 00:16:33,930 --> 00:16:37,530 Laura Ann Moore: your milestones. So if you have this big goal, I 350 00:16:37,530 --> 00:16:40,290 Laura Ann Moore: want to save £ 20,000 for a house deposit, but right 351 00:16:40,290 --> 00:16:44,460 Laura Ann Moore: now you have £ 100, that feels overwhelming. That is like, 352 00:16:44,520 --> 00:16:46,710 Laura Ann Moore: what's the point? How do I even get started? So 353 00:16:46,710 --> 00:16:50,310 Laura Ann Moore: being able to see the staircase, a little celebration when 354 00:16:50,310 --> 00:16:52,500 Laura Ann Moore: I hit my £ 1, 000. Obviously you don't spend the 355 00:16:52,800 --> 00:16:56,610 Laura Ann Moore: thousand and undo all of that work. But a little treat, something 356 00:16:56,610 --> 00:17:02,190 Laura Ann Moore: that feels rewarding to be able to do that. And I definitely think using 357 00:17:02,340 --> 00:17:04,649 Laura Ann Moore: visual aids is really, really useful. 358 00:17:04,650 --> 00:17:07,649 Iona Bain: Oh, I'm such a visual person, so that really works 359 00:17:07,650 --> 00:17:08,040 Iona Bain: for me. 360 00:17:08,100 --> 00:17:12,090 Laura Ann Moore: Massively. And coloring it in, stickers, anything that's very childlike 361 00:17:12,330 --> 00:17:15,180 Laura Ann Moore: and playful brings just a little bit of joy to 362 00:17:15,180 --> 00:17:17,790 Laura Ann Moore: it. And it actually turns on a little bit in the brain, 363 00:17:17,790 --> 00:17:20,700 Laura Ann Moore: which is the dopamine. It makes it exciting. That's why, 364 00:17:21,060 --> 00:17:22,830 Laura Ann Moore: you know when you have a to- do list and 365 00:17:22,830 --> 00:17:24,750 Laura Ann Moore: you do something that's not on the list, so you 366 00:17:24,750 --> 00:17:26,459 Laura Ann Moore: add it to the list so you can tick it 367 00:17:26,460 --> 00:17:27,840 Laura Ann Moore: off? I do that all- 368 00:17:27,840 --> 00:17:28,859 Iona Bain: I do that all the time. 369 00:17:29,369 --> 00:17:31,950 Laura Ann Moore: There's something in the brain that it makes you feel 370 00:17:31,950 --> 00:17:34,230 Laura Ann Moore: good, it makes you feel accomplished. So doing the same 371 00:17:34,230 --> 00:17:37,470 Laura Ann Moore: thing with your savings, it makes you more connected to 372 00:17:37,470 --> 00:17:39,000 Laura Ann Moore: it. And I think it just makes the whole thing 373 00:17:39,000 --> 00:17:41,820 Laura Ann Moore: more enjoyable. And the third tip would be having the 374 00:17:41,820 --> 00:17:45,300 Laura Ann Moore: mindset of a saver. So knowing that you see yourself 375 00:17:45,300 --> 00:17:47,790 Laura Ann Moore: as a saver, you speak about your savings in a 376 00:17:47,790 --> 00:17:51,720 Laura Ann Moore: positive way, and that you believe in your own abilities 377 00:17:51,900 --> 00:17:54,990 Laura Ann Moore: to save. I'm a big believer of being like, no 378 00:17:54,990 --> 00:17:58,590 Laura Ann Moore: one's coming to save you. It's on you. And that 379 00:17:58,740 --> 00:18:02,369 Laura Ann Moore: can help you feel so proud. The sense of achievement 380 00:18:02,400 --> 00:18:04,469 Laura Ann Moore: when you reach your own goals and you've done it 381 00:18:04,470 --> 00:18:07,080 Laura Ann Moore: is just like nothing else. But you have to have 382 00:18:07,080 --> 00:18:10,470 Laura Ann Moore: that belief in yourself first. Even if up until this 383 00:18:10,470 --> 00:18:14,040 Laura Ann Moore: point you've always struggled, use this as like a catalystic 384 00:18:14,040 --> 00:18:16,680 Laura Ann Moore: moment to wipe the slate clean and say, " It doesn't 385 00:18:16,680 --> 00:18:19,649 Laura Ann Moore: matter what's happened up until this point, I'm resetting. I 386 00:18:19,650 --> 00:18:21,420 Laura Ann Moore: know that I can do it. And I'll start small 387 00:18:21,420 --> 00:18:23,520 Laura Ann Moore: and I'll build it up and I'll build that confidence and 388 00:18:23,520 --> 00:18:25,770 Laura Ann Moore: trust with myself so that I am a saver." 389 00:18:25,980 --> 00:18:28,230 Iona Bain: Everyone at home is like, " Yes, I can do this." 390 00:18:28,230 --> 00:18:28,740 Laura Ann Moore: Yeah. 391 00:18:29,160 --> 00:18:32,399 Iona Bain: So galvanizing and inspiring. Thank you so much, Laura. 392 00:18:32,430 --> 00:18:33,180 Laura Ann Moore: Thank you for having me. 393 00:18:34,320 --> 00:18:37,230 Iona Bain: Honestly, so many great tips on how we can gamify 394 00:18:37,260 --> 00:18:39,960 Iona Bain: our savings there and set good habits for the future. 395 00:18:40,020 --> 00:18:43,350 Iona Bain: If this episode has sparked some inspiration for saving, I 396 00:18:43,350 --> 00:18:45,810 Iona Bain: would love it if you could share the podcast and 397 00:18:45,810 --> 00:18:49,080 Iona Bain: help others get a little bit richer too. This podcast 398 00:18:49,140 --> 00:18:51,630 Iona Bain: is brought to you by L& G. You can keep 399 00:18:51,630 --> 00:18:56,369 Iona Bain: up with the show on YouTube, TikTok and Instagram at Legal & general. 400 00:18:56,730 --> 00:18:58,649 Iona Bain: And before I go, I just want to say, if 401 00:18:58,650 --> 00:19:01,140 Iona Bain: you've got a question or a topic that you'd like 402 00:19:01,140 --> 00:19:03,450 Iona Bain: answered on the show, we would really love to hear 403 00:19:03,450 --> 00:19:05,340 Iona Bain: from you. So please do get in touch on our 404 00:19:05,340 --> 00:19:08,100 Iona Bain: socials. Until next time, see you soon.