WEBVTT - Life Hacks That Make Saving Easy 0:00:00.300 --> 0:00:02.940 This series is brought to you by L& G, helping 0:00:02.940 --> 0:00:04.980 you build a future that's a little bit richer. 0:00:06.450 --> 0:00:09.420 Hello and welcome to A Little Bit Richer with me, 0:00:09.420 --> 0:00:13.260 Iona Bain, brought to you by Legal & General. We all 0:00:13.260 --> 0:00:15.630 know how important saving money is. It gets us out 0:00:15.630 --> 0:00:18.960 of living paycheck to paycheck. It sets good habits and 0:00:18.960 --> 0:00:22.410 it protects our future. But it's often easier said than 0:00:22.410 --> 0:00:25.020 done. And as we've come to the last payday before 0:00:25.020 --> 0:00:29.130 Christmas, maybe you're fretting about all those festive outgoings and 0:00:29.130 --> 0:00:31.980 you're looking ahead to January and maybe some New Year's 0:00:31.980 --> 0:00:35.880 resolutions. Well, you might be wondering how can I save 0:00:35.970 --> 0:00:39.120 when I'm spending so much, or I know I should 0:00:39.120 --> 0:00:42.659 be saving, but what are some hacks to get started? 0:00:42.780 --> 0:00:46.080 So today I'm joined by friend of the show Laura 0:00:46.080 --> 0:00:51.030 Ann Moore. Laura is a certified financial coach, financial wellbeing 0:00:51.030 --> 0:00:55.590 speaker and host of the Mind Money Soul podcast. She's 0:00:55.590 --> 0:00:58.470 on a mission to get you financially confident and take 0:00:58.470 --> 0:01:03.990 control of your future. And having saved over £ 40,000 by 0:01:03.990 --> 0:01:07.170 the time she was 27, she is the perfect person 0:01:07.170 --> 0:01:10.080 for us to chat to today about staying motivated with 0:01:10.080 --> 0:01:12.450 saving. Welcome, Laura. 0:01:12.510 --> 0:01:13.290 Thank you for having me back. 0:01:13.800 --> 0:01:16.590 Well, it's lovely for you to come back. So how 0:01:16.590 --> 0:01:21.209 can people make saving feel more real and achievable in 0:01:21.209 --> 0:01:24.119 their day- to- day lives rather than it feeling like 0:01:24.120 --> 0:01:27.450 a long- term distant goal? What are some good habits 0:01:27.450 --> 0:01:28.260 for long- term saving? 0:01:28.500 --> 0:01:31.590 I think the key thing is to think about sustainability 0:01:31.830 --> 0:01:35.759 and not be super extreme about it. I always talk 0:01:35.760 --> 0:01:39.180 about this link between money and fitness. So if we 0:01:39.180 --> 0:01:41.700 think about it, you want to get your summer bod 0:01:41.700 --> 0:01:45.690 for next year. If you go full swing and you go, " 0:01:45.690 --> 0:01:48.540 Right, I'm cutting out carbs, I'm cutting out sugar, I'm 0:01:48.540 --> 0:01:52.770 cutting out alcohol and all the fun stuff," that works 0:01:52.770 --> 0:01:55.830 for what, five, 10 days? And at some point that 0:01:55.830 --> 0:01:58.380 restrictiveness makes you want to go the other way. It 0:01:58.380 --> 0:02:00.480 makes you want to binge on all of those things. It 0:02:00.480 --> 0:02:02.460 wants you to just throw the baby out with the 0:02:02.460 --> 0:02:07.020 bath water and just go, "Ah," go crazy. So applying an attitude 0:02:07.020 --> 0:02:10.320 when it comes to fitness of the 80/ 20 rule. Most 0:02:10.320 --> 0:02:13.440 of the time you eat well, you exercise well, and 0:02:13.440 --> 0:02:15.389 then you have the little treats. It's the same with 0:02:15.389 --> 0:02:19.440 saving, I think, is finding a way to be more 0:02:19.440 --> 0:02:24.389 sustainable day- to- day, saving little and often. And I 0:02:24.389 --> 0:02:27.419 think the reason why some people find that hard is 0:02:27.419 --> 0:02:29.970 the mindset of it feeling boring. But it can be 0:02:29.970 --> 0:02:33.600 boring sometimes, but you can gamify it obviously. And I 0:02:33.600 --> 0:02:37.230 think that starting small and working towards a goal is 0:02:37.230 --> 0:02:40.500 better than waiting for the right moment to hit. I 0:02:40.500 --> 0:02:42.870 think sometimes we fall into a trap of being like, " 0:02:43.800 --> 0:02:45.660 I don't really know what I want to save for, 0:02:45.660 --> 0:02:47.880 I don't really have that big of a goal," but 0:02:47.880 --> 0:02:50.100 you're never going to regret having money saved. 0:02:50.100 --> 0:02:52.650 Yeah. Do you find that people will often say to you, " 0:02:52.800 --> 0:02:56.100 Well, I'll save once I've achieved this or I've achieved 0:02:56.100 --> 0:02:58.560 that"? And what's your response to them? 0:02:58.800 --> 0:03:01.110 Yeah, I think it's one of those things where you don't 0:03:01.110 --> 0:03:03.869 have to be saving all of the time, but I think 0:03:04.200 --> 0:03:05.730 you don't want to be in a position where you 0:03:05.730 --> 0:03:08.639 look back and you're like, " I've lost out on all 0:03:08.639 --> 0:03:10.320 that time when I could have been doing some of 0:03:10.320 --> 0:03:13.138 the little things that would've added up." So it's more 0:03:13.290 --> 0:03:16.980 a reframe in mindset towards what saving looks like for 0:03:16.980 --> 0:03:19.590 you and how you can work it into your day- to- 0:03:19.590 --> 0:03:21.930 day in a way that feels good and not miss out. 0:03:22.110 --> 0:03:24.570 Absolutely. So let's get into that. What does it take 0:03:24.570 --> 0:03:27.930 to create that mindset? Just talk us through how we 0:03:27.930 --> 0:03:30.000 can be more intentional with putting money away. 0:03:30.300 --> 0:03:32.790 So I think it's so easy to fall into a 0:03:32.790 --> 0:03:36.870 mindset of saying things like, " I'm a spender, I'm not 0:03:36.870 --> 0:03:40.680 a saver." Even if that is objectively true because you 0:03:40.680 --> 0:03:44.280 have been spending more than you've been saving, that phrase, 0:03:44.370 --> 0:03:47.040 the way that you speak about yourself, the way that 0:03:47.040 --> 0:03:50.100 you speak about your money has a massive impact on 0:03:50.100 --> 0:03:50.820 how you behave. 0:03:50.880 --> 0:03:51.150 Yeah. 0:03:51.360 --> 0:03:54.300 So first off, just noticing, like what are the things 0:03:54.300 --> 0:03:56.460 that I say to my friends, to my partner, to 0:03:56.460 --> 0:04:00.660 myself around my savings habits, and are they helping me 0:04:00.960 --> 0:04:03.090 or are they hindering me? It requires a bit of 0:04:03.090 --> 0:04:07.830 honesty I think, which can be hard. But just acknowledging, 0:04:07.860 --> 0:04:11.490 okay, if I keep saying I'm a spender, guess what's 0:04:11.490 --> 0:04:14.970 going to happen? I'm going to keep spending. So shifting 0:04:14.970 --> 0:04:17.040 your language is a really great place to start because 0:04:17.040 --> 0:04:19.890 that will help essentially train your brain that you are 0:04:19.890 --> 0:04:23.159 capable of that thing. So for example, if you were 0:04:23.160 --> 0:04:26.909 to save £ 5 a week, no, it's probably not the 0:04:26.910 --> 0:04:29.219 amount of money that you're going to want to buy 0:04:29.220 --> 0:04:32.279 a house very quickly, but it shows that you're building 0:04:32.279 --> 0:04:35.099 the habit. It gives your brain evidence. And you can 0:04:35.100 --> 0:04:39.390 say confidently, " I'm a saver." It builds the foundation for 0:04:39.390 --> 0:04:41.940 you to use your words in a positive way. And 0:04:41.940 --> 0:04:44.640 then the two kind of support each other. I think 0:04:44.640 --> 0:04:47.099 that really helps for changing your mindset towards saving. 0:04:47.430 --> 0:04:50.610 And do you find that people will often adjust their 0:04:50.610 --> 0:04:53.910 spending once they get a pay rise, then they think, " 0:04:53.910 --> 0:04:56.220 Hey, I'm at that point where I'm earning decent money, 0:04:56.220 --> 0:04:59.190 therefore I'm going to enjoy myself"? How do you try 0:04:59.190 --> 0:05:02.070 to combat that and still have a little bit of 0:05:02.070 --> 0:05:05.460 a savings mindset going on there whilst still enjoying yourself? 0:05:05.550 --> 0:05:08.520 I'm a big believer you can do both, but sometimes 0:05:09.120 --> 0:05:11.910 the weight's going to be different. But lifestyle creep, it's 0:05:11.910 --> 0:05:14.609 so easy. You end up spending on a slightly more 0:05:14.610 --> 0:05:17.610 expensive bottle of water, then you go to a slightly 0:05:17.610 --> 0:05:20.729 nicer restaurant, slightly nicer clothes. So it's when suddenly you've 0:05:20.820 --> 0:05:24.239 got more income each month. But instead of being strategic 0:05:24.300 --> 0:05:27.960 and saying, " Okay, a percentage of that will be saved 0:05:27.960 --> 0:05:31.020 and invested and a percentage of that will be spent 0:05:31.020 --> 0:05:34.320 and enjoyed." It's easy to fall into the habit of 0:05:34.320 --> 0:05:37.440 just spending it because it's there. And that's why I 0:05:37.440 --> 0:05:40.469 think having a budget and a spending plan is so 0:05:40.529 --> 0:05:43.770 useful for your financial success because it allows you to 0:05:43.770 --> 0:05:46.860 understand where that money is going. I always say it's okay 0:05:46.860 --> 0:05:49.980 to treat yourself a bit, but make sure you just 0:05:49.980 --> 0:05:53.700 give that extra money direction. Because so many people look 0:05:53.700 --> 0:05:56.640 back over years and years of having pay rises and 0:05:57.000 --> 0:05:58.979 they're like, " I don't really know what I've got to 0:05:58.980 --> 0:06:02.160 show for it," because you just inflate your lifestyle to 0:06:02.160 --> 0:06:02.549 meet it. 0:06:02.550 --> 0:06:05.250 And so you can see why people definitely get into 0:06:05.250 --> 0:06:08.550 that mindset, but then it must really, really affect their 0:06:08.550 --> 0:06:09.779 ability to save in the long run. 0:06:09.839 --> 0:06:13.800 Yeah, definitely. Because not only are you getting used to 0:06:13.800 --> 0:06:17.130 that nicer lifestyle, even if it's only the mini luxuries- 0:06:17.130 --> 0:06:19.920 They all add up. But most importantly, being conscious of 0:06:19.920 --> 0:06:23.339 where that extra money is going at. And also habits. 0:06:23.370 --> 0:06:27.210 I imagine that's a really important cornerstone of saving. 0:06:27.300 --> 0:06:32.460 Yes. And I think the habit of saving is when 0:06:32.460 --> 0:06:34.830 you get used to it and it's just a part of 0:06:34.830 --> 0:06:37.140 your life and it becomes a non- negotiable, you're not 0:06:37.140 --> 0:06:40.469 having to convince yourself to save or persuade yourself or 0:06:40.470 --> 0:06:43.170 motivate, it's just part of it. I think there are 0:06:43.170 --> 0:06:46.860 things that you can do, like automating your finances. So 0:06:46.920 --> 0:06:50.010 the day that you get paid, having an automation, like 0:06:50.010 --> 0:06:53.159 a direct debit or a standing order that moves money 0:06:53.160 --> 0:06:55.830 into savings straight away can be great, because it removes 0:06:55.830 --> 0:06:59.820 the emotion. But just really understanding what does that habit 0:06:59.820 --> 0:07:03.089 look like for me. And I love habit stacking. 0:07:03.210 --> 0:07:05.880 So habit stacking is when you're just throwing all these 0:07:05.880 --> 0:07:09.930 different habits in together and that way you're killing lots 0:07:09.930 --> 0:07:10.740 of birds with one stone. 0:07:10.950 --> 0:07:15.540 It's using your brain basically to trick yourself into knowing 0:07:15.540 --> 0:07:17.670 what comes next and just doing it without needing to 0:07:17.670 --> 0:07:21.540 use your willpower. For example, on payday, every time I 0:07:21.540 --> 0:07:24.570 move money into my spending account, I also move money 0:07:24.600 --> 0:07:27.810 into my savings. Or every time I spend on something, 0:07:27.810 --> 0:07:30.270 I also move it into savings. And you stack it 0:07:30.330 --> 0:07:33.150 onto another habit. It helps it not feel like a 0:07:33.150 --> 0:07:35.340 drag, like, " Oh, I've still got to do this thing." 0:07:35.610 --> 0:07:38.490 I learned about habits stacking from the James Clear book 0:07:38.850 --> 0:07:42.150 Atomic Habits. He believes in marginal gains. So 1% better 0:07:42.150 --> 0:07:45.060 every day compounds massively. The same can be applied to 0:07:45.060 --> 0:07:47.340 money. But when you apply it to your habits, it 0:07:47.340 --> 0:07:50.520 doesn't feel so overwhelming. If all you have to do 0:07:50.520 --> 0:07:52.770 is have one new habit, do that for a couple 0:07:52.770 --> 0:07:55.710 of weeks, then it's embedded, introduce a new one, and 0:07:55.710 --> 0:07:58.050 it rolls on. And then it just becomes a part 0:07:58.050 --> 0:08:00.090 of your lifestyle. You can do that with saving. 0:08:00.210 --> 0:08:02.310 Right. So rather than trying to do it all at 0:08:02.310 --> 0:08:05.760 once, you got to start slow and build it up over time. 0:08:05.760 --> 0:08:08.130 Yeah. And meet yourself where you're at. So if you're 0:08:08.130 --> 0:08:11.040 even struggling to budget right now or even have a 0:08:11.040 --> 0:08:14.370 spending plan, start there. Don't think that you go there 0:08:14.550 --> 0:08:17.280 and then next minute, no, you need to have £ 20,000 in saving. 0:08:17.310 --> 0:08:19.710 Because I'm a big fan of talking about saving as 0:08:19.710 --> 0:08:22.590 a way to give yourself options and freedom further down 0:08:22.590 --> 0:08:25.320 the line. And what you mentioned before about setting up 0:08:25.320 --> 0:08:28.380 a standing order to your savings account when you're paid, 0:08:28.590 --> 0:08:31.410 that's like paying your future self first. Is that something 0:08:31.410 --> 0:08:32.970 that you encourage people to think about? 0:08:33.150 --> 0:08:36.059 When I talk about budgeting and having a spending plan 0:08:36.059 --> 0:08:39.150 now, I talk about the three S's, which is money 0:08:39.150 --> 0:08:42.000 for survival, so living cost, money for spending, which is 0:08:42.150 --> 0:08:45.960 the fun stuff, and money for success. Savings falls into 0:08:45.960 --> 0:08:50.370 success, because when I had the £ 15,000 when I was younger 0:08:50.370 --> 0:08:52.920 and I ended up very last minute going traveling, that 0:08:52.920 --> 0:08:56.130 was my moment of money gives you choice and freedom. 0:08:56.130 --> 0:08:58.679 Had I not had that money, I couldn't have taken 0:08:58.679 --> 0:09:02.490 that opportunity. And giving yourself those little moments to go, 0:09:02.640 --> 0:09:05.670 oh, I see how money can be a tool, I 0:09:05.670 --> 0:09:09.000 see how when I'm good with my money or I 0:09:09.000 --> 0:09:11.459 build a good habit and I'm saving and I'm enjoying 0:09:11.460 --> 0:09:14.880 the process, the consequence of that is also positive. 0:09:14.910 --> 0:09:15.690 It's self- care. 0:09:15.809 --> 0:09:16.590 A hundred percent. 0:09:16.650 --> 0:09:19.470 So what are some fun ways to trick your brain 0:09:19.530 --> 0:09:20.429 into saving more? 0:09:20.490 --> 0:09:22.620 There are three main ways, I think. So I'm not 0:09:22.620 --> 0:09:25.320 a massive fan of no- spend months. 0:09:25.470 --> 0:09:26.790 Yeah, that feels very restrictive. 0:09:26.790 --> 0:09:28.260 So restrictive. Where's the fun? 0:09:28.350 --> 0:09:28.559 No. 0:09:28.679 --> 0:09:31.380 But no- spend zones would be, okay, where are my 0:09:31.380 --> 0:09:35.100 biggest triggers with overspending? Where do I spend when I 0:09:35.100 --> 0:09:37.229 look back and go, " Oh, really wish I hadn't done 0:09:37.230 --> 0:09:39.990 that"? They're the places that you would put a bit 0:09:39.990 --> 0:09:43.020 more of a rule around. For example, if your weakness 0:09:43.050 --> 0:09:46.439 is after work, tired, can't be arsed to cook, you 0:09:46.440 --> 0:09:48.720 know you're going to be getting a Deliveroo. But then 0:09:48.720 --> 0:09:50.880 afterwards you're like, " Oh, I could have probably even made 0:09:50.880 --> 0:09:51.990 that for half the price." 0:09:52.020 --> 0:09:52.021 Yeah, yeah. 0:09:52.021 --> 0:09:55.439 So if you know that's your trigger, you would say, " Okay, I'm going 0:09:55.440 --> 0:09:59.130 to maybe do no deliveries during the week." Or you 0:09:59.130 --> 0:10:00.900 can step foot outside in London and before you know 0:10:00.900 --> 0:10:04.380 it, you've spent £ 100. So maybe you say, " Monday, Tuesday, 0:10:04.380 --> 0:10:07.500 Wednesday, I don't spend before 12 PM." Just zones of 0:10:07.500 --> 0:10:09.809 the day of the week where you just make an 0:10:09.809 --> 0:10:12.720 active choice to not spend as much, therefore allowing you 0:10:12.720 --> 0:10:14.790 to save a bit more. So that'd be one. The 0:10:14.790 --> 0:10:18.840 second one is what I like to call buy one, save one. So 0:10:18.870 --> 0:10:22.559 if you are going to buy something and you have 0:10:22.559 --> 0:10:25.620 to then say, " Okay, whatever I've spent on this item, 0:10:25.950 --> 0:10:29.970 I will also put the same amount into savings." So 0:10:29.970 --> 0:10:32.190 it kind of is like the concept of only buy 0:10:32.190 --> 0:10:33.929 it if you can afford to buy it twice. And 0:10:33.929 --> 0:10:37.530 I think that that creates awareness around how much you're 0:10:37.530 --> 0:10:40.800 spending, if you can afford it, if it fits into 0:10:40.800 --> 0:10:43.020 your budget right now. And it's not to say you 0:10:43.020 --> 0:10:45.329 can't ever have that thing, it just brings awareness to 0:10:45.330 --> 0:10:47.670 the moment. And then the third one is the three 0:10:47.670 --> 0:10:51.150 week rule. So every time you go to spend money on 0:10:51.150 --> 0:10:53.910 something that is a non- essential, it's something a bit 0:10:53.910 --> 0:10:57.449 more fun, spontaneous, maybe a bit more luxurious, you write 0:10:57.450 --> 0:10:59.970 it down in the notes in your phone, what it is, 0:11:00.120 --> 0:11:02.400 how much it was. You could even add in the 0:11:02.400 --> 0:11:05.160 emotion that you were feeling, if you want. Make it a bit like a diary. 0:11:05.730 --> 0:11:07.800 And then after the first three weeks of the month, 0:11:07.800 --> 0:11:09.809 you wait till the last week, and you go back 0:11:09.809 --> 0:11:12.719 over that list. First off, what actually do I still 0:11:12.720 --> 0:11:15.330 want? A lot of them you'll be like, " Definitely don't 0:11:15.330 --> 0:11:17.520 need that fifth pair of the same type of trainer." 0:11:18.540 --> 0:11:18.719 Yeah. 0:11:18.720 --> 0:11:20.490 But if you look at that and go, " Okay, I've 0:11:20.490 --> 0:11:22.559 got a little bit money left over my budget, I 0:11:22.559 --> 0:11:25.110 am still going to buy that thing." So it's not 0:11:25.110 --> 0:11:28.290 that you're fully restricting yourself, you're just waiting till later 0:11:28.290 --> 0:11:30.809 on in the month. Also, if you add up all of that 0:11:30.809 --> 0:11:33.030 money that you would've spent, look at it and you go, " 0:11:33.090 --> 0:11:35.670 That's technically how much I've saved, because I've not spent 0:11:35.670 --> 0:11:36.120 that money." 0:11:36.179 --> 0:11:38.490 Yeah. That's a really good point. And I think a 0:11:38.490 --> 0:11:40.470 lot of this is about putting friction back in your 0:11:40.470 --> 0:11:44.670 finances because it's just too easy to spend now. With 0:11:44.670 --> 0:11:48.360 cash dying out, with us all tapping our cards, with 0:11:48.360 --> 0:11:52.200 us spending online, one- click payments, these are all methods 0:11:52.200 --> 0:11:55.470 that are geared towards us spending more. And so it's 0:11:55.710 --> 0:11:58.290 I think down to us as individuals to just put 0:11:58.290 --> 0:12:00.390 those speed bumps back in our finances. 0:12:00.480 --> 0:12:02.610 Yeah. And with the age of social media, I think 0:12:02.610 --> 0:12:05.459 it's so easy to look at everybody else living what 0:12:05.460 --> 0:12:07.770 looks like a dream life and be like, "Well, I want 0:12:07.770 --> 0:12:10.440 that now." And I think learning the art of delayed 0:12:10.440 --> 0:12:13.830 gratification goes hand- in- hand with learning how to save, 0:12:14.100 --> 0:12:16.440 that you can't uncouple them. And the more that you're 0:12:16.440 --> 0:12:20.880 able to learn how to enjoy and create delayed gratification, 0:12:21.120 --> 0:12:23.550 I genuinely think the happier you are long term in 0:12:23.550 --> 0:12:25.410 life and also financially happy. 0:12:25.440 --> 0:12:28.110 Yes, I couldn't agree more. So can you talk about 0:12:28.110 --> 0:12:30.990 some of the features on banking apps that might make 0:12:30.990 --> 0:12:33.150 it a little bit easier to do all of this? 0:12:33.600 --> 0:12:36.480 I like being able to have in a bank account 0:12:36.600 --> 0:12:39.449 on your phone different pots that you can name, that 0:12:39.450 --> 0:12:42.689 you can emotionally attach to your goal, but then using 0:12:42.690 --> 0:12:46.860 the AI part, which is roundups. So when you're spending 0:12:46.860 --> 0:12:50.010 money, let's say it was £ 11.59 and it rounds it 0:12:50.010 --> 0:12:53.520 up to £ 12, and that extra 41 p goes in 0:12:53.520 --> 0:12:56.429 a little pot. It might not seem like a lot, 0:12:56.640 --> 0:12:59.160 but over the course of a month of spending, it 0:12:59.160 --> 0:13:00.360 can add up and it can just be a nice 0:13:00.360 --> 0:13:03.090 little savings pot that is so useful. 0:13:03.150 --> 0:13:05.520 And also giving those pots nice names. 0:13:05.550 --> 0:13:08.760 Yes. Because when you see the name of that, it 0:13:08.760 --> 0:13:12.330 says holiday fund, or wherever you're off to, Ibiza fund, 0:13:12.330 --> 0:13:15.360 or you really want a new car, if you are 0:13:15.360 --> 0:13:17.880 one of those people that is more likely to dip 0:13:17.880 --> 0:13:20.250 into your savings once you've done it, when you go 0:13:20.250 --> 0:13:23.550 to that pot and it says, you can ask yourself, " 0:13:23.760 --> 0:13:26.429 Okay, this money that I'm about to take out, is 0:13:26.429 --> 0:13:29.010 that, A, taking me closer towards my goal or further 0:13:29.010 --> 0:13:31.170 away from it, but also, what am I taking from 0:13:31.170 --> 0:13:34.020 my future self?" That is a meal on holiday. 0:13:34.020 --> 0:13:36.150 Yeah, that is one less cocktail in Ibiza. 0:13:36.420 --> 0:13:36.420 YEA. 0:13:36.420 --> 0:13:36.840 You do not want to deprive yourself of that. 0:13:38.700 --> 0:13:40.559 You don't want to deprive yourself of that. Keep that 0:13:40.559 --> 0:13:43.410 money in there. It brings awareness to that moment, but 0:13:43.410 --> 0:13:46.620 it creates that connection between what that future version of 0:13:46.620 --> 0:13:49.650 yourself is using that money for. And that kind of 0:13:49.650 --> 0:13:51.690 taps into the sort of neuroscience part of your brain, 0:13:51.690 --> 0:13:55.410 which is allowing you to visualize and create emotion. And 0:13:55.410 --> 0:13:57.990 therefore, if the behavior comes from the emotion, if you see, " 0:13:57.990 --> 0:14:00.150 Oh, I'm taking from something that's going to be really 0:14:00.150 --> 0:14:03.059 fun ..." And let's use coffee, for example. I love coffee. 0:14:03.090 --> 0:14:05.309 However, I would happily cut back on a couple of 0:14:05.309 --> 0:14:07.949 coffees to save for that because I do that every day. So I'm like, " 0:14:08.460 --> 0:14:10.980 Oh, that's okay. This is more exciting for me." And 0:14:10.980 --> 0:14:12.809 it can come back after, once I've saved. 0:14:12.809 --> 0:14:14.880 Yes. Good point. Let's come on to how you can 0:14:14.880 --> 0:14:18.090 save money whilst you're shopping. Is there any ways that 0:14:18.090 --> 0:14:20.610 you can start to build up that cash even whilst 0:14:20.610 --> 0:14:21.180 you're spending? 0:14:21.450 --> 0:14:24.780 Definitely. So number one being cash back. So I think 0:14:24.780 --> 0:14:27.630 people get a little bit confused by cash back because 0:14:27.630 --> 0:14:31.740 they're like, " What's the catch?" But essentially it's different websites 0:14:31.740 --> 0:14:35.460 where if you're planning to spend online anyway, especially coming 0:14:35.460 --> 0:14:38.010 up to Christmas, you're going to be buying those gifts 0:14:38.340 --> 0:14:40.770 if you use a cash back site first ... So you 0:14:40.770 --> 0:14:42.960 go to the website, write in the retailer, click on 0:14:42.960 --> 0:14:46.410 it, it directs you there. You spend money as you'd 0:14:46.410 --> 0:14:50.280 planned, so either a percentage or a set fee, you were 0:14:50.280 --> 0:14:52.290 already going to spend that money, so why not get 0:14:52.290 --> 0:14:54.450 a little bit of kickback? Also, I'm a big fan 0:14:54.450 --> 0:14:57.420 of just searching for discount codes. The amount of vouchers 0:14:57.420 --> 0:14:59.580 and discount codes you can find when you're shopping online 0:14:59.580 --> 0:15:02.970 just by typing in retailer discount code, it's crazy. So 0:15:02.970 --> 0:15:05.700 therefore you're actually saving money itself on the purchase. 0:15:05.730 --> 0:15:06.030 Yeah. 0:15:06.600 --> 0:15:10.050 And then I think looking at the areas of your 0:15:10.050 --> 0:15:13.470 life where you already spend money and being able to 0:15:13.470 --> 0:15:15.750 look at, okay, well where could I save with this? 0:15:15.750 --> 0:15:19.500 So for example, if you love shopping for clothes, and 0:15:19.500 --> 0:15:21.630 first of all, can you sell your own clothes and 0:15:21.630 --> 0:15:24.150 make some money back on Vinted, and then utilize that 0:15:24.150 --> 0:15:27.450 money within Vinted, which is a secondhand online store, to 0:15:27.450 --> 0:15:29.700 buy new clothes? So it's kind of like you're not 0:15:29.700 --> 0:15:32.160 really losing or gaining anything. It's kind of more like swapping. 0:15:32.190 --> 0:15:35.010 Yeah, you're keeping your money within that platform and therefore 0:15:35.010 --> 0:15:36.900 it's not really coming out of your bank account. 0:15:36.960 --> 0:15:40.350 Exactly. Especially with fast fashion. It's a way of looking after the 0:15:40.350 --> 0:15:43.680 environment, looking after your own bank account. Another one is if 0:15:43.680 --> 0:15:45.450 you're wanting to save a bit of money while you 0:15:45.450 --> 0:15:49.380 spend with groceries, planning is one of the best ways 0:15:49.380 --> 0:15:52.020 to help save money when you're spending. Planning ahead, for 0:15:52.020 --> 0:15:54.690 the week for your dinners, taking lunch in instead of 0:15:54.780 --> 0:15:56.641 eating lunch out, all things like that. 0:15:56.641 --> 0:15:58.859 Yeah, absolutely. I mean, Laura, I could talk to you about this all day 0:15:58.860 --> 0:16:01.620 long, but if I had to whittle you down to 0:16:01.620 --> 0:16:04.860 three tips for staying motivated while saving for the long term, 0:16:04.980 --> 0:16:05.970 what would they be? 0:16:06.210 --> 0:16:10.440 I think number one would be tracking your progress. It's 0:16:10.440 --> 0:16:13.830 really important to make sure you know where you're headed 0:16:14.070 --> 0:16:17.310 and how you're doing. Even if you feel like your 0:16:17.310 --> 0:16:20.730 progress isn't going as quick or as easy as you 0:16:20.730 --> 0:16:24.120 want, that is all data. What is working, what's not? 0:16:24.240 --> 0:16:27.120 Where can I be better? What's tripping me up? All 0:16:27.120 --> 0:16:29.400 of those little things is just data to do a 0:16:29.400 --> 0:16:33.690 better job for the next month. Number two is celebrating 0:16:33.930 --> 0:16:37.530 your milestones. So if you have this big goal, I 0:16:37.530 --> 0:16:40.290 want to save £ 20,000 for a house deposit, but right 0:16:40.290 --> 0:16:44.460 now you have £ 100, that feels overwhelming. That is like, 0:16:44.520 --> 0:16:46.710 what's the point? How do I even get started? So 0:16:46.710 --> 0:16:50.310 being able to see the staircase, a little celebration when 0:16:50.310 --> 0:16:52.500 I hit my £ 1, 000. Obviously you don't spend the 0:16:52.800 --> 0:16:56.610 thousand and undo all of that work. But a little treat, something 0:16:56.610 --> 0:17:02.190 that feels rewarding to be able to do that. And I definitely think using 0:17:02.340 --> 0:17:04.649 visual aids is really, really useful. 0:17:04.650 --> 0:17:07.649 Oh, I'm such a visual person, so that really works 0:17:07.650 --> 0:17:08.040 for me. 0:17:08.100 --> 0:17:12.090 Massively. And coloring it in, stickers, anything that's very childlike 0:17:12.330 --> 0:17:15.180 and playful brings just a little bit of joy to 0:17:15.180 --> 0:17:17.790 it. And it actually turns on a little bit in the brain, 0:17:17.790 --> 0:17:20.700 which is the dopamine. It makes it exciting. That's why, 0:17:21.060 --> 0:17:22.830 you know when you have a to- do list and 0:17:22.830 --> 0:17:24.750 you do something that's not on the list, so you 0:17:24.750 --> 0:17:26.459 add it to the list so you can tick it 0:17:26.460 --> 0:17:27.840 off? I do that all- 0:17:27.840 --> 0:17:28.859 I do that all the time. 0:17:29.369 --> 0:17:31.950 There's something in the brain that it makes you feel 0:17:31.950 --> 0:17:34.230 good, it makes you feel accomplished. So doing the same 0:17:34.230 --> 0:17:37.470 thing with your savings, it makes you more connected to 0:17:37.470 --> 0:17:39.000 it. And I think it just makes the whole thing 0:17:39.000 --> 0:17:41.820 more enjoyable. And the third tip would be having the 0:17:41.820 --> 0:17:45.300 mindset of a saver. So knowing that you see yourself 0:17:45.300 --> 0:17:47.790 as a saver, you speak about your savings in a 0:17:47.790 --> 0:17:51.720 positive way, and that you believe in your own abilities 0:17:51.900 --> 0:17:54.990 to save. I'm a big believer of being like, no 0:17:54.990 --> 0:17:58.590 one's coming to save you. It's on you. And that 0:17:58.740 --> 0:18:02.369 can help you feel so proud. The sense of achievement 0:18:02.400 --> 0:18:04.469 when you reach your own goals and you've done it 0:18:04.470 --> 0:18:07.080 is just like nothing else. But you have to have 0:18:07.080 --> 0:18:10.470 that belief in yourself first. Even if up until this 0:18:10.470 --> 0:18:14.040 point you've always struggled, use this as like a catalystic 0:18:14.040 --> 0:18:16.680 moment to wipe the slate clean and say, " It doesn't 0:18:16.680 --> 0:18:19.649 matter what's happened up until this point, I'm resetting. I 0:18:19.650 --> 0:18:21.420 know that I can do it. And I'll start small 0:18:21.420 --> 0:18:23.520 and I'll build it up and I'll build that confidence and 0:18:23.520 --> 0:18:25.770 trust with myself so that I am a saver." 0:18:25.980 --> 0:18:28.230 Everyone at home is like, " Yes, I can do this." 0:18:28.230 --> 0:18:28.740 Yeah. 0:18:29.160 --> 0:18:32.399 So galvanizing and inspiring. Thank you so much, Laura. 0:18:32.430 --> 0:18:33.180 Thank you for having me. 0:18:34.320 --> 0:18:37.230 Honestly, so many great tips on how we can gamify 0:18:37.260 --> 0:18:39.960 our savings there and set good habits for the future. 0:18:40.020 --> 0:18:43.350 If this episode has sparked some inspiration for saving, I 0:18:43.350 --> 0:18:45.810 would love it if you could share the podcast and 0:18:45.810 --> 0:18:49.080 help others get a little bit richer too. This podcast 0:18:49.140 --> 0:18:51.630 is brought to you by L& G. You can keep 0:18:51.630 --> 0:18:56.369 up with the show on YouTube, TikTok and Instagram at Legal & general. 0:18:56.730 --> 0:18:58.649 And before I go, I just want to say, if 0:18:58.650 --> 0:19:01.140