Visualisation, Setting goals and Saving the Change

Celebrating the creators, researchers and innovators that inspired the book Money Mindsets.

Get It Done: Surprising Lessons from the Science of Motivation by Ayelet Fishbach

📚 Good Reads Review

Highlights from this book:

💰 Achieving a life goal is exciting. But the means to get there can feel like a chore without the right motivations in place.

💰 Researchers found that dieters who missed their daily targets (by even a few calories) were likely to give up on their bigger weight loss goal. This has been termed as the ‘what the hell effect!’

💰 It’s better to set your goal as “owning a house” rather than “saving for a down payment”. Owning a house is a desirable outcome. Saving money is the price it takes to achieve this.

Dr. Emily Balcetis: Tools for Setting & Achieving Goals

📺 Huberman Lab Podcast #83

Highlights from this discussion:

💰 It’s exciting to work on a goal when we initially set it, but things get real. One of the reasons why this happens is because most strategies themselves are hard to teach and difficult to maintain.

💰 In an experiment, people were given a moderately challenging task. They had ankle weight and were told to progress with high knees to complete a race. The people that were trained to focus their visual attention on the finish line moved 27% faster and reported that it hurt 17% less.

💰 Vision is the dominant sense by which we navigate the world. This insights suggests that when we visualise our financial goals, we are more likely to get there.

Case Study: Save the Change

ASB Bank - Save the Change

📰 Read this news story

Highlights from this case-study:

💰 Imagine every time you spend $4.60 on a flat white coffee, 40 cents goes to your savings account. Nobel prize winner and behavioural economist Richard Thaler advocates: if you want someone to save money, make it easy.

💰 Save the Change automatically tucks away the change from your spending into your savings account. It helps customers save even when they don’t have the time or energy to think about saving.

💰 You simply set the default to round up your transaction to the nearest multiple of $1, $2, $5 or $10. This behaviourally-informed service has saved customers almost $50 million over the past year.

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