Inspiring TED Talks to boost your money mindset!
It’s a brand New Year which probably means this: you’ve set yourself some resolutions and a money-related goal, too.
Research tells us that 80% of New Year’s resolutions fail by mid-February. Why? It’s usually a combination of factors, from setting unrealistic goals to not putting practical plans in place to make your goals a reality.
When it comes to money, one of the most powerful steps you can take to feel excited about your finances is this: improving your mindset towards money.
Looking for inspiration and guidance on how to save money and reframe how you think about money? These TED talks will give you practical tips and tricks to kick your money goals in 2023.
1. 3 psychological tricks to help you save money – Wendy De La Rosa
Wendy De La Rosa is a behavioural scientist and the co-founder of Common Cents Lab, working to improve financial well-being for lower-income people. Wendy also helped launch Google’s first behavioural economics unit and was an honoree of Forbes 30 under 30 Finance.
Wendy poses a thoughtful question: if we consider saving money to be important, why are we saving less and less?
There’s a bridge between your intention to save money and your actions, and we must start bridging that gap. Here’s how you do it.
- Harness the power of pre-commitment: We look at ourselves as present me and future me, and future me saves money but present me can’t. The trick is to sign present you up for something future you will want.
- Use transition moments to your advantage: It’s a brand new year, so you’re ready to kick your goals and tick off your New Year’s resolutions. This is known as the ‘Fresh Start Effect’ and you’ve got to take advantage of your increased motivation and willingness to save money and commit to it.
- Get a handle on small, frequent purchases. Look at your bank statements and see how much you’ve spent on things like Uber Eats or takeaway coffee in the last month. You’ll likely realise your smaller purchases are adding up over time. Give yourself a weekly or monthly spending allowance on your smaller purchases and keep tabs on it throughout the month.
The key to reaching your money goals is to shift from a present you to a future you mindset. Commit yourself and put plans in place to hit your goal (so you’re not relying on willpower alone to get you there).
2. The emotions behind your money habits – Robert A. Belle
Robert A. Belle is an accountant, mentor and transformational speaker who helps people who feel stuck in their careers or life journey find new paths aligned with their values.
Ever gone through a breakup and decided to treat yourself to a shopping spree? Maybe you’ve had a tough week at work and couldn’t be bothered to make dinner all week so you ordered in.
According to Robert A. Belle, these are the emotional drivers and emotional patterns behind your spending habits. Robert says we can learn a lot about ourselves and save more money by tracking our financial expenses and performing an ‘emotional audit.’
Here’s how to perform an ‘emotional audit’:
- Have a look at your bank statements and categorise your expenses by type for a holistic view.
- When expensive patterns emerge, you can learn more about what these patterns say about you.
- Ask yourself why you made that choice to spend money at a given moment – they can be clues.
Looking at our financial behaviour and spending patterns reveals a lot about ourselves, personal truths, fears and hopes that we aren’t even aware of. Understanding your spending habits can help you save more money and can empower you to reframe your mindset towards money, too.
3. 6 ways to improve your relationship with money – Thasunda Duckket
Thasunda Duckket is the CEO of Chase Consumer Banking and has a passion for financial empowerment. She helps people achieve economic success through education and is also a founding member of the Women on the Move initiative.
If you have a complicated relationship with money, then this TED Talk is for you. Thasunda Duckett talks about ways to take control of your finances, reduce shame around money and empower yourself to save money.
Here’s how to improve your relationship with money and foster a positive money mindset:
- Talk about it: most people don’t talk about money because there’s judgement attached to it. But talking about money with your friends and family can be empowering.
- Understand what money is: money isn’t the be-all and end-all or a reflection of your worth; it’s just a mechanism to accomplish your goals.
- Identify what matters to you: what are you actually saving for? How does it align with your values and goals?
- Picture it: visualise your goals, get a Pinterest board out, and make a scrapbook of what you’re saving towards.
- It’s not about what you make; it’s what you keep: understand if you have the ability to take care of your basic needs. If not, what changes do you need to make? It’s about saving smaller amounts of money at first and getting in the groove.
- Be good to yourself: your self-worth isn’t defined by how much money you have; celebrate your wins and learn from your mistakes.
Taking ownership of your finances can seem overwhelming. But it doesn’t have to be that way. When you break it down into smaller, achievable pieces and start talking about money, you can take back your power over it and can start saving.
Kick-off 2023 with a better relationship with your finances by fostering a happy, healthy money mindset. With the insights and wisdom from these trio of TED Talks, you can start saving money today with small incremental steps and the power of visualisation.
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