A recent article from Simplii Financial discusses ways to train our brain to save money. The article explains that our brains are hardwired for instant gratification, and that this instinct is antithetical to saving and otherwise planning for our futures.
One way to overcome the urge to spend now and to get us to save is to use an app that allows us to see what we might look like in the future. Apps like Aging Booth (free) or FaceApp (also free) allow you to “age” photos of yourself. Seeing old versions of ourselves helps us to identify with our future selves and makes it easier for us to save for our future.
For an in-depth analysis of the phenomenon, see the Stanford University study, Increasing Saving Behavior Through Age-Progressed Renderings of the Future Self.
At Hull and Hull, we recently took new photos for our website. My current photo is significantly out of date. (Clients coming to meet me for the first time often ask who I am, and what happened to the Paul from the web site.) Looking at my prior photo and my photos now is much like looking at photos from Aging Booth: scary.
Thanks for reading.