Nudging your finances

Nudging your finances

When you start taking control of your finances, at whatever point that is/was for you, there’s a lot of big things you can do.

The first time you switch gas supplier? Kerching! Shopping around for insurances? Kerching! Cancelling subscription services? Well, you get the picture.

Once you’ve gone through your finances with a fine toothcomb three times, it can feel frustrating not to be able to do more. This has especially been the case for me, after a lavish trip for my 30th last year plus a new-to-us car at the beginning of this year. Both purchases were saved for, but I never like to see my savings balance dip, even though they’re there for a purpose.

Nudging your finances

Every now and then, you can still give your finances a nudge. It might not save mega bucks straight away, but over time you’ll notice a difference.

Pay rise? Nudge up your pension contributions and/ or investments

New car more fuel efficient? Replenish your savings or nudge up your investments

Spending less on gas and electricity? Absorb the increase to your council tax bill (And be glad you’re netting off an increased expense)

 

Nudge, then look away

Nudges can take a little while to see satisfactory results. In the meantime, if you’ve automated everything to get on with it, you don’t need to obsess over it everyday. You can get on with your life, safe in the knowledge that your ‘nudge’ is adding up and ready to take advantage of the next nudge.

I’ve actually managed to follow my own advice. Not only have I been ignoring my blog (sorry to anyone who’s missed me), I’ve been ignoring my finances. Now I’ve had chance to look, I can see several of our nudges really taking hold. Proof that I don’t need to let money consume my thoughts in order to keep my spending sensible!

2 thoughts on “Nudging your finances

  1. Ignoring your finances while they take care of themselves is definitely the way to go. I deliberately spent a year thinking about money, and am still interested, but many of our money goals are long-term and take time to achieve. ‘Nudging’ is well put – small, intermittent actions that maybe don’t reap rewards until a year or more down the line. Setting up automated savings, putting an extra % into your pension etc. Do it, forget about it, and see the results later. Glad you are seeing progress!

    1. Definitely. Its not a bad thing not to have big things you need to do, but it has left me with less to write about! 😉 That said, you can rest on your laurels, but some nudging over the last few months is keeping me heading in the right direction. Slow and steady wins the race 🙂

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