Money, Money, Money: Hide Your Money!
Sep 15, 2023
By Guest Contributor: Chloe H
I saw an interesting article suggesting 39% of people hide money from their spouse, but i'm not talking about that today.
If you want to save your money, research indicates we are our own worst enemy.
Do you remember where your last payrise went?
Chances are you don’t, and the incremental change probably resulted in you buying the same things, just from a more expensive store?! Hello Aldi to Coles upgrade!
The thing is, we really are useless with money, and research proves it.
Cashew Studies
As strange as this sounds, Professor Thaler, a Nobel laureate economist, conducted an experiment on his mates and cashews.
He left cashews on a table at a dinner party, and everyone proceeded to eat (duh! Cashews are amazing!). Then he took the cashews away, and no one ate them (and they didn't raid the cupboard to find them).
Similar to money, if it’s in front of you, you will consume it.
His infamous research (admittedly more than just the cashew research) resulted in an improvement to almost everyone's savings habits, even yours - it’s called superannuation.
Source: Saveoursuper
Whilst this research was applied to superannuation incredibly successfully, it’s only in recent years that options have been made available to our standard savings.
So, how can I save?
If you want to save more, consider hiding your money.
And great news friends, because the banks have caught onto this behavioural phenomenon and are offering ways to help you hide money…
ANZ plays ‘Hide-and-seek’, NAB offers the hide guide, and Great Southern bank offers the Vault.
Of course there are other ways to hide money, but this is definitely worth considering
For more tips, go here.
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