Kia ora. If your personal inbox is anything like mine, it’s brimming with limited-time special offers, discount codes and sales warning “last chance!” It’s hard enough to resist impulse buys with all these "deals" competing for attention. But when it comes to setting money aside, it can feel even tougher. Luckily, a few smart strategies can help you dodge the lure of low prices and maybe even turn you into a savings superstar.
Start small and think of the bigger picture.
As a Wellingtonian, great cafés are hardly ever more than a five-minute walk away, but I’d be foolish to think a few cups per week don’t impact me. Likewise, making small and regular contributions to my savings can really add up over time. Could there be a way to save for the cafés?
I catch up with a friend for a coffee every other Thursday and we usually take turns paying for a coffee and a snack. Let’s say that’s about $23 per month.
Thursday Coffee Hang
- $6.90 – Oat Latte ☕️
- $5.90 – Flat White ☕️
- $5.50 – Cheese Scone 🧀
- $4.50 – Almond Croissant 🥐
- $22.80 – Weekly Total 🎯
Instead of just paying that cost without a thought, with a little planning, I can actually save up for it. By setting up a Savings Shed specifically for what I want, I’m practising financial awareness and making a decision about how I intend to spend my money. This sense of control over my finances is empowering. The alternative is spending without intention. Since I know what I’m saving for, I’ll be (at least a little) less likely to spend impulsively on other things.
New Savings Shed: The Thursday Coffee Club ☕️
- 🎯 Goal: $23.00
- 👛 Regular Deposit: $5 per week.
Setting aside $5 per week should be enough to offset the cost of our catchup, but it also gives me more choice. Instead of discussing the latest whodunnit over coffee, we could bubble tea or an energising hot yoga class. This sense of accomplishment in achieving my financial goal is a great motivator to continue saving every month.
Why it Works
This strategy taps into the principle of “future self-continuity,” a concept championed by psychologist Hal E. Hershfield. By creating a clear, tangible goal, you’re more likely to stick with your saving habit because you’re thinking of your future self as an extension of your present self. Plus, the satisfaction of achieving your goal builds confidence and encourages even more disciplined financial behaviour.
How Albert Cho saves effortlessly with Rounding in Debut 👁
After using Debut for just a couple of weeks, EatLitFood a.k.a. Albert Cho picked up some coloured contact lenses for just $4 and spare change accumulated using the Rounding feature in Debut.
Your Turn
Why not give it a go? Start small with a Savings Shed for something simple, like contact lenses, a hair appointment, or a pie with Dad. Set a goal and a regular deposit amount that’s easy to manage. It’s a simple, stress-free way to build your savings habit—and you’ll be surprised at how quickly it adds up!
Bonus Tip: Turn on Rounding in Debut to reach your goal a little faster.
Everything in Good in Time
Hungry? Zip-zap! Need a ride? Zoom! We’ve become so accustomed to instantly getting what we want that having to wait can feel like a chore. But they say that good things take time and when you consider the concept of delayed gratification, there’s some truth in it.
Humble brag: My nephew thinks I’m a pretty cool uncle. The only downside? We live far apart and only get to hang out a few times a year. Whenever we chat, he’s always asking when I’ll visit next, so we start counting down the weeks and making plans.
It’s really tempting to just buy the airline tickets and hope nothing disastrous happens, like a big bill or a car repair. Instead, I’m going to save up for it.
Visiting my nephew:
- $379.00 – Flights 🛫
- $31.95 – Gift (Fortnight V-bucks) - it’s what he asked for! 🎮
- $100.00 – Extra cash for food, drinks and ice cream 🍦
- $510.95 – Total (The things you do for love.) 🎯
My nephew’s birthday is in November and I definitely want to see him for that. So, I have about 10 weeks to save up and then I can buy the tickets about six weeks out, so they’re not too expensive. Let’s make it an even $510.
New Savings Shed: Nephew’s Bday 👨👦
- 🎯 Goal: $510
- 🗓 Time to buy: 10 weeks
- 👛 Regular Deposit: $51 per week
Now, instead of putting the flights on a credit card and paying it all back, plus interest, plus extra stress — I’m saving for it upfront. And, since I’m not making a decision in the heat of the moment, I have more flexibility in case plans change. Like, what if I book a flight for my nephew to visit me instead? I’m saving, but I can’t wait! — Actually, I can! This approach not only provides financial flexibility but also relieves the stress of immediate financial commitments. — That and no kids is why I look so young. 💁♂️
Why it works
The concept of delayed gratification is deeply rooted in psychological research and plays a significant role in financial success. Ragna B. Garðarsdóttir and Helga Dittmar discuss the psychological links between impulse purchases and financial stress. They found that resisting the temptation to spend immediately in favour of working toward long-term financial goals tended to have better financial outcomes and higher levels of financial well-being. It makes sense!
Your Turn
Try it yourself: Create a Savings Shed for a medium-to-long-term goal, like a holiday or a VR headset. Set a goal in your Savings Shed and mark it in your diary a few months, or even a year later. Work backwards to figure out how much you’ll need to contribute once a month or once a week. Remember, the point is to give yourself freedom and choice. Once you buy, it’s hard to go back, but maybe you save up and realise you actually want to do something different.
Bonus Tip: If you’ve turned on Universal Interest, your Savings Sheds will already benefit. Give your savings a further boost by activating a Savings PowerUp in Debut. Check the app for details.
Key Takeaways:
- Start small: Create small, regular, achievable goals to practice saving. It gives you more financial freedom and flexibility and helps to reduce stress about money.
- Patience pays: Instead of opening your wallet in the heat of the moment, consider taking a moment to pause and reflect on whether you can defer that purchase for a later date instead. It’s something to look forward to and you’ll be able to buy it knowing you’ve bought it without incurring credit card debt or adding undue financial stress into your life.
Saving isn’t about missing out on what you love. It’s about shifting from instant gratification to long-term rewards. We’re often encouraged to spend in the moment, telling ourselves, “we deserve it,” without considering the future impact. But once saving becomes a habit, it’s just as rewarding. Think of it as Save Now, Enjoy Later. You’ll still get what you want—on your terms—with the added bonus of financial security.
Disclaimer: I’m not a financial advisor, just someone who loves to read and share what I’ve learned. These examples are based on my personal experiences, so I encourage you to do your own research before making any financial decisions.
