Strategies for saving: How to overcome your inner caveman

Financial psychologist Dr. Brad Klontz is here to let you in on a little secret: It's not just you. Nobody likes saving money. "I think the caveman metaphor explains a lot about why we struggle when it comes to saving," says Klontz.

Imagine your distant ancestors coming across a food source. "They obviously consumed as much as possible because it would spoil, or someone else might take it," Klontz says. "When we're presented with an opportunity, we feel a strong impulse to capitalize on it and not think about the long term. The entire concept of saving goes against our neurological wiring."

So how do we get motivated to save when we're biologically driven to consume? Here are five savings strategies that can help you override your instincts.

1. Make a spending plan.
2. Save automatically.
3. Save in spite of debt.
4. Take a timeout.
5. Live in accordance with your values.

1. Make a spending plan.

Klontz has never liked the word "budget." "If you ask people to think about their spending and write it all down, they end up feeling depressed," he says. "It's like a diet. We start to resist it and push back."

Instead of calling it a budget, Klontz prefers to think of it as a spending plan. "A plan for how to spend my money?! That's fun! That's exciting!"

To make a spending plan, focus on what matters to you. What do you want? What are your goals?

If you have a partner, be sure you're both on the same page. "People who are clear about their goals save a lot more," says Klontz. He recalls a study in which half the participants spent an hour and a half drawing pictures and making vision boards of their goals. That group saved 70% more than the other half who didn't take time to visualize their goals.

2. Save automatically.

Think back to that caveman or caveperson who probably never ran in circles just to get their heart rate up. "We have a natural bias to be lazy," Klontz says.

That's why it's important to capitalize on the excitement of the moment. Just when you're feeling really pumped about your spending plan, take action.

If you identified three savings goals, name three savings accounts, buckets or envelopes if your financial institution takes that approach. The more specific, the better. Instead of "vacation," for example, label it "Trip to the Bahamas in Summer 2023."

That part is really important, Klontz says. "The phrase 'savings account' almost feels like a representation of your deprivation. It's not attached in any way to why you're saving."

If your savings are in a general savings account, you can see how much you've saved and spend it on your latest whim. But if you attach it to a goal, you're less likely to steal from yourself.

Once you've established individual savings accounts for unique goals, set up automatic direct deposits from your paycheck. "Before you know it, you'll have saved hundreds of dollars, and all you did was one thing: You decided it was a priority."

3. Save in spite of debt.

The setup was the hard part. You had to decide which savings instrument you wanted to use. You had to open the account. And you had to establish a direct deposit.

Now that you've laid the foundation, don't let debt stand in the way of saving. "You probably have debt, unless you're well into your 60s," Klontz says. That shouldn't stop you from putting money toward your goals. It's OK to start small.

At first, more of your income might go toward servicing debt, and less might go toward your savings goals. But you're in the habit of saving.

"Over time, you can shift where your money goes," Klontz says, "but the important thing is, you're not on the sidelines. You're in the game."

Along the way, allow yourself to spend money on the things you've identified as important. "What fun is a life of chronic deprivation?" asks Klontz. "You have to build in some fun. Give yourself permission to spend money on what matters to you. Just do it responsibly."

4. Take a timeout.

We all know the feeling of finding something we want, buying it, and regretting it the next day. "When the emotional brain gets excited or scared, it turns off the prefrontal cortex, which is about planning and judging and consciousness," Klontz says.

If you feel the urge to veer off your plan, put some time between that impulse and your corresponding behavior. These strategies may work.

• If you're shopping online, put the item you want in a shopping cart and come back 24 hours later.
• Set a "spending limit" with your partner. Agree to discuss anything over that limit. "You'll probably talk yourself out of a lot of things even if your partner says yes every single time," Klontz says.
• Ask yourself these questions: Do I really need it? Can I afford it? Where am I going to put it? How am I going to feel about it a week from now?

5. Live in accordance with your values.

You may think you have to keep up with the Joneses. "That's a very real thing. We tell people that they shouldn't care what other people think, but if our ancestors didn't care what people thought, they'd probably get kicked out of the tribe," Klontz says. "We're wired to be acutely aware of other people's opinions of us."

Still, he maintains, we have to override that instinct to keep up with our peers and replace it with a commitment to our personal values — what we want, and what's best for our family.

"Be sure your behaviors match what you value, and that you are saving and moving toward accomplishing your goals," Klontz says. "There are very real emotional and health benefits to knowing you are doing what you need to do to take care of your family and to secure your future."

The USAA Advice Center provides general advice, tools and resources to guide your journey. Content may mention products, features or services that USAA Federal Savings Bank does not offer. The information contained is provided for informational purposes only and is not intended to represent any endorsement, expressed or implied, by USAA or any affiliates. All information provided is subject to change without notice.