Mind Over Matter: Overcoming Psychological Barriers to Saving

We hear it from our customers all the time: saving money is hard. No matter how much we know we should be saving for that rainy day, our minds sometimes work against us. We tell ourselves, "I’ll start saving next month," or "I deserve to treat myself after this tough week," and before we know it, we just splurged on athleisure clothes and our money is gone. The good news? You’re not alone!

At Investable, we believe that investing and saving is about mind over matter—it’s about overcoming the mental tricks and cultural influences that push you to spend. We’re going to cover some common excuses to saving, and more importantly, how you can beat them.

The "I Deserve This" Trap

Ever found yourself thinking, "I worked hard this week, I deserve to splurge!"? Or you’re with friends and they’re telling you to “treat yourself because you deserve to”. This is one of the most common psychological hurdles to saving. After a long, grueling workweek or even an unexpected success, the temptation to reward yourself can be powerful. And hey, you probably do deserve that new lipstick or dinner out every now and then—but when treating yourself becomes a habit, it starts to really add up and your savings start to dwindle.

How do you overcome this? Recognize that self-care doesn’t always have to cost money. You can reward yourself in ways that don’t empty your bank account—like taking time off, going for a hike, or treating yourself to a relaxing day at home. Remember, future you deserves a reward, too. Try reframing your mindset: saving money today is a gift to yourself tomorrow (and many years from now).

The "I’ll Start Saving Later" Excuse

Sound too familiar? "I’ll save next month," or "Once I get a raise, I’ll start saving"—these are classic examples of procrastination when it comes to money. Delaying savings can be easy, especially when you feel like you don't have enough to save right now. But that’s exactly the psychological trap. The more you put it off, the harder it gets to start.

The best way to beat this is by starting small and starting now. The key is consistency. You don’t need to save massive amounts right away—set up an automatic transfer to your savings account, even if it’s just $20 a month. Over time, the small contributions add up, and you really won’t miss or notice that $20! As they say, "the best time to start was yesterday; the second-best time is today." So I guess you’ll have to settle for second-best.

Keeping Up with the Joneses

The world of TikTok, Instagram, and online shopping at your fingertips makes it easy to fall into the trap of constantly comparing yourself to what everyone else is doing. Scrolling through Instagram, you might see a friend post a vacation pic and think, "I need a getaway too!" Or you notice someone got the latest iPhone and feel the urge to upgrade yours. It’s natural, but constantly comparing yourself to others can easily sabotage your financial goals. It tricks you into thinking you need things that you don’t.

Remind yourself that social media is often a highlight reel. What you don’t see are the credit card bills, financial stress, or personal sacrifices people make behind the scenes. You definitely don’t see the debt that is building or the emotional stress that comes from that. Your financial goals are your own, and they don’t need to match anyone else’s. One trick is to create a "fun fund" within your budget. This allows you to treat yourself in moderation while staying on track with your savings goals.

The Pull of Instant Gratification

In our fast-paced world, it’s tempting to say, "I want it now!" Whether it’s ordering takeout instead of cooking or buying something new because you’re bored, instant gratification is a big roadblock to saving. Spending gives us a quick hit of pleasure, a rush of dopamine…but it’s temporary, and can leave long-term consequences on your savings and future goals.

When you’re in a space where it’s tempting to take the easy route (when you’re feeling tired or emotional), try practicing "delayed gratification." Before making a purchase, give yourself a cooling-off period—wait 24 to 48 hours. For bigger purchases, wait a week. Often, the urge will pass, and you’ll find you don’t actually need that fancy scarf to add to your already large collection. When you shift your mindset to think long-term, the short-term temptations become easier to resist.

The "I Don’t Make Enough to Save" Trap

Many people believe they can’t save because their income is too low. "I barely make enough to cover my bills, how can I possibly save?" This mindset can be a huge barrier because it feels like there’s no room for saving until you make more money. In some cases, it might be the case that you can’t save A LOT, but you can always save SOME. It’s also not uncommon for people to continue this mindset even when they do make more money later on. People can fall in the vicious cycle of spending more on nonessential purchases when they make more money, continue to think they don’t have enough to save, and just never save.

Even if you’re working with a tight budget, every little bit helps. Start by saving a small percentage of your income—maybe 2% or 5%. The key is building the habit of saving, not the amount. Once you start, you can increase the percentage over time. At Investable, we encourage focusing on progress, not perfection. Starting small is still starting!

The "I’ll Worry About Retirement Later" Excuse

It’s easy to push off long-term financial goals like retirement, especially if you’re young. "Retirement is so far away, I’ll worry about it later" can feel like a valid excuse in your 20s or 30s. But the longer you wait to start saving for retirement, the harder it becomes to catch up. You also lose out on this great thing called compounding interest.

Think of saving for retirement as planting a tree. The earlier you plant it, the more time it has to grow and flourish. Even if it seems like a far-off goal, starting now gives your money more time to compound and grow. We like to say, "future you will thank present you" for making those smart money moves early. The one regret we hear all the time is not saving earlier in life…we never hear people saying they regret that they saved so much in their younger years.

Investable’s Mission—Mind Over Matter

At Investable, we know saving isn’t just about money—it’s about overcoming the psychological tricks that make it easier to spend than save. The culture around us constantly pushes for instant gratification and consumerism, but by recognizing these mental barriers, you can start taking control of your financial future. It’s all about mind over matter—if you can outsmart the mental traps, you can build lasting savings habits that set you up for success.

So, the next time you hear yourself saying, "I’ll save later," or "I deserve to splurge," remember that your future self deserves even more. And trust us—saving today will feel just as good as that impulse buy… maybe even better.