Recent research has shed light on how you can use your mind and body to control spending.
You have to act to achieve a goal. You can’t just think about doing something. It’s the action that actually empowers you.
Many folks set financial goals to control their spending. If you are one of them, try these two techniques to harness the power of your mind and body to actually help you control spending.
Self Talk: A recent WSJ article points out that self talk such as saying “I want to be the best” or “I’m going to try as hard as I can” is an effective technique to help achieve a goal. Self talk is better than imagery or “if-then” planning to help you address a potentially stressful situation. In other words, self talk in the moment is better than imagining how you would act when confronted with a spending decision or planning what you would do.
If you face a spending decision, remember to say to yourself that “I want to stick to my budget” or that “I am going to try hard to buy only the things that I need.” Self talk can strengthen your resolve to control your spending.
Power Poses: In this book, “Money, Mastering the Game” self-help guru Tony Robbins talks about the physiological importance of transformative power poses. He relates the research of Harvard professor and social psychologist Amy Cuddy.
A power poses is like a Wonder Woman pose. Hands on hips, feet planted squarely on the ground. Or the guy in the chair leaning back with his hands clasped behind his head.
Holding these poses for two minutes increases testosterone levels (the dominance hormone) and reduces cortisol (the stress hormone). The pose causes real biochemical changes. Holding the pose empowers you to face fears and take risks.
My takeaway is to use either pose as you contemplate a spending decision. Even though it may sound hokey, it could help you keep your spending in check.
Try these two techniques if you need help to control your spending or to achieve your financial goals.