Why is it so hard to spend money on the thing you saved it for?

Some brilliant tips from a financial coach.

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Back in January, I saw this on Instagram and it immediately resonated with me.

I’d been talking to a friend about exactly this as she prepared to pay her tax bill and I was contemplating having to use my house move fund to move house. It resonated with a bunch of my subscribers too and so I thought I’d try to find out what it’s about and if there’s anything we can do about it. (There is, of course.)

I’ve spoken to Financial Coach Catherine Thomas-Humphreys before about underearning - read that here

A conversation about under-earning

so I emailed her and asked why spending money on the thing you specifically saved it for can feel hard.

Catherine:

There are a few things at play here

- one around how having the money makes us feel safe;

- two is knowing we’re being returned to the beginning (like sliding down that snake in kids’ games back to square number 2!);

- three is not necessarily having something you can see the value from (eg house move tax bill or boiler);

- four, the loss of the savings being more than the gain of having them.  

I know this isn’t snakes and ladders, but it’s so cute.

Keris: The above makes so much sense to me! Particularly the snakes and ladders analogy, I let out an almighty sigh when I read that. So then I asked Catherine if there’s a way to reframe it to make it easier.

Catherine:

- take out words like have to or pay or spend. And replace with giving, exchanging, moving on or similar words that have less trigger;

- imagine actually spending it when you are saving up so you’ve prepared for that part too;

- reassure yourself that you’ve saved before and are now expert at it so can do it again more easily;

- imagine the ripple effect, all the good that will come from the spend, e.g. new house = new opportunities, new boiler = better for the environment and lower gas bills, tax bill = better sleep, less worry and giving back to society, etc. 

Keris: I found this so helpful - particularly reminding myself that I’ve done it before so I can do it again - and I hope you do too.

Learn more about Catherine on her website www.thefinfluencer.co.uk where you can also join her FREE 5 Day Challenge Spark More Joy with your Money.