Psychological hurdles that prevent people from saving money

Underlying many of our difficulties with saving is that we only pay attention to our most immediate needs rather than prioritising a long-term saving strategy. We may also have an impulse to keep purchasing items to show off, such as a new phone (even if your existing one is adequate).

You're more likely to save if you do these things:

• Consider what your values and long-term goals are.
• Develop a sense of balance. (weighing your current needs against your future plans).
• Build new monetary habits.