5 Unexpected Things That Affect Your Ability to Save Money

5 Unexpected Things That Affect Your Ability to Save Money

Your Success or failure to maintain a budget can be affected by something as innocuous as the everyday language you use.

Everyone creates plans to save but quite often fails. Saving money and budgeting is challenging. Have you ever wondered why it is such an uphill battle to save a few dollars? The answer is not as obvious as you presume.

Easy Credit Directory, the money lender in Singapore has researched and come up with an article that explores some of the lesser-known but compelling facts that hinder your ability to save.

1. The Native Language

This may sound awkward but something as simple as the language you speak and think in may affect the way you save your money. Keith Chen, a behavioural economist was the 1st person to point this notion out. He claims that countries which converse in a“futureless” language tend to save and budget better.

A futureless language basically doesn’t have any tenses or verb conjugations. For example, in languages like German, Mandarin or Japanese there are no past, present and future tenses. You will just state that it snowed tomorrow or now.

English is a futured language, wherein every sentence must have a tense to be grammatically correct. The verb conjugation of a sentence that discusses the snowy weather will differ drastically according to the tense used. If talking about the future feels more far away from the present, then you are less likely to save money. If talking about the future and present uses the same tense, then you’ll find it easier to save money.

When thinking about saving money think of short-term goals instead of long-term ones. This will not sabotage your efforts in saving money.
If you are bilingual use it to your advantage, try using a futureless language when you think about saving and budgeting.

2. Sleep Deprivation

Stress, jet lag, busy schedules, medical conditions and various other factors can make you sleep-deprived. Sleep deprivation affects our abilities to function well both physically and mentally. If you are sleep-deprived, you end up becoming more impulsive and make risky choices.

Lack of sleep affects your brain’s amygdala which is your brains emotional control centre. This leads to you making irrational emotional choices. Chiefly, you end up making poor choices. You start indulging in things that you wouldn’t normally do since they would seem more attractive when you are sleep-deprived.

A sleep-deprived person may have poorer decision-making skills. He may opt to eat out instead of preparing dinner and he’ll probably end up shopping more than required when at the mall. He may also end up running late since he has woken up late and will be forced to take a private transport instead of a public transport.

Casino owners know of this trick and they use very well. That’s why a casino is bright, noisy and has a lack of windows and clocks; this makes you unaware about the passage of time. When you have slept less and go gambling, you will make risky choices and feel more optimistic.

3. Thrifty Does Not Equal To Saving

If you believe in frugality, you may eat outside but often cheap, cut corners on your modes of transportation, shop during discounts and sales but still you don’t end up saving. This is a common issue faced by many; being thrifty serves no purpose. Have you ever wondered why that is?

This is a popular mental pitfall, you assume that if you spend economically you will end up saving. You often use promo codes and discount coupons for your purchases. For example, you spent money on an offer which claims that you save $20 if you shop for $120. This offer just made you spend $100 to save a $20.

If you take a pause for a moment and think, you’ll realise that you haven’t practically saved $20 in fact you have spent a 100. The only way you can save a $20 is by taking it and putting it aside in a bank account that you don’t access for your day-to-day expenses. If you invest in promo codes and coupons like these, you are just getting more stuff instead of saving more.

Being thrifty does help you in saving money and basically, you haven’t saved any money till you have put in a bank account.

4. Shabby Dressing

When we see someone formally dressed, we assume he has more money in comparison to a shabbily dressed person who only wears a pair of shorts and a singlet which are stained. Even though this is an obnoxious stereotype, there is some truth to it.

A study on the cognitive consequences of formal clothing demonstrated that the clothing worn by you greatly influences cognition broadly and it impacts the processing style which changes how people, objects and events are construed.

Being well-dressed elevates your self-confidence and esteem. It also makes you feel like you are in control and helps you in improving your abstract thinking skills. You will make better purchasing decisions and think rationally when deciding on a purchase. You won’t get hoodwinked by tempting offers and you won’t end up spending your money on inconsequential matters.

From now on whenever you decide on making huge financial purchase, go dressed like someone who has their boss mode on. This will help you in making level-headed decisions. If you plan to visit a money lender in Singapore try this, you will probably avail a better offer.

5. Insecurities

People who are apprehensive and have a lack of self-confidence are more driven to spend. Psychologists haven’t been able to find the exact reason why, but it boils down to two things: to gain security and to create a distraction.

When you’re stressed about something, probably you have a deadline or a presentation coming up, you end up spending just to feel secure and good about yourself. In this case, your body’s primitive survival instinct is triggered and you may end up spending more money on food and overeating. This happens because your brain is trying to reserve energy for the upcoming crisis that you may face. Your brain makes you feel like it’s happening right now.

The second thing insecure people do is keep shopping as a distraction. When you shop, you get a sense of euphoria while purchasing and you forget about your worries for a little time. This is an addictive habit as the more you spend on retail therapy, the more you run away from your problems. Your apprehensiveness and self-confidence get a slight boost and you end up compulsively shopping. Shopping will only give you a temporary level of satisfaction and gratification, or simply an illusion of control.

The way to overcome your shopping addiction is to find a different outlook to channel your problems. You could probably pick up a sport or a hobby. This will help you in gaining control over your addiction and you won’t be shopping your problems away.


While there are many other challenges experienced by those people who are tying to save, we believe the ones enumerated above account for the lion’s share of such challenges. And as it were, most of these are easy to overcome as they only involve a change in attitude. For more information on these and other impediments to saving, you could consult a licensed money lender in Singapore.

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