Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


5 money-saving mind tricks

20 January 2015, 12:49Taryn Bain

Lagos - We all know some much repeated ways to save money, like taking some off the top and paying yourself first, planning and sticking to a budget, never leaving the house in fear of spending money (you don’t have) like a Hollywood rapper.

But we still find ourselves partying spending like it’s 1999. Well, here are 5 money saving mind tricks you may not have tried before.

Money is time.

You’ve been eyeballing a hot new Smart TV, even though there’s nothing wrong with your current one.

What can quickly put a 'want' into perspective is thinking about how much time (not money) the item you want costs.

Think about what you earn per day or hour and see how many days or hours of work that smart TV will cost.

Is your time worth the expense? Thinking about it this way may change your perspective a little.

Resist the decoy effect.

Shopping centres and marketers have clever ways and means of encouraging you to part with your money, but the wiser you are to them, the easier they are to resist.

The decoy effect is when stores place one product next to a similar but more expensive product.

For example, there’s a camera for N80,305 and one right next to it for N144,533.

When people feel they’re getting a good deal, they’re more likely to make a spontaneous purchase.

You buy the N80,305 camera because you think it’s a super deal and you saved N64,244. But the camera still cost you N80,305.

Get real about the fantasy life.

Some of us are guilty of buying things we won’t ever actually use. We buy them for the life we would like to lead, like scuba diving gear for all those exotic beach vacations you want to take.

Or a mountain bike for the extreme sportsman you want to be. Those are all great things to aspire too, but before you head out and buy a new kayak, ask yourself, "Will I actually use this or am I buying it for my fantasy life?"

It’s (not) yours.

A common cognitive bias that kicks most of us in the butt when it comes to spending is called the Ownership Effect. Basically what happens is we become more willing to pay higher prices for things we think we already own.

If you are out shopping for a new couch, for instance, you spot one you think is perfect and create an ‘attachment’ to it.

You start to picture it in your lounge with beautiful scatter cushions; you see yourself snuggled up on it with a good book and a cup of tea.

At this point in your purchasing process, you have built up this couch in your mind and it flips a switch that makes you value it more highly than other couches.

Now, no matter the other options presented to you, even if they are cheaper and similar, you will be more willing to pay more for the couch you think you already own.

See the bigger picture

Having a picture of your financial goals, like a jet ski or new fridge, right next to a photo of your loved ones might not be the most romantic thing, but having a picture to remind you of what you are working towards can really help nip any trivial or impulse buy in the bud.

Article by 22Seven.

- Women24

Tags saving money

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...